Savings Account : Regular Withdrawals


H

harrywhite

I am looking for an account where I can put say about fifty thousand
(and get reasonable interest) and have say 500 pounds transferred
automatically every month to a current account.

Are there such things?
 
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E

Eric Jones

harrywhite said:
I am looking for an account where I can put say about fifty thousand
(and get reasonable interest) and have say 500 pounds transferred
automatically every month to a current account.

Are there such things?
Not many (if any) savings accounts let you set up standing orders on them
even to do what you want.
The only way round it would to make a manual transfer each month.
 
S

Stickems.

Coventry Building Society have a current account called Coventry First which
pays 5.60% AER for the first year then drops to 5.27% AER
|I am looking for an account where I can put say about fifty thousand
| (and get reasonable interest) and have say 500 pounds transferred
| automatically every month to a current account.
|
| Are there such things?
 
I

Ian Jackson

Stickems. said:
|I am looking for an account where I can put say about fifty thousand
| (and get reasonable interest) and have say 500 pounds transferred
| automatically every month to a current account.
|
| Are there such things?


Coventry Building Society have a current account called Coventry First which
pays 5.60% AER for the first year then drops to 5.27% AER
news:vd7v54pk55rc1p4se3stnq1p1pjrm989nr@4ax.com...
There are better interest rates than that. Kaupthing Edge, IceSave, even
Northern Rock!

Best to Google, or start on the obvious websites, and follow the links
eg:
http://www.moneyextra.com/savings/
 
I

Ian Jackson

Eric Jones said:
Not many (if any) savings accounts let you set up standing orders on them
even to do what you want.
The only way round it would to make a manual transfer each month.
Or possibly try to do it the other way around, and arrange for the
current account to do a monthly DD from the savings account?
 
T

Tim Woodall

I am looking for an account where I can put say about fifty thousand
(and get reasonable interest) and have say 500 pounds transferred
automatically every month to a current account.

Are there such things?
You can do this with Icesave (IIRC you can only set up a maximum of 99
recurring monthly transactions so you're going to be one payment short
;-)

You might also want to think twice about putting 50K all into one bank.
Put 25K into two (make sure they're not really both the same) and you'll
be 100% covered if either/both go bust. Also you'll still have access to
money if it takes 3 months/6 months/12 months to get your money back if
one goes bust.

Tim.
 
H

harrywhite

You can do this with Icesave (IIRC you can only set up a maximum of 99
recurring monthly transactions so you're going to be one payment short
;-)

I have had a look - are you sure that you can transfer money *out*
automatically - which particular account is it - if it's the easy
access it is not obvious from the blurb that you can do that.
 
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S

Stickems.

But those accounts don't have the standing order facility.

|
| There are better interest rates than that. Kaupthing Edge, IceSave, even
| Northern Rock!
 
G

google

I have had a look - are you sure that you can transfer money *out*
automatically - which particular account is it - if it's the easy
access it is not obvious from the blurb that you can do that.
Yes. The easy access account. You can setup regular payments into or
out of the account. I have one of these where there's a regular
payment coming out of my current account into the Icesave account and
my partner has one where there's a regular payment coming out of her
icesave account into her current account.

The only annoyance I have with this account is you're only allowed one
linked account. And if you want to change the linked account you have
to delete that account and then send them the forms to link a new
account so there's a gap where you cannot do anything with the money
in the account.

(I suppose it's possible if you sent in the forms with a note saying
to delete the existing linked account - when I changed my account I
got the form back with a note saying that you could only have one
linked account but I didn't explicitly say to delete the existing
account)

Tim.
 
G

Gordon H

harrywhite said:
I am looking for an account where I can put say about fifty thousand
(and get reasonable interest) and have say 500 pounds transferred
automatically every month to a current account.
I'm looking for 50 Grand. ;-)
 
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M

MicroSerf

I have heard that online accounts can offer better rates of interest
although I that in the interest rates are lowered if any withdrawls ar
made. It might be worth looking into e-savings- as they are not manage
in branches, banks are able to offer more attractive rate
 

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