Regular Savings Accounts Article Discussion

angel_nicx

Hi all- Thanks in advance for any help.

I have just finished as a student and will commence employment next month and will not earn enough to pay tax this current financial year. I will be a basic rate tax payer from April 2014.

I currently have:

£4000 in an ISA which pays 0.5% AER
£4000 in a regular savings account at 2.55% AER (2.04% when I start paying tax) - I save between £20-£250 each month.

I know Barclays have a regular savings account which I could feed the ISA money into. Paying 3.25 AER.

Am I best doing this as I am not currently a tax payer? The ISA rate seems SO low!

Please help! It's the first time I've had savings!

Thanks again x

bigadaj

angel_nicx wrote: »

Hi all- Thanks in advance for any help.

I have just finished as a student and will commence employment next month and will not earn enough to pay tax this current financial year. I will be a basic rate tax payer from April 2014.

I currently have:

£4000 in an ISA which pays 0.5% AER
£4000 in a regular savings account at 2.55% AER (2.04% when I start paying tax) - I save between £20-£250 each month.

I know Barclays have a regular savings account which I could feed the ISA money into. Paying 3.25 AER.

Am I best doing this as I am not currently a tax payer? The ISA rate seems SO low!

Please help! It's the first time I've had savings!

Thanks again x

If you're not paying tax then an isa isn't much use to you, it could be useful in future as you start to pay tax but current offerings are still very poor.

Regular savers are still a relatively good option, I'd look at the best current accounts noted on the main sites and open these nationwide and Santander 123 for example.

angel_nicx

bigadaj wrote: »

If you're not paying tax then an isa isn't much use to you, it could be useful in future as you start to pay tax but current offerings are still very poor.

Regular savers are still a relatively good option, I'd look at the best current accounts noted on the main sites and open these nationwide and Santander 123 for example.

Thank you - unfortunately I was declared bankrupt in 2009 and discharged July 2010 so I am not eligable to apply for First Direct, Santander 123 etc. :mad:

archersluck

Once my first direct regular saver matures this month, can I start again with them? Or is it a one off account?

Thanks

ELDS

Hi,

I have 12k I wish to deposit in an instant access savings account. I will not be making any other regular payments in and may need to make withdrawals. Any recommendations?

Thanks.

rb10

archersluck wrote: »

Once my first direct regular saver matures this month, can I start again with them? Or is it a one off account?

Thanks

Yes, as soon as the existing one matures you can open a new one.

ELDS wrote: »

Hi,

I have 12k I wish to deposit in an instant access savings account. I will not be making any other regular payments in and may need to make withdrawals. Any recommendations?

Thanks.

This thread is for regular savings - I'd suggest you either start your own thread or read this one (the answer will be the same).

kirst2203

Hi, I have a barclays ISA which i am adding to for my wedding fund. I've just opened a barclays regular saver for other savings. This will allow me to deposit a max of £250 a month but i am looking to save at least £500 per month. I am currently using the drip feeding method from a standard saver but im wondering; is there a limit to how many regular savers i can have? As in, can i just open one with santander as well?? Thanks

MarkFromCornwall

kirst2203 wrote: »

is there a limit to how many regular savers i can have?

There is no limit. Some of us have regular savers with numerous banks and building societies. In most cases you can only have one regular saver per bank although there are sometimes exceptions to this.

innovate

You can have regular savers with as many banks/BSs as you like. Though not all are offering them.

You normally need a current account to get access to a regular savings account at banks. Building Societies don't normally have this requirement.

There is a 'best regular savings account' thread on here somewhere. From memory, top is still First Direct, followed by HSBC and KRBS, followed by Barclays, followed by LLoyds, TSB and BOS.

Here's the link to that thread - you want the first few posts in it. https://forums.moneysavingexpert.com/discussion/608697

kirst2203

Ok great, thanks. Yes ive read the articles here (ive spent the best part of 3 days reading this whole site lol!). I may need access to my savings at any point and i'm already a barclays customer thats why i went with them. But i also have a Santander current account that we use for house bills which i why i wondered if i could have one of their regular savers too. Does applying for savings accounts affect credit score?? Thanks again