Instant Access Savings Accounts Article Discussion Area

JillD_2

I need a savings account to put £3k in, will be topping it up at random intervals for the next 6 months when I go on maternity leave and then will be taking money out a bit each month. So I am onloy looking short term really.

I read Martins article on top instant savings accounts and also having read comments above I don't want to open the IceSave one due to the time delay factor, so am thinking of opening the ICICI HiSave one at 5.65% AER.

Just wondered if anyone has opened one of these recently, and what their experiance had been ?

Thanks
Jill

shoi

ICESAVE was quick enough for me I opened a new accoun t with them at the beinning of this month, all up and running in 1 week

Grammy_2

I am looking for an Instant Access Savings account, which isn't an Internet account. I know that might seem strange, as I know that these Internet account pay so much more interest, but I just don't want one.

I want an ordinary account, where I have to go to the bank and pay in my cash or cheques, and get the money out any time I like, without having to pay any penalties.

So, I had a quick look, and so far it seems that the Abbey offers the best rate at 3.60% gross rate (2.88% net).

If anyone knows of a better one, please let me know.

Thanks in advance.

fbrj

susie2324 wrote: »

My parents are selling their house and will hopefully have approx £500,000 to invest for three to six months before they buy again. What is the best account for instant access and interest paid monthly for a figure like this. They are over 60yrs but the Coventry one has a lower 'upper' limit. Also are there accounts that pay interest daily or will they need to wait for the end of a month when they want to close it?

The other thing I'm noticing on browsing (following this site's links) is that they may have to open the account with a cheque so won't time and hassle to open/close the account need to be factored in too when choosing?

Any thoughts or sign-posting appreciated!

Susie

We are in exactly the same position as your parents. The best account we have found (have to be over 50 to be eligible!) is the Northern Rock Silver Saver a/c. Currently paying 5.81% gross AER.

No funny interest penalties for withdrawals.

Interest can be paid monthly or annually. Can do CHAPS and BACS into and out of account. It's an internet or postal managed account. Having set up our accounts - we got our solicitor to CHAPS transfer house proceeds on day of completion straight in.

Very easy to set up.

If either of your parents are not working and has no or little other income it might be worth opening 2 accounts and juggling the capital and amount of time money will be in the account to get total interest for 2007/08 in one of the accounts to be about the annual personal allowance (ie tax will not be due). In this case an application can be made (can download form from the site) to have the interest paid gross...otherwise 20% deduction at source!
Can save £1 to £2,000,000

Hope this helps ....
https://www.northernrock.co.uk/savings/silver-savings-online/

smipx013

Hi,

Just to let you know... I setup an ICICI HiSave Account recently and was shocked to find that they sent me a full statement via e-mail.

The statement had my account number and all my balances and transactions in it.

Most other savings accounts ask you to login to get this information and do not send it via an unsecure e-mail. As everyone knows, e-mails go over the net and are not at all secure and should never contain any personal data suck as this. Is is in fact against their security policy that they seem to be ignoring.

In my view this is a blatent security flaw and I have asked them to explain but they cannot. Needless to say I am in the process of closing my account.

Paul

Edale

I don't really understand how this is any less secure than a paper statement with the same information. Your money could not be accessed at any point so what is the issue?

armcurl

Can anyone recommend a high interest savings account that can be used as a source of income ? By that I mean one in which it's possible to have the interest generated paid into a seperate account without any (or minimal) penalty.
I am selling my flat and would like to place the funds into a high interest account and use the interest raised to offset the rent I am paying until I am able to reinvest in property.

murphydavid

Put your money into any "clean" instant access account and you can take out as much of the interest or capital you like any time you like. Martin has ICICI as the highest interest at the moment.

murphydavid

While i'm at it I had a bad time with ICICI (long time ago now). Not one to hold a grudge I would give them another try. But I decided I would not deal with a bank that did not comply with both FSA membership and Banking Code. I see that ICICI remain a member of the FSA but does anyone know if they have managed to get cetified by the Banking Code? Or have they given up trying?

armcurl

murphydavid wrote: »

Put your money into any "clean" instant access account and you can take out as much of the interest or capital you like any time you like.

I'd rather leave the capital where it is if that's going to mean I get a better rate. An account that simply pays the interest into an account of my choosing is preferred over one that requires me to actively 'withdraw'.

murphydavid wrote: »

Martin has ICICI as the highest interest at the moment.

Are ICICI the Indian Bank? I've looked at them and feel safer with my money in a UK bank. I opened an HSBC Saver, but it looks like my interest has to remain with the account...