Easy access account

Middle_of_the_Road

Barkin said:

Middle_of_the_Road said:

madlyn said:

Barkin said:

madlyn said:

Robin9 said:

Who do you bank with at the moment?  What do they offer?

I bank with the nationwide and to be honest I've not looked at what they have.

Flex Regular Saver - 6.5%

I've looked at this, but it's just a 12 month account, I'd prefer something that just keeps running.

If you want simplicity, you're going to have to accept a lower rate. Nationwide easy access is 2.75 %.

Accounts that 'keep running' will usually be variable rates. Therefore are likely to reduce further the way the forecast is looking. 

Halifax regular saver is fixed (currently 5.5%) for 12 months.

At the end of the 12 months, the money+interest is moved to a normal savings account (at a poor interest rate, which may not matter if the funds are withdrawn to pay expected expenses) and the RS starts again, with the same account number etc, so there's no need to faff around with a new standing order or whatever.

Just a thought - there must be lots of products that would suit...

Won't be suitable, as the OP needs to make withdrawals.

How it works

We'll open an Everyday Saver account as part of this application. After 12 months, any money you’ve saved in your Regular Saver plus interest will transfer into your Everyday Saver account. Then your Regular Saver will renew for another 12 months. 

If you close the Everyday Saver, your savings will stay in your Regular Saver and after 12 months we’ll change that to an Everyday Saver. 

You can only access your savings during the 12 month term if you close the Regular Saver account. 

madlyn

Barkin said:

Middle_of_the_Road said:

madlyn said:

Barkin said:

madlyn said:

Robin9 said:

Who do you bank with at the moment?  What do they offer?

I bank with the nationwide and to be honest I've not looked at what they have.

Flex Regular Saver - 6.5%

I've looked at this, but it's just a 12 month account, I'd prefer something that just keeps running.

If you want simplicity, you're going to have to accept a lower rate. Nationwide easy access is 2.75 %.

Accounts that 'keep running' will usually be variable rates. Therefore are likely to reduce further the way the forecast is looking. 

Halifax regular saver is fixed (currently 5.5%) for 12 months.

At the end of the 12 months, the money+interest is moved to a normal savings account (at a poor interest rate, which may not matter if the funds are withdrawn to pay expected expenses) and the RS starts again, with the same account number etc, so there's no need to faff around with a new standing order or whatever.

Just a thought - there must be lots of products that would suit...

I already have one of those which matures July 1st, Tried to open another one over the weekend (not for this purpose) and it wont let me.

Barkin

Middle_of_the_Road said:

Barkin said:

madlyn said:

Robin9 said:

Who do you bank with at the moment?  What do they offer?

I bank with the nationwide and to be honest I've not looked at what they have.

Flex Regular Saver - 6.5%

Maybe ok, but only three withdrawals are allowed per year.

No. You can make as many withdrawals as you wish, but the rate reduces after the third.

As you say, and as I assumed, it may be OK given that the OP only mentioned two bills.

Barkin

Middle_of_the_Road said:

Barkin said:

Middle_of_the_Road said:

madlyn said:

Barkin said:

madlyn said:

Robin9 said:

Who do you bank with at the moment?  What do they offer?

I bank with the nationwide and to be honest I've not looked at what they have.

Flex Regular Saver - 6.5%

I've looked at this, but it's just a 12 month account, I'd prefer something that just keeps running.

If you want simplicity, you're going to have to accept a lower rate. Nationwide easy access is 2.75 %.

Accounts that 'keep running' will usually be variable rates. Therefore are likely to reduce further the way the forecast is looking. 

Halifax regular saver is fixed (currently 5.5%) for 12 months.

At the end of the 12 months, the money+interest is moved to a normal savings account (at a poor interest rate, which may not matter if the funds are withdrawn to pay expected expenses) and the RS starts again, with the same account number etc, so there's no need to faff around with a new standing order or whatever.

Just a thought - there must be lots of products that would suit...

Won't be suitable, as the OP needs to make withdrawals.

The OP mentioned two payments. We don't know whether they're at (roughly) the same time, or spread out.

If they're together, then it's easy to choose a suitable date to open an account.

Barkin

madlyn said:

Barkin said:

Middle_of_the_Road said:

madlyn said:

Barkin said:

madlyn said:

Robin9 said:

Who do you bank with at the moment?  What do they offer?

I bank with the nationwide and to be honest I've not looked at what they have.

Flex Regular Saver - 6.5%

I've looked at this, but it's just a 12 month account, I'd prefer something that just keeps running.

If you want simplicity, you're going to have to accept a lower rate. Nationwide easy access is 2.75 %.

Accounts that 'keep running' will usually be variable rates. Therefore are likely to reduce further the way the forecast is looking. 

Halifax regular saver is fixed (currently 5.5%) for 12 months.

At the end of the 12 months, the money+interest is moved to a normal savings account (at a poor interest rate, which may not matter if the funds are withdrawn to pay expected expenses) and the RS starts again, with the same account number etc, so there's no need to faff around with a new standing order or whatever.

Just a thought - there must be lots of products that would suit...

I already have one of those which matures July 1st, Tried to open another one over the weekend (not for this purpose) and it wont let me.

Yeah, it's not uncommon to only be allowed one RS with a particular bank.

clairec666

Look at https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/ and find one that allows however many withdrawals you want
If you want one that doesn't mature after a year and keeps running, go for Natwest

Middle_of_the_Road

Barkin said:

Middle_of_the_Road said:

Barkin said:

madlyn said:

Robin9 said:

Who do you bank with at the moment?  What do they offer?

I bank with the nationwide and to be honest I've not looked at what they have.

Flex Regular Saver - 6.5%

Maybe ok, but only three withdrawals are allowed per year.

No. You can make as many withdrawals as you wish, but the rate reduces after the third.

As you say, and as I assumed, it may be OK given that the OP only mentioned two bills.

Granted, in those circumstances it would be ok. Unforseen circumstances could arise though, where a more flexible account would be a benefit.

For instant access Chase seems to be the easiest proposition. A Chase current account would be needed, but they're the easiest to open amongst the options available.

madlyn

Barkin said:

No. You can make as many withdrawals as you wish, but the rate reduces after the third.

As you say, and as I assumed, it may be OK given that the OP only mentioned two bills.

It will just be for 2 bills, I already have an emergency account.

allegro120

madlyn said:

Barkin said:

No. You can make as many withdrawals as you wish, but the rate reduces after the third.

As you say, and as I assumed, it may be OK given that the OP only mentioned two bills.

It will just be for 2 bills, I already have an emergency account.

In that case Nationwide Flex RS is a very good option for you. 

glennevis

madlyn said:

Barkin said:

madlyn said:

Robin9 said:

Who do you bank with at the moment?  What do they offer?

I bank with the nationwide and to be honest I've not looked at what they have.

Flex Regular Saver - 6.5%

I've looked at this, but it's just a 12 month account, I'd prefer something that just keeps running.

RBS/NatWest cureent account holders have access to a Digital Regular Saver into which you can deposit up to £150 a month ad infinitum. Decent interest (currently 5.37%) is paid up to £5k.