How To Use The Drip Feed Method For Saving

This is not financial advice. This is a method I have used for a long time, based on advice I have seen here there and everywhere.
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[@oneviewcornwall8200]

Nice to see you, I'm guessing at your parents' home - well done for your channel almost 3k subscribers 🎉

[@redridinghood8038]

Useful tips, thank you :)

[@workinprogresssince1974]

Glad it was helpful!

[@jod7375]

How can you be on uc with so many savings accounts 🤔

[@steve6375]

You are allowed up to 16k of savings to qualify. Savings above £6,000 are treated as if they give you a monthly income of £4.35 for each £250

[@workinprogresssince1974]

If you watch my other UC vlogs in the Universal Credit playlist, I do explain it a number of times. I am on the start up year on the managed migration.

[@alanjones8579]

Will you be my investment advisor 😊

[@workinprogresssince1974]

Ha ha. I do my best to make some sense. :)

[@alanjones8579]

What do you think of premium bonds? I can't make my mind up🤔​@@workinprogresssince1974

[@workinprogresssince1974]

I think it's a waste of time. I had some bought for me when I was born and in 50 years my number has never come up. :/

[@crazyaboutmagazines]

imho some of those drip feeds don't pay the best rates. If you have the Halifax one, you can deposit £250 max a month, but after a year (paying in a max of £3000) you only get interest of £82. It's best to put the full £3000 (if you have it all available initially) into a 5.5% paying account for the whole year where you would get double the amount of interest.

[@workinprogresssince1974]

Yes, but there's nothing else out there. I'm maxed out on what's available to me at the moment. I am taking what I can with fixed rates before interest potentially drops in September. At least I will still get those interest rates if things change. Leaving that money sitting around in a 4.90% easy access account for the next year really isn't better and I don't have those sorts of big chunks of cash to lock away for a year right now. I'm getting low on easy access funds. Drip feeding gives me protection and I can stop the payments if I run into financial issues. I'm playing it cautious because I don't want to lock all the money away and then find I have nothing to cover me if something should happen.