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Savings Do I need branch, post, online, ATM & phone access?

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chickmug
chickmug Posts: 3,279 Forumite
in Savings & investments
Need to stick some money in a new account and not sure how many of these (as per title) I need.

Branch, post, online, ATM & phone access?

Any views?
A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.

Comments

  • nzseries1
    nzseries1 Posts: 2,240 Forumite
    Surely only you can tell us which of these you need.

    In my opinion, if you can handle online-only, then you will get far better rates for your savings. For me, the fact it's online only means that I'm less likely to dip into my savings account.

    Do you really want ATM access? This will make it far too tempting to spend your money, wouldn't you agree?

    And you don't need post, surely... this is the 21st century.
    You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
  • chickmug
    chickmug Posts: 3,279 Forumite
    nzseries1 wrote: »
    Surely only you can tell us which of these you need.

    In my opinion, if you can handle online-only, then you will get far better rates for your savings. For me, the fact it's online only means that I'm less likely to dip into my savings account.

    Do you really want ATM access? This will make it far too tempting to spend your money, wouldn't you agree?

    And you don't need post, surely... this is the 21st century.

    All true and I think I am just overloaded with choices.
    So NO ATM, Post and I usually do most things online but feel I would like a branch access for when my other half (not into PC) needs to do transactions.
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • jem16
    jem16 Posts: 19,583 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    chickmug wrote: »
    but feel I would like a branch access for when my other half (not into PC) needs to do transactions.

    That will limit your choices a lot. Very few high interest accounts with branch access. Only option would be for you to transfer the amount online into an account where your OH can have branch access.
  • chickmug
    chickmug Posts: 3,279 Forumite
    jem16 wrote: »
    That will limit your choices a lot. Very few high interest accounts with branch access. Only option would be for you to transfer the amount online into an account where your OH can have branch access.

    Good point and because it is money that will be providing a monthly income I doubt we will need to get at it for a time.
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • jem16
    jem16 Posts: 19,583 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    chickmug wrote: »
    Good point and because it is money that will be providing a monthly income I doubt we will need to get at it for a time.

    Will savings account be good enough? If you are taking a monthly income your capital will be decreasing in value due to inflation.
  • chickmug
    chickmug Posts: 3,279 Forumite
    jem16 wrote: »
    Will savings account be good enough? If you are taking a monthly income your capital will be decreasing in value due to inflation.

    To be honest whilst I am addicted to MSE I spend most of my time on the housing board. I really need to start swatting up on savings, and the like, as I am just retiring and have many differing bit and bobs that need attention. Ashamed to admit but true! :o
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
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