Instant Access Savings Accounts Article Discussion Area

koru

kevink wrote:

Has anybody heard about the Post Office Easy Access account which is now offering 5.5% AER available at any post office you must have a minimum of £500 in to earn this amount, but is available to withdraw without notice at ATM's and Post Offices Nationwide. If you want to leave your money invested for 5 years then they also have a great 5 year saver, NO RISK GUARANTEED, the way it works is, 50% of your deposit earns 6.25% over 5 years (works out at 35% of your investment) the other 50% of your investment runs with the fste shares growth at the end of the 5 years, if the share index grows then so will your investment, if it dosn't then you get your initial deposit back, meaning 50% without interest if their is no growth, I am looking into it but it seems like a really good deal. any comments..........

Note that with the 50/50 product you do not get the dividends that you would have earned if you invested in, say, a FTSE tracker. That's the price you are paying them for guaranteeing the investment. If the index rises more than a few percent, you would get a better return from investing in a FTSE tracker, as you would get the dividend income too.

If you want this sort of thing, shop around. I think there are versions that give you 125% of the growth in the stock exchange.

jimesh

Further to Martin's email this week, I was informed yesterday that it is possible for existing savers with ING Direct to transfer their savings to their Web Saver Account, which is currently paying 5.65%. ING don't appear to be advertising this, but I went online and found it a very simple process (even for the computer illiterate like me!!) - felt it was worth passing on.

webwiz

I have tested a transfer by CHAPS direct to my Ing Web saver account and it worked fine, contrary to what the web site says which is that transfers should go via the Ing Direct account. You do need to keep the Direct account open with a quid in it though.

j9_gal

As an existing customer, I've just signed up for the web saver account.

I know it takes around 3 days to transfer between my existing ING account to my current account. How long does a transfer take between the two ING accounts?

Cheers!

webwiz

j9_gal wrote:

As an existing customer, I've just signed up for the web saver account.

I know it takes around 3 days to transfer between my existing ING account to my current account. How long does a transfer take between the two ING accounts?

Cheers!

It's immediate, but for new deposits you don't need to go via your Direct account you can transfer by BACS straight into your Websaver account - I have tested this.

MarkyMarkD

I think you mean BACS, webwiz, although I suppose it would work for CHAPS too.

Cordy

Hi, I'm the Treasurer of a CASC and would like to get a better rate of interest on our £25,000 ish saved towards the purchase of land we currently rent. I've looked at the accounts paying 5.5 - 5.8%, but these are all for individuals rather than Clubs, even non-profit making ones. Has anyone any suggestions? We're currently with Standard Life receiving 4.26% gross

MarkyMarkD

Alliance & Leicester have an account for Charities and Public Sector which pays 4.64% AER under £50k and 5.11% AER over £50k. This might be better for you?

https://www.alliance-leicestercommercialbank.co.uk/content/PS020101.asp

koru

Cordy wrote: »

Hi, I'm the Treasurer of a CASC and would like to get a better rate of interest on our £25,000 ish saved towards the purchase of land we currently rent. I've looked at the accounts paying 5.5 - 5.8%, but these are all for individuals rather than Clubs, even non-profit making ones. Has anyone any suggestions? We're currently with Standard Life receiving 4.26% gross

Have a look at the Charities and Small Businesses Board - lots of discussion about this topic there. Usually, charities can use business accounts (or there are separate products for charities and businesses that are the same except for the name).

You have posted in the instant access discussion, but I imagine you don't need instant access, as you are saving for a long term purpose, so a short notice period would not be a problem.

Standard Life have a Premium 10 Day Community Account that pays 4.85% AER on any balance.

Best rates I have found are Secure Trust Bank's Secure Tracker Account which currently pays 5.88% AER, as long as you can live with 60 days notice. I assume you will know, at least 60 days in advance, when you will need the money out? You have probably never heard of them unless you live in Birmingham, where they have some branches, but I have used them and can vouch they are legit. Have a dig around on their website for more information, then phone to ask for an application pack.

Interest rate here: https://www.securetrustbank.com/scaleofcharges.htm
T&Cs here: https://www.securetrustbank.com/tandcs.htm
Description here: https://www.securetrustbank.com/depositaccount.htm

Fry_2

A question after much hunting

I am after an instant access savings account with a couple of specific features and I am hoping someone can point me in the correct direction, especially if they are a happy customer. I had opened an Icesave account (which I am very happy with) but it does not allow BACS/CHAPS transfers in according to their T&Cs and Customer service.

Features required:
1. BACS/CHAPS transfer in (and out) so that my employer can post a percentage of my wage in directly each pay day (I found I missed this feature when I opened IceSave account hence this question)
2. Easy Access although don't mind 7 days.
3. A good rate of interest (of course otherwise we would not be on this board) that has a reasonable length of rate guarantee above Bank Base Rates so I don't on have to keep swapping account and annoying my employer.
4. Not too worried about a minimum in account

I was thinking of http://www.angloirishbank.co.uk/ but unknown quantity to me.

Thanks in advance for an opinions!