Instant Access Savings Accounts Article Discussion Area

shelovestobuystuff

I have just opened an 8% int(AER) with my lloyds branch.Asjked for the tax form as I was a low earner and they had one to hand.All done and dusted.I can put an extra deposit of up to £500 in within the first 5 days and have set up s.o. to put £250 a month in to the monthly saver account.I can take monery out if I like(but I won,t)with no notice and no penalty.You cannot replace any money you take out so if you dip in to the account you will not end up with the full 8% AER at the end of the 1 year period.

greyskittles

just one question about Lloyds online saver... i know it has a rubbish rate of interest, but does anyone know whether there are any penalties for withdrawing money? i.e. will i lose all my interest if i withdraw the £250 every month? i can't see anything in the t&cs but thought i'd ask anyway as i was planning to use it as a convenient way to drip feed money into my regular saver that i have with them y'see.

Moggles_2

There are no penalties for making withdrawals from the Lloyds TSB online saver, provided that you maintain the opening balance of £250.

Dan29

Dan29 wrote: »

I'm sure this must have already been answered but I can't find it:

I opened a Tesco Instant Access Savings account for the 1000 Clubcard points. Can I open a 2nd account for the 6 month interest rate bonus, or is this for new customers only?

Thanks
Dan

Thanks again to Moggles for replying to my message; I sent the forms to Tesco on the 9th and they replied on the 15th with my account details.

I've just 'phoned to check and they say I'll still qualify for the interest rate bonus as they "extended the deadline by a few days due to problems with the post", so anyone who thought they'd just missed out might want to give Tesco a call to check.

I did make the point that it might be good if the letter they sent mentioned the bonus, or if you could check online whether you were eligible for it or not

I was planning to transfer from Coventry First by CHAPS transfer but the person I spoke to said that Tesco does not accept CHAPS transfers.

EDIT: Also, Coventry will only allow transfers of £20,000 a day, so I think transferring from Coventry to Tesco for 6 months and then onto Sainsburys rather than just direct from Coventry to Sainsburys now would barely be worth it, even on the full £100k.

luv_my_brass

Moggles wrote: »

This offer is by invitation only. Apparently, ING have targeted selected postcodes. Existing customers & former account holders are not eligible so, if you've ever had an account with them, you won't get the extra dosh.

ING have at least 3 versions of this deal on the go: a £20 incentive if you open an account, a £50 payment for deposits of £1000 and a £75 reward for balances over £2500. My understanding is that you cannot qualify for more than one incentive payment though.

Me neither. Anyway, the offer ends on 30 September 2007 & the incentive is paid into your account on 5 October 2007.

If invited to apply, you'll get £75 for doing this, not £100 (See above).

Wouldn't you be better off with Northern Rock's Silver Savings in that case? As you say, the ING account pays just 5% AER.

That said, £20 just for opening an account can't be bad.:rolleyes:

Yes, I was invited to apply and have accepted, I spoke to an adviser and wa told that I would get the full £100 by depositing £2,500 in a lump sum. Can't resist a bargain like that! But continually on the look out for the best interest rates that also comply with my needs.

jmfwilts

Does anyone know if when you pay a cheque into a Tesco Instant Access Savings Account via a Tesco store, does it begin to earn interest from the day you hand it over?

armcurl

Moggles wrote: »

Caution: if you bank with Alliance & Leicester, HSBC or First Direct, some of their internet savings accounts withhold a month's interest if you make a withdrawal, so make sure you avoid those!

They don't 'withhold a months interest', they just don't pay interest on any month in which a withdrawal is made.
Just ensure you withdraw the lot on the first of any given month and you don't lose out.

MarkyMarkD

There's also nothing wrong with those specific accounts, as long as you are the right sort of customer. If you only ever withdraw the whole balance, and only on the first day of a month, you won't lose a penny in interest.

You can always re-deposit, a month later, any funds you don't really need.

Moggles_2

Originally Posted by Moggles
Caution: if you bank with Alliance & Leicester, HSBC or First Direct, some of their internet savings accounts withhold a month's interest if you make a withdrawal...

Okay, by itself, this comment is open to interpretation, so I'll re-phrase it.

Caution: if you bank with Alliance & Leicester, HSBC or First Direct, some of their internet savings accounts pay no interest at all, during any calendar month in which you make a withdrawal.

Originally Posted by MarkyMarkD
There's also nothing wrong with those specific accounts, as long as you are the right sort of customer.

Exactly. IMO (# 175), the OPs were in no position to benefit from this type of savings account.

dibble

scubajon wrote: »

I have paid my £1 and opened a savings account with ICICI. THey have sent me a web form with all my current bank details on and have asked me to set up a direct debit to pay in. Why do I need a DD? I transfer money regularly without the need for a DD. Does this mean I am expected to save a regular amount each month on a DD? If so, I do not want to do this as my income varies and I may wish to save different amounts at odd times. Until I kow the answers to these questions i am not going to set it up any further. Help please.

I too invested my quid and the trouble started! I am trying to deposit money into the accouint bu their system insists on having a 12 digit account number - they sent me only 8. They also allege that the log in id and the password they sent me (the latter in a sealed envelope) were incorrect. The helpline in INDIA is impenetrable and the UK number incomplete. What is going on? Is anybody else living this nightmare?? dibble