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The Top Instant Access Savings Discussion Area
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Old 13-11-2007, 9:53 PM   #1
Former MSE Dan
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This thread is specifically to discuss the

Instant Access Savings article

Which includes the new free Savings Calculator tool.


To discuss or ask a question about this article: click reply





Last edited by Former MSE Alana; 17-05-2011 at 11:21 AM.
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# 2
shedman
Old 16-11-2007, 5:40 PM
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Default Hi saving accounts

Hi Dan

Have just logged in and opened a Hi save acc with ICICI and printed out the info page. I am concerned that payments are by Direct Debit as I am not looking for an "ongoing" account just somewhere wher I can put an annuity that has has just arrived - somewhere that will give high interest.
Does the Direct Debit mean they expect REGULAR deposits?

Regards

paul
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# 3
polomint
Old 16-11-2007, 5:49 PM
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I also have opened one yesterday.

the DD is so that you can put the money in from your linked current account that you nominated and gave details for when you opened it up.

You dont have to make regular deposits though.
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# 4
Lips
Old 16-11-2007, 9:51 PM
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Default The AA...

I noticed from the article that one of the first 'clean' accounts mentioned is the AA. Does anyone here have any personal experience of saving with the AA?

I have £190k to invest for a few months, and will be looking for a safe, monthly interest, instant access acount. I was considering FD eSavings at 5.5% (as I currently bank with FD), but 6.3 is much more attractive.

Any thoughts...?

Lips
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# 5
PasturesNew
Old 16-11-2007, 9:56 PM
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I've no experience of AA, except I signed up with them earlier in the week. Just at the stage where I am receiving the letter and inputting the verification data. So hope to have it up and running by the weekend, then I can put some money in it.
Had a whole bunch in Sainsburys, but too much, so opened up the AA to spread the risk about a bit (although I do need to check who owns the AA)
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# 6
Lips
Old 16-11-2007, 10:06 PM
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I've just realised that they don't take joint applications for this high-interest account, so that nixes it for me, unfortunately. What a bummer...

Hope it works out for you, PN.

- Lips
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# 7
ManAtHome
Old 16-11-2007, 10:11 PM
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Quote:
Originally Posted by shedman View Post
I am concerned that payments are by Direct Debit
Wouldn't worry - quite a few accounts use (one-off) DD to 'drag' money onto your account rather than you doing a transfer to 'push' money in. Doesn't imply you have to make regular deposits, just that you log into ICICI whether you're transferring in or out.

[edit] the AA account is run by Birmingham Midshires (who also use the Direct Debits system by the way)

Last edited by ManAtHome; 16-11-2007 at 10:14 PM.
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# 8
Abetorius
Old 17-11-2007, 2:55 PM
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I am thinking about opening a Hi-Save account with ICICI but I do not currently have a cheque book nor do I really want to go through the hassle of applying and waiting for one as I'm unlikely to use it for anything except this one cheque.
Is there another way to do this? would they accept (as an example) a cheque from my mother (who does still have a cheque book) instead?
The website says that the cheque needs to be in my name but in this day and age why should I be forced into getting a cheque book.
I hope someone has a solution for me.
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# 9
david_harry
Old 17-11-2007, 4:02 PM
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Suppose someone already has £35,000 with Birmingham Midshires and then puts money into the AA account thinking that because it is a different company it will be safe. If Birmingham Midshires goes bottom up, does the money in the AA account disappear? Or is the AA responsible for it?
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# 10
EdInvestor
Old 17-11-2007, 5:02 PM
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Does anyone have any comments about the hassle factor in getting the account going and overall customer service?

Interested in ICICI,AA,Icesave,B&B,YBS

TIA for any reports.
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# 11
Milarky
Old 17-11-2007, 7:58 PM
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These accounts all link to a current account (often only one) which means loss of interest (at least 2 days) on withdrawals, even though no loss of interest occurs on deposits at present. But (oft repeated) in 6 months or so we should have same day transfers - making lost interest here a thing of the past. How will banks offering linked e savers to their own current accounts react, I wonder? At least with several of these accounts operating guarantees they won't be able to drop so the pressure may then be for banks to raise their rates a little?
.....under construction....
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# 12
ManAtHome
Old 17-11-2007, 9:34 PM
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No problems with Icesave or B&B - sent them a cheque, no further docs required. Same with BM (who run the AA account), dunno if it may differ as it's a third-party account.
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# 13
marston
Old 18-11-2007, 12:27 PM
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Question moving money

Good afternoon
Can someone please advise
All saving schemes appear to be linked to ones main bank account (lloyds)
thus to move money from one scheme to another the money has first to go to that account.The problem then is that the bank will not allow a transfer of more than £10,000 per day without charging a fee
Is there a way around this?
George
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# 14
Milarky
Old 18-11-2007, 12:59 PM
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Quote:
Originally Posted by marston View Post
Good afternoon
Can someone please advise
All saving schemes appear to be linked to ones main bank account (lloyds)
thus to move money from one scheme to another the money has first to go to that account.The problem then is that the bank will not allow a transfer of more than £10,000 per day without charging a fee
Is there a way around this?
Generally you can also transfer the funds via BACS yourself directly to a savings account from any third account - i.e. The 'direct debit' is only used optionally to pay money into the savings account - which is sometimes convenient as it saves lost days interest but also means you have to have money in your current account at whatever rate they pay for at least a day beforehand. Same day transfers will probably mean that direct debits get very little use anyway.
.....under construction....
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# 15
david_harry
Old 19-11-2007, 9:58 PM
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Hi, EdInvestor,

Opening an ICICI HiSAVE accountwas very smooth, if perhaps a bit slower than I thought they were going to be. They did the identity checks with (presumably) other banks instead of insisting on three pieces of paper being posted in to them. They sent pleasant letters on the way ,saying how things were progressing. It was much less hassle than it used to be.

Hi, Marston,
Have you tried sending £10,000 then sending another 10,000, then…? I have a feeling that I once managed to do this with the Alliance and Leicester. If there is a phone option on the account you can probably transfer more, after running through endless security checks. When we bought our present house I'm sure that's how we transferred money to our solicitors.

(Interestingly, they then did the transfer a second time so enough to buy two houses wound up in the solicitor's bank account and, presumably, left a house-sized hole in ours. My solicitor told them about it and shot it back (minus the CHAPS fee) forthwith. I was mildly surprised that they didn't try to charge us for an unauthorized overdraft – but then, I'm cynical about banks)

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# 16
noj54
Old 21-11-2007, 6:52 PM
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Unhappy ICICI Bank

:confused: Following your posting of ICICI Bank as one of the highest paying banks I thought I would sign up. That was on Oct 21st. Recieved an email on the 25th saying they were dealing with application and I should hear from the in two working days. Nothing. I phoned on Nov 10th and spoke to a very surly bloke who said I would hear with-in 4 days. It is now 21st and still nothing. Have others had the same experience? Is it worth continuing?
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# 17
sulo
Old 21-11-2007, 8:33 PM
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Default Icici

Hi

New to this want to open an Icici account, started filling in the form and online it insisted I read the conditions etc. I did this and then lo and behold it timed me out Arrrhhh after doing all that form filling! So they dont give you time on line to read the small print.:rolleyes:
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# 18
PHILMART
Old 27-11-2007, 7:12 PM
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Smile Icici

Quote:
Originally Posted by EdInvestor View Post
Does anyone have any comments about the hassle factor in getting the account going and overall customer service?

Interested in ICICI,AA,Icesave,B&B,YBS

TIA for any reports.
I OPENED AN ICICI HI-SAVE ACCOUNT IN 2005.THERE WAS A LITTLE HASSLE OPENING THE ACCOUNT DUE TO OVERSUBSCRIPTION BUT THIS WAS SOON SORTED OUT AFTER AN E-MAIL TO THERE HEAD OFFICE.SINCE THEN I HAVE HAD NO PROBLEMS AT ALL,CUSTOMER SERVICE IS EXCELLENT(APART FROM SOMETIMES A LITTLE HARD TO UNDERSTAND WHAT THEY SAY ON THE PHONE)OVERALL OPINION 9/10
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# 19
Jazzygal
Old 27-11-2007, 8:55 PM
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Have £310k to invest from house sale short term while we rent and look for a new home. Tempted by the ICICI but would I be daft/lazy to just bung the whole lot in? I take alot of note from MM and I know that he says seperate it, but on the other side says it is rare for a bank to go down.
The best my bank can offer is a Treasury account for 5.75%, the rate can go up or down at the end of each month.
Jazzy.
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# 20
JVJ
Old 28-11-2007, 6:26 PM
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Default

Quote:
Originally Posted by Abetorius View Post
I am thinking about opening a Hi-Save account with ICICI but I do not currently have a cheque book nor do I really want to go through the hassle of applying and waiting for one as I'm unlikely to use it for anything except this one cheque.
Is there another way to do this? would they accept (as an example) a cheque from my mother (who does still have a cheque book) instead?
The website says that the cheque needs to be in my name but in this day and age why should I be forced into getting a cheque book.
I hope someone has a solution for me.
Hi, just a thought, how about asking your bank to write you a cheque made out to ICICI?
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