Savings Account : Regular Withdrawals

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.

In message , Stickems. writes

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:

In message , Eric Jones writes

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?

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.

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.

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

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.

In message , harrywhite writes

I'm looking for 50 Grand. ;-)

Aren't we all?

John

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