Instant Access Savings Article Discussion Area

estongrange

Having sold our house it is likely we will have to rent to be a cash buyer and ready to move quickly to secure a new property.

I can keep money back to pay rent but need to invest to earn interest that will eventually cover this. The interest need not be paid monthly. Access to lump sum could be needed anything from 30 days to 6 months.

Do I look at bonds? savings? etc

thanks
EG

ecuyetx

How does First Direct eSavings account get into the instant access section in the articles on the web etc? It may look like instant access but if you take any money out, not only do they withhold interest on the money you withdraw but on the whole account:mad:

This is not even as good as a 30 day notice account in my opinion. At least with a 30 day notice, you can give notice and not lose out on interest but if you don't they only withhold interest from the money you withdraw.

If you have £25,000 in a First Direct eSavings account and you want to take out £100 it will cost you £80 to withdraw it at the current interest rates.
That is a charge of 80% :mad:

Please don't include this in the instant access section!

murphydavid

ecuyetx wrote:

How does First Direct eSavings account get into the instant access section

Please don't include this in the instant access section!

I agree with you that first direct should not be treated as an instant access account, however as I have never seen an article or thread on notice accounts in moneysavingexpert (Is there one?) I have always assumed that they have been included under the heading of Instant access. I would like discussion of notice accounts to be included in this thread. (So I only need to monitor one thread). So I’d rather the title of the thread be changed than drop discussion of First direct and similar.
By the way what is the best notice account interest rate these days?

lapsicuf

hi,

i am completely new to posting so hope i have found the right thread and please put me right if i get anything wrong!

i want to ask Martin (is that allowed?) about investing a large sum when i hopefully sell my house quite soon. i then need to invest it pdq and draw on it/the interest monthly for rent on another property until i find the right place to buy. i am hoping the transition will take no longer than 6-9 months.

so - i am looking for a high interest, easy access account that will keep my hard-earned £ safe for a while.

many thanks and hello to anyone who reads this.

lapsicuf

bristolleedsfan

Lowtrawler wrote: »

The article should consider what "instant access" actually means. In the case of on-line accounts with no high street presence, you are usually limited to getting a BACS transfer into your linked account which can take up to 5 days. Some of the on-line accounts offer CHAPS transfers (true instant access) but others don't. Some accounts have a limit on how much you can withdraw on a given day (with ICICI it is £40k), others have no limit.

In my opinion - to be truly instant access, you must be able to withdraw and use any value of funds on the same day that you decide you need them. This is not the case with ICICI and is probably not the case with many other, so called, instant access accounts. I think it is important that the article be amended to reflect these points.

absolutely correct hence the reason y "easy access" accounts and term "easy access" was introduced some time ago, clearly where its not possible for funds to be withdrawn "instantly" ( leaving aside via chaps) then those accounts should be grouped under "easy access", where funds can be withdrawn instantly without charge these accounts should be grouped under instant access :cool:

jaybee44

Following the article I transferred my funds from Northern Rock (!) into the Coventry but what to do now - who thinks it would be safer to now put them into one of the high street banks instead, even for the time being?