New isaver from IF - 2.85%

melb

just a quick question. I saw Martin's email just now and had been looking for somewhere to put £5000 that I took out of ING 2 weeks ago when I realised I was earning 0.5% interest. I came on to the forum to see what others thought of it. Just been looking through the threads am I right in thinking it's a savings account whereby you put a certain amount in each month rather than a lump sum? thanks.

opinions4u

melb wrote: »

Just been looking through the threads am I right in thinking it's a savings account whereby you put a certain amount in each month rather than a lump sum? thanks.

The web site says:

Top up your savings whenever you want
Start saving with as little as £1

So I think that ticks the boxes for you.

http://www.if.com/savings/isaver.aspx

That said, don't forget regular saver accounts from Barclays (6%), Lloyds (5%) and Halifax (4%) could meet your wish to save monthly with better returns.

ahai1

I treid to send them a secure email but as I have said when I log in it just takes me to the page to select a product.

~Chameleon~

KTF wrote: »

Yes so if you had money in the 6.3% fix you have to transfer it to your non-egg account then back in again to egg which is a bit of a pain as they dont do faster payments out.

Well, if you've still got the 6.3% account then yes, but why on earth would you want to move money out of an acct paying 6.3% into one paying just 2.5%

My 6.3% acc came to an end earlier this month so not a problem

I did look at the IF account and even started the online application (it wants to know the ins and outs of a cat's 'arris :eek: ) but when I got to the bit where it asks how you want to be contacted (for marketing purposes) it asks for work or home number and wouldn't let me add a mobile number at that point (you MUST give them a phone number, won't accept email contact) so I postponed the application hoping to go back and add mobile number at an earlier point.

It was only then that I discovered that if I want to proceed with the application I have to register for internet banking and wait for them to send me passcodes in the post!!!! :mad:

Total waste of my time! Never before have I had to undergo such a scrutinised process for a savings account! I don't recall ever jumping through hoops like this for either a current account or credit cards either!!! :rolleyes:

I'll stick with Egg thank you very much!

amictus

KTF wrote: »

2-3 days in/out using BACS versus almost instant using faster payments.

Right. Just so I know, is this account supposed to have the fast payment?

ahai1 wrote: »

I treid to send them a secure email but as I have said when I log in it just takes me to the page to select a product.

Are you still having problems accessing your new account? Have you tried phoning their helpline?

~Chameleon~ wrote: »

It was only then that I discovered that if I want to proceed with the application I have to register for internet banking and wait for them to send me passcodes in the post!!!! :mad:

Total waste of my time! Never before have I had to undergo such a scrutinised process for a savings account! I don't recall ever jumping through hoops like this for either a current account or credit cards either!!! :rolleyes:

I'll stick with Egg thank you very much!

Isn't it standard procedure to require some sort of authentication to be posted before an internet banking account can be finalised? I remember having to do this when I signed up for online banking for my Natwest current account.

Is the Egg account really that much simpler to operate? I can't imagine there's much in it once you have actually gone through the initial sign up procedure.

roddydogs

Why dont you set up a current a/c as well? that way you can transfer in/out online in seconds....you dont need to transfer DDs.

KTF

roddydogs wrote: »

Why dont you set up a current a/c as well? that way you can transfer in/out online in seconds....you dont need to transfer DDs.

Is the sort code for the current account the same as the iSaver and/or does it accept faster payments?

ahai1 wrote: »

I treid to send them a secure email but as I have said when I log in it just takes me to the page to select a product.

You will get this page until you have sent back the signed form and they have processed it.

roddydogs

No the sort codes are different....but u can transfer money to the c/a, then as soon as its cleared you can immmeadiatly transfer to i saver

KTF

If it still takes 2/3 days to transfer to the current account then there is no advantage in opening one compared to transferring money to the isaver directly.

If the current account accepts faster payments so the transfers to it happen instantly then there is an advantage in opening one.

Have you tried putting the current account sortcode in to the faster payments checker or have you transferred money to it and it has gone in using faster payments?

http://www.apacs.org.uk/sortcodechecker/index.html

Edit: Apparently IF dont support faster payments.

There is no sending or receiving service at Intelligent Finance.

From: http://en.wikipedia.org/wiki/Faster_Payments

~Chameleon~

owains wrote: »

Right. Just so I know, is this account supposed to have the fast payment?



Are you still having problems accessing your new account? Have you tried phoning their helpline?



Isn't it standard procedure to require some sort of authentication to be posted before an internet banking account can be finalised? I remember having to do this when I signed up for online banking for my Natwest current account.

What I meant was that I can't even continue with the application without them sending me passcodes to get back online to access my application form, then I will have to wait for them to send me paperwork to sign and return before I can even think of depositing any money!!! Too much hassle as far as I'm concerned!



Is the Egg account really that much simpler to operate? I can't imagine there's much in it once you have actually gone through the initial sign up procedure.

As far as I remember (been a few years since I opened initial accounts) Egg process everything online, including authentication (electoral roll/credit files) and have you up and running within hours

It's certainly far easier if you are already an Egg customer as the accounts can be opened instantly. Plus any deposit you make is in the account and earning interest immediately too