Instant Access Savings Accounts Article Discussion Area

murphydavid

HiSave again! Havent checked again recently but as far as I know ICICI still can't get (or don't) have membership of the U.K. banking code of practice. That says it all for me. When I asked them why, they said they were applying and that was a long time ago. After all the banking code is not that stringent all they need to do to get it is deal fairly and efficiently.

harryhound

Anybody know how to invest with the Bank of China?

They have more money than they know what to do with.

Moggles_2

Hi harryhound!

This is not an instant access savings account issue.

Please post again on the main *Savings & Investments* board. You'll get lots of replies there.

HamishT_2

Hi...!

I was interested in the reference in the article to Sainsbury Bank which pays 6.25% and it's a well known brand. But when I check the site out I see interest is paid annually. What if I want to bale out after a few months? Currently my ING (and Northern Rock - gulp!) accounts pay interest monthly and there are no catches.

Thanks for reading this and I'll be interested in any advice offered!

BTW - I saw one heading saying "are you over 60?" - Note that NR's Silver Savers account pays 6.3% AER if you're over 50 and has no catches...

Hamish T

Moggles_2

Hi HamishT

Welcome to MSE!

I was interested in the reference in the article to Sainsbury Bank which pays 6.25% and it's a well known brand, but when I check the site out I see interest is paid annually. What if I want to bale out after a few months?

If the account is closed, any interest that has accrued will be credited to your balance. If, on the other hand, you withdraw the balance but leave the account open, the interest earned is paid on the anniversary of account opening.

Currently my ING (and Northern Rock - gulp!) accounts pay interest monthly and there are no catches.

If you're looking for another internet savings account, I like Icesave, minimum balance £250, which pays 6.2 AER before tax.
Also Bradford & Bingley's E-savings issue 4, which rose to 6.26 AER on 29 July 2007.
Both are easy access online accounts with annual and monthly interest options. Quick and straightforward to open as well.

dollpiggy

I have just sold my house and am waiting on my new build being ready and need somewhere to stash about £80K but I need instant access and monthly interest. I have applied for the HCICI HiSave but after reading the forum I am reluctant to say the least.

Moggles_2

Originally Posted by dollpiggy
I have just sold my house and am waiting on my new build being ready and need somewhere to stash about £80K but I need instant access and monthly interest. I have applied for the HCICI HiSave but after reading the forum I am reluctant to say the least.

Presumably, you need an account which can be opened quickly. In these circumstances, I would look at your existing provider(s) first. If the money is in a current account, consider opening your bank's internet savings account.
Caution: if you bank with Alliance & Leicester, HSBC or First Direct, some of their internet savers pay no interest at all during any calendar month in which you make a withdrawal, so I would avoid those!

If only a market-leading interest rate will do (and you're prepared for the extra effort involved), I like Icesave. Also Bradford & Bingley's E-savings, issue 4. For details, please see #216 above.

geoffreyq

webwiz wrote: »

Bradford & Bingley are now paying 5.1% clean. The 0.05% difference against ICICI might be worth paying for peace of mind. However ICICI have not increased their rate since the rise in the bank rate, if they matched the full 2.5% rise, up to 5.4% that would be different

I suppose that having the UK government to bail out B&B like Northern Rock, if necessary, gives some peace of mind....otherwise remember that only the first £2000 in B&B is guaranteed in full.
I note that Martin used to say he didn't worry about putting his savings with one organisation to get the best rate of interest. Post NR he seems to have realised just how naive he was. Maybe now he will even come to accept that just because banks are licenced does not mean all are equally safe....

Oval1957

geoffreyq wrote: »

I suppose that having the UK government to bail out B&B like Northern Rock, if necessary, gives some peace of mind....otherwise remember that only the first £2000 in B&B is guaranteed in full.
I note that Martin used to say he didn't worry about putting his savings with one organisation to get the best rate of interest. Post NR he seems to have realised just how naive he was. Maybe now he will even come to accept that just because banks are licenced does not mean all are equally safe....

I note with interest what you say about keeping your money all cosy in the same place, and what is happening with Northern Rock has got me extremely jittery. I currently have my life savings in the Bradford and Bingley (far in excess of the safe amount should it go under). I read in the Times on Saturday that the Alliance and Leicester and the Bradford and Bingley both operate similarly to the Northern Rock Bank. I am wondering what to do for the best now. Not wishing to panic, I was wondering whether to spread my capital out amongst the biggest institutions or just leave it in the Bradford and Bingley. What would you do?

Nick_C

Does anyone know if money moved between Halifax and Birmingham Midshires (both HBOS companies) goes across instantly, or does it take the usual 3 days through BACS?

The BM online saver at 6.3% looks attractive ...