Opening a savings account

saver2000

I've had most of my money sitting in a normal bank account for a few months (I moved my savings out of Kaupthing Edge a while back) and I haven't had time to set up a savings account..

I now have some time today to look round, but it it worth me waiting to see what the base rate decision is, and then take a look next week?

Thanks

flyingbanana_2

I am in exactly the same position as you. I did try to open up the Tesco account, but it needs to be opened by today to get the bonus and that is not going to happen as i got the documents in the post last night! D'oh!

maypole

I have just opened a Northern Rock e saver paying 3.65%, it was easy on line and up and running the next day. BUT when the paperwork came throught the post they warn that the rate will be going down in the future after this last rate cut on 10th December.:mad:

I suppose you could be transferring all the time, we just don't know whats the best thing to do.

blue_eyes

flyingbanana
I'm hoping that the tesco internet saver 1.5% bonus (at 5.1% from tomorrow) is still valid. The website says they are experiencing a high vol and so does the phone - because it closes today.
Completed application - I'm thinking that I've just completed an application (online) subject to id checks etc, and signing the app.
The last screen said I'd been approved in principle (around 15 mins ago).

Since all applications(except for those already TPF customers perhaps) will need to send off documents, I'm not too worried.
From the website:

"Customers can be assured that completed applications received on or by the 7th January will be eligible for the advertised bonus rate, provided account opening formalities (for example ID checks) are completed satisfactorily."

By this I would read that since they consider the ID check a "formality" then the actual APPLICATION has already been completed.

Maybe I'm just being optimistic.
(should I have offered to fund it with more - two pounds perhaps?!)

Of course, MR T may disagree.

saver2000

I'm tempted to just open a Tesco account today with a little bit of money and possibly open another account somewhere else, and then just wait and see what happens with the rates before I start shuffling the money around

blue_eyes

if you do go for the Tesco account, remember it's the INTERNET saver has the higher rate. At one point in the online application, I had a choice of "instant access" or "not sure" and it was only when I hit "not sure" that at the next step I got the option for INTERNET saver.

That assumes, of course, that you want the e-only access. But that's the one with the 1.5% bonus ending today.

:-)

DonC

Im considering going for this ING Direct Savings account.

http://www.ingdirect.co.uk/savings/our_savings/about_our_savings/aboutoursavingsaccount.asp

It says it pays a total of 5% for the first year, then you can think about moving your savings...

BobbinAlong

Don't touch Nat West savings accounts unless you have a Nat West current account as you can't get your money out!!
I have a Reward Reserve only (my ex took the current account) and I need to withdraw a large sum to pay to my mortgage. Quite simply I can only do it by paying £25 for BACS/CHAPS which I just feel is an unfair charge as I don't need guaranteed same day etc. just a simple transfer.
The local branch were totally unhelpful, online banking doesn't allow transfers and telephone can't do it either. I'm going to try my own larger branch but may have to request and wait for cash and carry a suitcase from one bank to another :-(

I wish I'd used one of my Halifax Web savers instead as I can internet transfer and pay bills easily from them.

So what's the address of the banking ombudsman as I'm going to complain loudly??

anna42hmr

BobbinAlong wrote: »

Don't touch Nat West savings accounts unless you have a Nat West current account as you can't get your money out!!
I have a Reward Reserve only (my ex took the current account) and I need to withdraw a large sum to pay to my mortgage. Quite simply I can only do it by paying £25 for BACS/CHAPS which I just feel is an unfair charge as I don't need guaranteed same day etc. just a simple transfer.
The local branch were totally unhelpful, online banking doesn't allow transfers and telephone can't do it either. I'm going to try my own larger branch but may have to request and wait for cash and carry a suitcase from one bank to another :-(

I wish I'd used one of my Halifax Web savers instead as I can internet transfer and pay bills easily from them.

So what's the address of the banking ombudsman as I'm going to complain loudly??

why dont you see if you can go into branch and open a current account it only took a few minutes when i did mine (i had to get it to open the isa) and i only have a £1 in it

cocktail

blue_eyes wrote: »

flyingbanana
I'm hoping that the tesco internet saver 1.5% bonus (at 5.1% from tomorrow) is still valid. The website says they are experiencing a high vol and so does the phone - because it closes today.
Completed application - I'm thinking that I've just completed an application (online) subject to id checks etc, and signing the app.
The last screen said I'd been approved in principle (around 15 mins ago).

Since all applications(except for those already TPF customers perhaps) will need to send off documents, I'm not too worried.
From the website:

"Customers can be assured that completed applications received on or by the 7th January will be eligible for the advertised bonus rate, provided account opening formalities (for example ID checks) are completed satisfactorily."

By this I would read that since they consider the ID check a "formality" then the actual APPLICATION has already been completed.

Maybe I'm just being optimistic.
(should I have offered to fund it with more - two pounds perhaps?!)

Of course, MR T may disagree.

thats my interpretation of the website statement as well, and the same view is reflected in the savings section of this site .

anniecave

With natwest just open a step basic current account (in a branch). Also request a card reader. They send you a cash card and pin for the step account. Using the card reader and your new step cash card you can set up payees on the current account, then you can move money from any savings account you have into the step account, and out to whoever or wherever you want. The step account pays via faster payment too!