Instant Access Savings A/C without a linked current account

Megalomaniac

Hi all,

I was affected by the Kaupthing Edge debacle regarding payments, but thankfully have mine. I am paid quarterly so put my money into a savings account (previously KE) and have regular withdrawals each month from which I pay my bills, transfer to a regular saver, budget etc... However, I realise now that diversifying my instant access savings is a very good idea (even if you don't have >£50k!).

I have opened an Egg Savings (fixed @ 6.3% which I am chuffed about) but want to open another (variable rate is fine). Before you all suggest Kaupthing Edge, I will probably keep my account with them but would like things to calm down a little (and become swallowed up by the ING website) before I put money back in there which I require on a monthly basis.

So I am looking for a third instant access savings account which obviously pays good interest. However, I realise the risk of having a savings account which can only be linked to a current account with the same or another bank (what if the bank with which you have your current account goes belly up?). With Egg, you can withdraw to any current account which is the flexibility I enjoy in these turbulent times. Are there any other decent savings accounts which allow you to withdraw to any account (Bacs not direct debit), have a good rate of interest and are of a different compensation scheme to ING/Egg?

Thanks (for reading my essay!)

Baldur

Megalomaniac wrote: »

....and are of a different compensation scheme to ING/Egg?

ING are covered by the Dutch scheme, Egg is covered by the FSCS, the same as any other UK bank - presume that you mean a different authorised institution, rather than scheme?

Megalomaniac

Baldur wrote: »

ING are covered by the Dutch scheme, Egg is covered by the FSCS, the same as any other UK bank - presume that you mean a different authorised institution, rather than scheme?

Doh! Yes you're right