“Drip feed a regular saver from a high interest account”.

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I have read this advice frequently as a good way to save.

However, it isn’t possible to set up a direct debit (which I think is what you need for a regular saver?) from a savings account.

So how am I supposed to do it? Anyone manage their money like this and have any pearls of wisdom to share?

Take the money out of your savings account into your current account before the direct debit from your current account to the regular savings goes out.

Is your high interest savings account allowing you to make monthly withdrawals without lowering the interest?

I have a Santander easy saver at 5.25%, with no penalties on repeated withdrawals. I can’t set up DD from it, I physically have to move the money across. But financially it doesn’t make sense to deplete that account in favour of smaller sums on a higher interest.
If you put 400/month in a regular saver with Lloyd’s you get £4950 after 12 months, £150 interest. If you leave £5,000 in a 5% interest account, the interest will be £250 after 12 months.

financially it doesn’t make sense to deplete that account in favour of smaller sums on a higher interest.
If you put 400/month in a regular saver with Lloyd’s you get £4950 after 12 months, £150 interest. If you leave £5,000 in a 5% interest account, the interest will be £250 after 12 months

The point of dripfeeding is that you do both though. That's why it works out best.

So at the start you have £5000 in a 5% instant access savings. Then each month you dripfeed £400 from instant access to regular saver. Say the regular saver is 6%:

Month 1: £4600 @ 5%
£400 @ 6%

Month 2: £4200 @ 5%
£800 @ 6%

And so on. Drip feeding to a higher rate regular saver will always work out better overall than just leaving it all in an instant access at a lower rate.

Doing it is the problem though! Sounds like the only way is to do each month as a one-iff payment. such a faff.

I think it depends on your situation though. If you're saving a regular amount from a monthly salary then it probably makes sense to set up a standing order to put your money or part of it into a regular saver account at the best interest rate you can get in the first place - some regular savers are paying a bit more than you can get on other savings accounts.

If you have an existing lump sum and aren't in a position to save from your wages or other monthly income, it may be worth drip feeding it (or some of it) between an instant access savings account and a Regular Saver account, but most instant access accounts and accounts with unlimited withdrawals (or more than 3 or 4 a year) are not those paying the highest interest.