Instant Access Savings Accounts Article Discussion Area

Moggles_2

Today, Bradford & Bingley launched a new, market-leading internet savings account - Internet Saver 1 - which pays 6.4% AER.

You can open your account with as little as £1 and make withdrawals any time, via BACS, to a nominated account without penalty. Monthly or annual interest option.

bazhance

Hi with NR in mind Moggles gave some of the % of exposure for some of the bigger players but does anyone know about some of the smaller players---Ruffler Bank in particular.I spread my savings around trying not to go over the 35K and have some with this bank but being small are they at greater risk.

ukdutypaid

bazhance wrote: »

but does anyone know about some of the smaller players---Ruffler Bank in particular.I spread my savings around trying not to go over the 35K .

Try this it's all about Ruffler.
http://forums.moneysavingexpert.com/showthread.html?t=223981

Just to clarify Deposits: £31,700 per person.

100% of the first £2,000 and 90% of the next £33,000

Didn't know this on on investements though.
"Investments: £48,000 per person.

100% of the first £30,000 and 90% of the next £20,000"
It must be in the threads by now, but anyway, here goes nothing

FSCS - Consumer home page - Consumer Key Facts - Limitations of the scheme - Compensation Limits

stumain

Whilst this level of protection is afforded to UK-based savings accounts, what level of protection is given to savings in foreign-based banks (thinking particularly of ICICI)? Seems to be sensible to forsake some interest points for greater piece of mind...

Crabman

stumain wrote: »

Whilst this level of protection is afforded to UK-based savings accounts, what level of protection is given to savings in foreign-based banks (thinking particularly of ICICI)? Seems to be sensible to forsake some interest points for greater piece of mind...

ICICI, although an Indian subsiduary, is based in the UK and covered by the FSA compensation scheme as with the other banks/building societies, so your cash is still covered. :j

Penniepincher_2

We are in our fifties and, in common with everyone else, will need instant access to money for funerals. Many moons ago, we took out a life assurance policy which would have bought a house at the time; now it wouldn't buy a car. Now it is due to pay out.
What is the best way of saving for funerals;
How would the children access the money;
How much and in what kind of account should we save?

jeffdavies

I was in the process of applying for a new internet account with Bradford & Bingley this morning, attracted by an interest rate of 6.4%.
However, just before finalising the transaction, reading the 'small print' revealed the following terms:
3.2.2 All deposits and withdrawals are subject to a minimum £1.00 per transaction.
I was horrified to find that I have to pay both to deposit and winthdraw money. What a cheek!!!
Needless to say, I immediately cancelled the application, not such a bargain after all.

Crabman

jeffdavies wrote: »

I was in the process of applying for a new internet account with Bradford & Bingley this morning, attracted by an interest rate of 6.4%.
However, just before finalising the transaction, reading the 'small print' revealed the following terms:
3.2.2 All deposits and withdrawals are subject to a minimum £1.00 per transaction.
I was horrified to find that I have to pay both to deposit and winthdraw money. What a cheek!!!
Needless to say, I immediately cancelled the application, not such a bargain after all.

I think it means that the amount being transferred must be a minimum of £1 per transaction, not a fee of £1 - that would be excessive and probably wouldn't have received Martin's approval.

Moggles_2

Originally Posted by jeffdavies
I was in the process of applying for a new internet account with Bradford & Bingley this morning, attracted by an interest rate of 6.4%. However, just before finalising the transaction, reading the 'small print' revealed the following terms:
3.2.2 All deposits and withdrawals are subject to a minimum £1.00 per transaction.
I was horrified to find that I have to pay both to deposit and withdraw money. What a cheek!!!

Hang on a mo! This term refers to the minimum transaction. That is, you cannot transfer 99p. You are not charged to deposit or withdraw money!

WRabbit

Thanks for the heads up on the tips mail - and I see in here too I've just moved savings from somewhere earning 4.5% to the B&B offer at 6.4% Had been thinking about moving for a while, but the Tip came at the right time to overcome inertia.

The only disadvantage is the access - it takes 3 days for a BACS, but as the previous account was in the same bank as the current account it was an immediate transfer. But I'll cope!