The Top Easy Access Savings Discussion Area

josiejump_2 · 1 March 2011 at 1:33PM

Thanks David. I hadn't thought about the fact that February is shorter! I guess that explains it (my brain can't cope with the actual workings out!) but I'm still a bit disconcerted by the FAQs link within my online account that states I'm on 2.6% AER so I've asked PO Savings to review the account and confirm I'm still on 2.9%.

New_York_No1_fan · 5 March 2011 at 10:42PM

*Kat* wrote: »

I have £2k which I've saved for my car, my RBS savings is like .55%

So...I was going to open a PO account and deposit it in there, I am likely to spend it in May/June. If I deposit it in before March will I get the interest if I choose Annual interest or doesn't it work like that? Do I have to have it in there 1year?

Hi Kat
If you opt for annual interest, the interest would normally be added to your account on the anniversary of its opening. Therefore if you opened it on 1st Feb, you'd receive interest on 1 Feb 2012.

However, in your case, if you plan on spending the full amount in May/June, you'd either receive the total interest then , if you intended on closing the account OR still on its anniversary if you wanted to keep the account open.

Without checking the PO website not sure what the minimum amount is that you need to keep in the account so that you continue to receive its current interest rate. Some accounts revert to a piddly amount of interest if you fall below a certain amount.

I really should check this for myself since I have one of these accounts:D

chickilegirl · 7 March 2011 at 8:30PM

Been trying to set up a Post Office instant access savings account. Very disappointed that in this day and age you can't set up one of these accounts, which are designed to be accessed online without a cheque book. Appreciate the need to check that people are who they say they are but as someone who has not had, and indeed not needed, a cheque book in over 4 years I feel this is a step too far and one that is not required by other providers - I recently set up an M&S ISA without any trouble at all.
Disappointed.

satsu · 7 March 2011 at 8:36PM

I just saw the 2.6% rate on the post office site and was rather miffed as I have just gone to the trouble of opening one of these and transferring everything across.

On the plus side, it would appear that the "Issue 1" is still at 2.9% - the "Issue 2" has a 12 month bonus of 0.9% instead of 1.2%.

Apparently I'm not yet trusted to post URLs so go to post office, savings & investments, Interest and tax (left hand bar) and select the interest rates tab for a full list.

What I can't find is any date from which the Issue 2 was introduced or any way of confirming which flavour mine is. Any suggestions other than a (no doubt long and tiresome) phone call to POFS / BoI?

Thanks

alanq · 9 March 2011 at 3:43PM

West Bromwich BS WeBSave Easy Access 3.01% AER variable. Includes 2% bonus until 31 March 2012. Unlimited withdrawals. Min. opening balance £1000.

http://www.westbrom.co.uk/westbrom/savings.product?id=5775&category=52

alanq · 9 March 2011 at 3:50PM

satsu wrote: »

What I can't find is any date from which the Issue 2 was introduced

25/02/2011
https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=203079

Fortinbras · 9 March 2011 at 4:55PM

Hi all, I will go through the thread now to try and fins an answer to my question, but if it's okay I'll post my query here in the hope of getting an instant response. I recently got received some cheques from Envirofone; as my NatWest current account is overdrawn I had hoped to open a very simple savings account to bank and then be able to access them. I've just got back from my local HSBC where I failed the credit check for their Flexi Saver. I'm don't care about interest rates, only being able to cash these cheques to keep me going until next month when my new job starts and I'll be able to get my current account sorted out. Any suggestions would be gratefully taken on board.

murphydavid · 9 March 2011 at 5:42PM

Fortinbras wrote: »

Hi all, I will go through the thread now to try and fins an answer to my question, but if it's okay I'll post my query here in the hope of getting an instant response. I recently got received some cheques from Envirofone; as my NatWest current account is overdrawn I had hoped to open a very simple savings account to bank and then be able to access them. I've just got back from my local HSBC where I failed the credit check for their Flexi Saver. I'm don't care about interest rates, only being able to cash these cheques to keep me going until next month when my new job starts and I'll be able to get my current account sorted out. Any suggestions would be gratefully taken on board.

Seems like you are on the wrong thread. If you want to cash cheques by opening a new account while overdrawn in another bank I suggest you try.

http://www.moneysavingexpert.com/banking/basic-bank-accounts

peakrambler · 14 March 2011 at 2:15PM

On 23rd March set up Post Office online savings a/c but had second thoughts and cancelled under the 14 day cooling off period on 24th March having set up a transfer of £1000 direct from my bank
Still having problems getting the deposit returned. Today the latest story is that because the money was received after the account had been closed it is sitting in the "clearing house" not going anywhere. I have been told on 3 occasions in the last week that it has been "bounced back" (their words) to my bank. Now told that I have been given the wrong information. Have requested a cheque be sent directly to me.
Has anyone else had a problem getting their deposit returned?
Really getting quite worried that I will see my £1000 again.

temporary1 · 14 March 2011 at 7:57PM

Close brothers have a 6 months notice, variable account, currently offering 3.15% gross (premium gold - 10,000+) - shouldn't this be put into MSE's best 'ïnstant access' savings accounts category, beating West Brom's current 3.01%?

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