Is a regular savings account better?

oldfella

Think someone mentioned it but you'll lose a little bit each month for BACS processing time.

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if you use the YBS Internet saver to hold the money, you can transfer automatically into their RS each month - no BACS

Tigerite

Indeed you can, you also are able to deposit into YBS Internet Saver from any current account via debit card, and start to earn interest on it after one working day, though the balance isn't actually available till 2 more working days after that. It's much better than BACS, that's for sure, in that you only lose one day's interest.

Liz_the_Whizz

nicko33 wrote: »

.You have to try to see the big picture, and put everything into context.
If you only consider the Reg Saver in isolation you are missing a piece of the jigsaw.
You need to think about where all the bits of money are at any point in time.

Thanks everyone, I now see the logic of it - my Regular Saver grudge is dropped.

Though having realised how finickety it all is, I won't be knocking anyone over in the rush to open another.

oldfella

Indeed you can, you also are able to deposit into YBS Internet Saver from any current account via debit card, and start to earn interest on it after one working day, though the balance isn't actually available till 2 more working days after that. It's much better than BACS, that's for sure, in that you only lose one day's interest.

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the transfer to the RS looses no interest

Speculator

Maybe a good idea to open some Fixed rate regular savers. I think the YBS one will drop to 6.60% very soon.

Gong hei fat choy, sun tai gin hong!

Primrose

I'd be tempted to put £3600 of your £8000 into your existing ICCICI savings account temporarily until April 5th, and then transfer it asap into the best new tax year's Cash ISA you can find if you're a tax payer so you get the benefit of untaxed interest on it immediately. The remainder I'd probably put into a fixed term bond for 12 months in case interest rates drop again shortly. By the time it matures, some of that money will be eligible for another tax year's Cash ISA, thus shielding a further wadge of money from tax. Alternatively, if you want to tie your savings up for longer, Index Linked Savings Certificates are also tax tree.