Maths question

masonic

https://forums.moneysavingexpert.com/discussion/comment/81961667#Comment_81961667

"I also keep a few thousand in my current account providers easy access account"

friolento

https://forums.moneysavingexpert.com/discussion/comment/81961667#Comment_81961667

LHV. 3.75% actually, tracks BoE. Got lots of limitations though. e.g. on withdrawal amounts
https://www.lhv.com/personal/accounts

Chief_of_Staffy

3.79%

3.79%, I say again, because "Body is 6 characters too short"

friolento

https://forums.moneysavingexpert.com/discussion/comment/81961867#Comment_81961867

Mine is showing 3.75% right now, same as what it says on their website at this present time.

elkiedee

I can understand keeping an instant access account and a Regular Saver account together, and also perhaps wanting a high street presence/well known name or something rather than an app only account. I think OP is using the bank where they have a current account. If you're planning to transfer from instant access to regular saver, you need unlimited access - who is paying 4% for that.

I do have a suggestion, and there might be others, for a combination which would get better rates and still be accessible. It does involve applying for an extra current account with a debit card, but you can ask for this without an overdraft facility, assuming you're happy (or not unhappy enough to switch) with the bank where your main current account is.

Nationwide - you need a current Flex Account - I applied for this just over 2 years because I wanted a second current account with debit card access as a way of organising my money and keeping it separate.

Their instant access Flex Saver only pays 2.5% but money is totally accessible by transferring to the current account where it can be accessed in whatever ways you normally access your current account (cash till, debit card, online banking to transfer money).

The one year Regular Saver - £200 per calendar month - pays 6.5% - you might want to put something in (even just £1) before transferring the last £200 just to keep the Flex Saver open until maturity as both the Flex Saver instant access and the Regular Saver are one year accounts. I've opened new Flex Savers twice, in January 2025 and 2026 and just transferred everything over. I do use the current account in the hope of qualifying for a Fairer Share payout again - I've had £200 from this and £50 last year when Nationwide took over Virgin Money - I already had savings but didn't have a current account when they first did the Fairer Share in 2023 - one of my kids did get that first payment as well. I also have ISA savings though I've moved a lot elsewhere.

Finally, though this may be irrelevant to most people here who like Regular Savers, the Nationwide one does offer up to 3 withdrawals with no penalty.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81961872#Comment_81961872

plenty of 4%+ accounts that allow penalty-free unlimited access, particularly for £2,400, the sum the OP mentioned. These also don’t have the very low maximum monthly deposit limits that come with RSs.

Stargunner

https://forums.moneysavingexpert.com/discussion/comment/81961872#Comment_81961872

Plenty are offering more than 4%. Santander offer 6% for their edge saver. Cahoot offer 5% for their Sunny day saver. Both of these offer unlimited access and withdrawals are received instantly.

Georgemc

https://forums.moneysavingexpert.com/discussion/comment/81961872#Comment_81961872

Chip paying 4.2% at the moment. Paid monthly, visibly accrued daily, and transfers in and out are instant.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81961553#Comment_81961553

You are correct of course, but even on MSE not everything is about money.

Like many people on these forums I already have multiple cash and S&S ISA's, non ISA savings, three pensions, NS&I products etc. If anything my goal is to slowly reduce these, and definitely not open yet another account for the sake of maybe £25 a year minus 20% income tax and probably minus 40% IHT one day.

mta999

Thanks for all the replies . My current account is with Lloyds bank and they pay 0.75% on easy access account (sorry I thought it was 1%) they also have a Regular Saver at about 6% so my question was about combining the two and putting my £2400 into an easy access account and transferring money (£200) each month to my Regular Saver and wondered what the effective interest rate would be if I did it every month for 12 months

I think it is 3.5%. Lloyds allows instant access from both should the need arise without penalty, so effectively I would have an easy access saver with Lloyd's paying 3.5% which is what I want - if my maths are correct

At the end of 12 months the Regular Saver will have a £2400 balance and will mature into an easy access account at which point I can open another regular saver and repeat