Monthly Saving with 1 withdrawal per annim

cowan_2

I put a sum of money into savings per month but need to use half the savings at the end of the year for payment of my static caravan rent. The savings are building but always need to withdraw half of 1 years savings at the end of March. Is it better to have an account with monthly interest or yearly. If so who is best

Milarky

Many regular savings accounts offered on an ongoing basis (rather than a fixed period, like 12 months) offer at least one penalty-free withdrawal per year. As usual, you have to read and understand the specific terms on any given account to avoid slip ups and obtain the most benefit.

Alternatively, savings accounts with a fixed term would allow access - but only at the end of the term, so you would be tied to a particular date.

There are also limits on what you can pay in - the very best rates tending to carry the smallest monthly limits of £250 or so

Finally, some accounts are only available if opened together with, or held in common with, another product, like a bank's current account.

If you can give answers to the following, it would be much easier to suggest where you might go with your monthly savings

1) Who do you already hold a current account with?

2) What is the monthly amount you want to save?

Ian_W

A lot of regular savers are time limited, typically 12 months, but the Yorkshire BS RS isn't - though it does have a £20K max balance. It's quite flexible for a RS account in that you can pay in £10 to £500pm and provided you don't miss more than 1 payment or make more than 1 withdrawal per account year it pays 6.85%.
If you are prepared to open a new account every year you may find better rates but the advantage of the YBS one is that what you've bunged in in previous years still gets a better rate that the instant access best buys.

Paul_Herring

LTSB regular saver allows up to £25-£750 first month, £25-£250 subsequent months (for one year) - 8%, allows unlimited withdrawls (unless the balance is below £1.)