Family Xmas fund

[Livinglife86]

Hi everyone, I wanted some advice. Me and my family are going to do a Christmas fund. We would like to contribute £20 each a month so that by the time Christmas comes around the burden will be much lighter.

We were hoping to put this Into some sort of bank account that could generate interest can anyone advise on if there is such a thing?

Thanks in advanced x

You could put it into a "regular saver" as they have higher interest rates but you can't access them until the month after the 12th payment.

We saved £60 a month for 12 months and earned £27 in interest.

MSE website lists lots of regular saver accounts for easy comparison.

@TheDefiant that's excellent thank you! Do all banks do this?

@TheDefiant I will have a look at the website you mentioned I can't thank you enough!!

Virgin Money Defined Access E-Saver.
5.11% (variable), provided you don't make more than 3 withdrawals over the calendar year from Jan- Dec.
Minimum deposit £1; Maximum deposit £250K.

https://uk.virginmoney.com/savings/products/defined_access_e_saver_issue_21/#how-do-i-open-and-manage-my-account

@seekingasimplelife thank you for sending this I will forward to the family and ask them what they think x

I hate to ask this but can you absolutely trust everyone with a shared account?

@determinedtomakethiswork oh that's okay, not everyone will have access to the account I think it would just be one person or maybe two well the others will make a transfer each month on a specific day x

Regular savers are great, but they usually run for 12 months, and only pay the interest at the end, so not in time for xmas.

Chip do a saving account at 4.89% which pays interest monthly. Something like that might be better suited to your needs

@missmollygreen thank you I will look into this as well x