Savings Accounts options to dripfeed into Regular Savers

info_maniac

Looking for savings accounts options (mainly easy/instant access) where I can park funds to earn interest and set-up SOs to dripfeed into regular saver accounts with Nationwide, Co-op, Principality, First Direct (via 1st a/c). Any suggestions or links to existing threads will be helpful. thanks.

masonic

An interest paying current account would be best. Though some providers (Chase being a good example) blur the lines between current accounts and savings accounts.

Bigwheels1111

I pay all my regular savers via First Direct.

I keep my funds this year in Trading 212 ISA @ 5.15%

Or Chip's ISA

I use both as trading 212 say up to 3 working day to move funds.

So far money has moved instantly, bout just in case I move funds out 3 day early and put in Chip who are near instant for transfers.

surreysaver

I tend to pay most of my regular savers from a current account with a large overdraft. I don't keep any money in this current account, and just transfer money to this current account from either a flexible ISA, flexible mortgage or high interest easy access savings account, depending upon where I've got spare money lying around, on the day the standing orders get paid 

boingy

Standing orders and savings accounts are rare bedfellows. A current account that pays decent interest is the easiest way. I use Kroo. Chase is another good option.

If you want absolute optimum interest then you need to use a savings account and manually transfer the money each month, possibly through an intermediate current account but, for me, the extra hassle is not worth the small monetary gain and that's before you consider the risk of banks blocking a payment because of fraud checking.

AyJaydee

I maintain a spreadsheet where I list all the significant parameters of all the providers that I am looking at, for ISA's, Fixed, Regular Savers, Instant Access and Currents.  Trawling round them at regular intervals, I list them in order of descending interest rates and filter on whatever I want.  A bit labour-intensive I know, but it helps with decisions as I regularly move funds between multiple accounts to balance the need for accessible cash, paying bills and maximizing interest earned.
For regular savers, its worth looking at Nationwide, TSB, Saffron and Principality right now.
For Instant Access, look at Saffron (oh, and don't forget your local/regional Building Societies.
(And yes, I got drip-feeding multiple regular savers down to a fine art)
Good hunting!

jimjames

I feed mine from Tandem savings account. Instant transfer into my current account and gets 4.65% interest. Some pay higher but have seen they take a day or so for funds to land in current account which is no use for me.

kaysdee

Not sure if I do it the right way but I fund my regular savers on the 1st of the month from my Santander Edge Saver as this is my highest interest paying “easy access” account then top that back up to £4000 from my current account on the same day with my wages. 

ThePirates

kaysdee said:

Not sure if I do it the right way but I fund my regular savers on the 1st of the month from my Santander Edge Saver as this is my highest interest paying “easy access” account then top that back up to £4000 from my current account on the same day with my wages. 

I do exactly the same thing!

SkylineExplorer

Sounds like a smart strategy, If you are mentally set on easy-access accounts you can look one with really good rates, like Marcus or Chase, because they give you flexibility and good interest for holding money for when you want to transfer it to ordinary savers Indeed, some building societies are worth investigating, especially if you’re willing to look at a few different accounts. Hope that helps

brucefan_2

AyJaydee said:

I maintain a spreadsheet where I list all the significant parameters of all the providers that I am looking at, for ISA's, Fixed, Regular Savers, Instant Access and Currents.  
(And yes, I got drip-feeding multiple regular savers down to a fine art)
Good hunting!

It would be interesting to know what your strategy/timings etc., are, if you have the time to post it please.