Boost savings returns via "drip-feed" account hack

Regular savers are great for new savings you're adding to each month, especially as you can now get up to 7% via them. But what do you do about existing savings?
Well you can still take advantage of the accounts, but get even more thanks to the drip feed savings method.
This video shows how it works, and whether it's worth it
W A T C H N E X T
Latest best savings accounts • SAVINGS: 7% & 5% reg s...
#savingsaccount #highinterest #regularsaver
00:00 How to drip-feed savings
02:40 The best return on £3,600
04:30 The best return on £12,000
05:57 The best return on £24,000
07:00 Drip feed vs fixed rate
09:28 Access & flexibility
11:46 How to manage drip-feed accounts
14:18 When is drip-feed saving worth it?
MORE
S U B S C R I B E / @becleverwithyourcash
N E W S L E T T E R - becleverwithyourcash.com/news...
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T W I T T E R - / andyclevercash
I N S T A G R A M - / andyclevercash
F A C E B O O K C O M M U N I T Y - / 2661970707423383
B L O G - becleverwithyourcash.com
A B O U T A N D Y
Andy Webb is a money blogger and journalist. He runs the award-winning website Be Clever With Your Cash, hosts the Cash Chats podcast, presented Channel 5’s Shop Smart Save Money and writes every month for Reader's Digest. Andy also founded the community ukmoneybloggers.com.
DISCLAIMER
Content in these videos does not constitute regulated financial advice. Any offers mentioned were correct at the time of filming.

[@unknownpleasures100]

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

[@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%

[@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]

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

[@iCanSeeYou999]

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

[@colinsynnock5756]

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

[@richy1812]

Nice work Andy. Excellent info

[@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!

[@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 .

[@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.

[@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. :)

[@Ezinma88]

Really well explained

[@Munchman1]

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

[@squibys2262]

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

[@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 :)

[@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

[@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.

[@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.

[@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

[@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