Loss of interest on drip feeding to regular saver?

helenrowland

I'm getting a bit bogged down with my research on savings accounts!

I have a HiSave Account with ICICI and thinking about opening a regular saver account somewhere to drip feed some of the money in from HiSave. The query I have is that you can only link one account to HiSave - my current account - so I would have to transfer the money from there, to my current acount and then to the new regular saver.
Would the time taken for these transaction to take place be worth the loss of interest compared to the gain from a regular saver account?
Thanks
Helen

Mikeyorks

helenrowland wrote: »

Would the time taken for these transaction to take place be worth the loss of interest compared to the gain from a regular saver account?

Depends which regular saver - as they span from 7% to above 10%.

Probably the interest loss, during transfer, will mainly erode the higher interest of the regular saver currently. But 'faster payments' is (allegedly) due end May 08 - and that should allow you to make an instant transfer from current / regular saver. So, may be worth getting it all in place and then (SOs are definitely part of faster payments ..... DDs are not) adjusting the SO date forward a couple of days when faster payments arrives (my guess is ... a little later than end May)

helenrowland

Thanks for that Mike.
Haven't seen any 10% acc.s though apart from kids ones?

Mikeyorks

Helen - I'm sure, as most of your species, you can fib a little about your age?;) And try the Halifax 10% one.

If not - there are some 10% - 12% ones knocking about ..... but most have potentially unpalatable 'side effects' (such as a poor current account, you have to take as well). Which is why I stick with the Halifax at 7%, as it's a 'clean' account you can just keep running year on year.

There's a 12% one from A&L here - but read the tie-in clauses:-

http://www.alliance-leicester.co.uk/savings/index.asp?page=prs3&ct=htmlmidleftsavingsDec07