£1 to open a savings account

moosetastic

hi everyone,

I have just started to save a bit of money, and am in need of an easy access, no hassle, easy to open and manage savings account, but I only have a fiver to open it up at the moment. Can I still have £1 to open a savings account anymore? Haven't had one since I was a kid!! Can anyone help? Many thanks

brranger

You could try ing direct you can open that with a cheque for £1 rate of 4.5% its internet only tho If thats a problem?

dparky

Halifax has a few saving account that has £1 minimum to open.

patwa_2

Nationwide do £1 minimum open accounts, as do HSBC and Natwest. I opened accounts with these, and just put £1 in them at the time of opening as I didn't have any other cash on me at that precise moment.

I found Nationwide to be the most 'friendly' when it comes to first-time savers. Just call them up and ask for an appointnemtn, and they will talk you through everything. Remember you will need proof of identity, a passport works great, along with a utility bill or something showing your address, a school letter would do, also things like Uni course acceptance letters, work letters or anything really that's from an official body.

The passport is needed for the photo purposes as well - standard identity check, although identity card, bus travel card or nationwide travel scheme card with photo will do too.

Cheers and take care.

Hussein.

Chadsman

Have you opened an ISA this tax year? The first place to look has to be there as the interest is tax free- a lot (most???) of them are instant access acounts with no penalties for withdrawing.

moosetastic

thanks for all your replies, nationwide has had good press lately, so i think i will try them, although i did call into halifax today and their web isa did look quite tempting. :beer:

dparky

moosetastic wrote:

thanks for all your replies, nationwide has had good press lately, so i think i will try them, although i did call into halifax today and their web isa did look quite tempting. :beer:

Yes i have a the halifax web isa - Halifax ISA Saver Direct. Very good account to have.