Best Savings with Option to Create a Standing Order Out

97browng

Hi All,

My club Lloyd's monthly saver has come to and end and I am looking at options going forward. The rate on the monthly saver is 6.25% which is great but you can only put £400 in a month. So I want to know where I should put the rest of the money and ideally set up a standing order so £400 each months goes into the regular saver.

I don't want to be manually moving the money each month as I will inevitably forgot so I see two options:

1 - Move the money into an account with a decent interest rate which will allow a standing order out.

2 - Put all the money into an easy access ISA and get a slightly lower rate. I don't need the tax relief from the ISA. 

I can find the rates for option 2 easily enough but I don't know what to search for when looking at option 1. At present I have a chase current account which allows you to create savings accounts with an option to set up standing orders. This is fine but the rate is only 3.5% and when you work it all out its better to put it all in an ISA at 5.18%.

Any help will be appreciated.

PRAISETHESUN

If you don't need the tax relief from an ISA then there's no point using one. A standard easy access savings account would offer better returns than an ISA for for pretty much the same amount of effort.

The only savings account I'm aware off that allows SOs out is Chase, but I'm sure there are others.

Bobblehat

Have a look at the end of page 1 of Special_Saver2's brilliant long running Regular Saver thread. Section 9 on that page may give you some ideas.

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

Bobblehat

Also, I think I used to use a Skipton BS's facility on some of its savings accounts. It allowed you to set future payments out up to 90 Days in advance. I would set up 3 payments at a time (something like day 30, 60 and,90) into a feeder current account that had the required SO's set up each month to feed various RS's. I'd set a diary entry (I used MS Outlook) to remind me to set up the next 3, once the 3rd one had been sent out, etc. 

Might not be exactly what you are after, and my memory of the exact details are a little thin, but it could lead to your own similar scheme.