Boost savings returns via "drip-feed" account hack

[@unknownpleasures100]

Hmmm. What about taking into account tax on the interest especially those on the higher tax bracket?

[@olivermckeown4582]

This is exactly the video I’ve been looking for. Been tough deciding what to do with a lump sum, especially given changing interest rates in fixed savers recently

[@colinsynnock5756]

Re Santander Edge savings. You can always top up this account during the month with surplus cash you may have

[@colinsynnock5756]

Santander Edge savings account is easy access and pays 4%. ideal for drip feeding. Go for regular savers that allow you to withdraw money ie Nationwide, Club Lloyds, Nat West, Bank of Scotland

[@sambaduro9445]

I use my stooze pot from 0% credit cards, currently saved in the best rate easy acces to drip feed into the best rate/s regular saving accounts. Time permitting of course .

[@richy1812]

Nice work Andy. Excellent info

[@iCanSeeYou999]

Good one !!! This is what I'm doing for the last 6 months ...

[@NickIrvineFortescue]

Current doing this with £200 in Nationwide at 8% £300 in First Direct at 7% £250 in Co-Op at 7% Thinking about opening another Nationwide one at 6.5%

[@bangdobrich]

I have a lot of savings and am a bit lost on what to do as I'll open Lloyds, Barclays, Yorkshire B Society, First Direct, HSBC and put drip feed into those from my Virgin Money accounts. This in itself will hit the 1 grand tax free allowance. Is it worth it to put the remaining money into a fixed savings account or shall I not bother as I'll get taxed on it? I have maxed out my ISA of 20k this year and am about to keep contributing into it from april next year as it's tax free interest... Any help will be beneficial I'd like to buy property after house prices collapse!

[@rwentfordable]

*I'm a bit lost...

[@bangdobrich]

@rwentfordable don't be, rates are coming down and we'll get more bloated with debt than ever. Being a saver is a past time

[@traciesmobile683]

But Barclays savings linked to their reward account pays over 5% on balances up to £5000. Then you have to be eligible for the fb first direct account. It would be a minor increase for using the Lloyds account.

[@hannah60000]

The vast majority of regular savers aren’t worth it for those with considerable amounts of savings. It’s good for starting out. However, after you’ve crossed a certain threshold many are better of using several decent interest paying saving accounts.

[@Ezinma88]

Really well explained

[@ellisfreeman2851]

How do you 'drip-feed' from an easy access saver exactly? I've moved lump sums into Chip and Cahoot EAS's but I can't see any way of feeding that into monthly savers? Is it not possible to setup standing orders in these EAS's?

[@NickIrvineFortescue]

I'd like the know this too. It's the same with Yorkshire building society. No standing order function. So I transfer the funds manually each month in the app

[@Rydia704]

I've got a FD current account as my dummy account for switching. Tempting to open a 7% regular saver but I could also do another bank switch get £150 + instead and not wait 12 months for interest.

[@BeCleverWithYourCash]

Yeah, certainly easier! Or you could get another dummy account at a different bank and use that so you get both!

[@Rydia704]

@@BeCleverWithYourCash That is also true :) All these dummy accounts :)

[@Munchman1]

Unfortunately with my easy access I think I can only withdraw in to my current account

[@minimad8793]

Thanks Andy for the advice. Already all over the drip feeding zones. well worth the time and effort as it maximises your chance of financial freedom to living life how you want and not how society dictates.

[@lauratownson9219]

I wonder if you are a Dave Ramsey fan?

[@bangdobrich]

Even with all of our money hacks inflation is double what we achieve through those. Let's hope a house market collapse comes soon. :)

[@andymerritt7347]

Mate this is exactly what I do! Get paid into lloyds for the cinema tickets, over to Halifax for the £5’s and then into chase savings account and have a SO set up from chase savings account to my other savings accounts at lloyds etc’ :)

[@pepecheung5309]

Lloyds Bank club 5.25% for monthly saver and 2.1% for current account of Chase Bank. Good for me.

[@pepecheung5309]

I feel 3.6% interest rate for fixed interest rate of Monzo which is good for me, if you have more savings.

[@andymerritt7347]

@@pepecheung5309 Monzos 3.6 is a pretty tasty amount of interest to be fair, sadly I switched Monzo to NatWest for the £175 and trying to do some repair for now before opening up current account for their savings… nice one Pepe

[@fucknugget8856]

@@pepecheung53092.7% from January on the Chase

[@Extreme_Gardening145]

I'm with HSBC and I use their regular saver. Feel like i've made a mistake and should have moved to First Driect

[@NickIrvineFortescue]

It doesn't have to be a mistake though - just open a FD account along side it

[@Extreme_Gardening145]

@@NickIrvineFortescue I did that! Matured earlier in the year very happy with it.

[@squibys2262]

Might aswell lock in to a 6 and a 9 month for part of it if you cared enough to do this.

[@RyanEmmett]

At the moment, personally I'd rather keep my money in the best paying easy access accounts and move it around to get the best rates on a regular basis. I don't see much benefit in fixing, even just for one year, with easy access rates still likely to rise some more over that time.

[@mariyphua]

but AlRayan min £5k..

[@BeCleverWithYourCash]

Yeah, so it’s all illustrative as rates will change (in fact Chip is offering 2.9% now, though it does work a little differently to normal savings accounts)

[@painfulorwhat8872]

4:52 First Direct Club Lloyds NatWest RBS

[@philraddings2938]

Far too complicated for very little advantage.The art is to keep it simple and watch the rates use sites like Topcashback etc to supplement the money you spend.

[@JackSmith-hx8zh]

I totally agree. You could spend hours applying for accounts and then more time administering them. Most people would use this time more lucratively doing overtime or getting a second job.

[@johnpurkis9872]

I’ve just checked Nationwide easy access, it says it’s variable. So if you drip feed from an easy access that lump sum by reducing the money means you earn less interest and the rate may change also?

[@NickIrvineFortescue]

If you do bank switching regularly then you may have all these current accounts already. Then it takes just minutes to open the regular saver