Savings Accounts Used To Fund Regular Savers

ajphills

Hi,

I seem to spend lots of time trawling the internet looking for savers that pay a good rate and allow direct debits. (automated regular payments out)

I want the account to take advantage of the interest while using regular savers.

I would appreciate it if someone or even all of you could help me with this please ?

Thank you so much

WillPS

Kroo current account (currently 3.4%) and Chase savings accounts (currently 3%) are your two decent open-ended options. Both track the base rate and support DDs.

Also Nationwide FlexDirect (5%, max £1.5k, 1 year, once only per member)

Bigwheels1111

Chase used to be the best for your needs, but as rates have dropped they fell off my list.
I keep my funds in a Tradind212 easy access isa, then manually move 4k to my FD account on the first of the month.
Around 12.30am, Not much of an issue if they pay before transfer as going overdrawn is not a problem.
No fee as long as I’m in credit by end of day 23.30pm from memory.

ajphills

WillPS said:

Kroo current account (currently 3.4%) and Chase savings accounts (currently 3%) are your two decent open-ended options. Both track the base rate and support DDs.

Also Nationwide FlexDirect (5%, max £1.5k, 1 year, once only per member)

Kroo have frozen my account for over a month. I eventually asked them to close it and that so far has taken 10 days but still no access to my money.

Thank you for your advice but use Kroo at your own risk.

I will take a look at chase thank you.

ajphills

@Bigwheels1111

Yes thats a thought thank you

WillPS

Thank you. It's reports like these that prevent me from looking further in to Kroo for the time being.

FWIW I expect Chase will eventually not be worth bothering with. In the space of 6 months we've seen them increase their deficit to the base rate by 0.35%.

Hopefully there'll be a bit more competition in this market again soon, 10 years ago current accounts offered some of the best interest possible.

Stargunner

The best interest rates are offered on savings accounts and not current accounts. 

You can keep your spare easy access money in savings accounts and transfer the funds to your current account just prior to the payments going out. 

ToastLady

What about Starling bank? No interest on current account, but their easy access pays 4% and you can transfer money between accounts immediately.

surreysaver

ajphills said:

Hi,

I seem to spend lots of time trawling the internet looking for savers that pay a good rate and allow direct debits. (automated regular payments out)

I want the account to take advantage of the interest while using regular savers.

I would appreciate it if someone or even all of you could help me with this please ?

Thank you so much

I presume you mean Standing Orders? I'm not aware of any regular savers which allow the use of direct debits to allow payments in. 
You probably need to look at current accounts, rather than savings accounts, as very few savings accounts allow standing orders, and I'm not aware of any which allow direct debits.
You then need to transfer your money from a savings account to the current account.
I use a current account with a large overdraft limit, and transfer money from a savings account on the day my standing orders go out. That way my money isn't sitting around earning zero interest.

where_are_we

My current account does not have an overdraft limit to cover the Standing Orders going out each month to my Regular Savers.  I get an alert early in the morning that my current account "lacks the funds to meet the payment requests we expect today. Please pay in enough money to meet these requests by 2 pm". My SO records already show me how much is needed. That morning I then transfer the money that is required from my easy access savings account that does almost instant transfers to my current account. This way you are taking greatest advantage of the interest while using Regular Savers.

ajphills

Thank you all so much for your help with this !!!