Instant Access Savings Accounts Article Discussion Area

Crabman

equitydealer wrote: »

Why does Martin state that the B&B 6.4% savings account is a limited edition one? It looks like this is the new standard online savings account and is replacing the previous 'e-savings' range.

I believe they said they would allow a certain amount of cash to be deposited in the new 6.4% account, after which they would close the account to new customers... at least I think that's what Martin said on Radio 2 a week ago :whistle:

spitfire1

good afternoon,

i have 368,000. to place somewhere to get the max possible interest, i am not over 50, would like instant access with no penalty on withdrawals, i pay 20% tax and would like my interest paid monthly.my coventry account ends this october 20th so i would like to switch asap-whats my best option please?

Moggles_2

Originally Posted by spitfire1
I have £368,000 to place somewhere to get the max possible interest. I am not over 50, would like instant access with no penalty on withdrawals, I pay 20% tax and would like my interest paid monthly. My Coventry account ends this October 20th so i would like to switch asap. Whats my best option please?

I can certainly recommend Icesave. This account comes with a valuable interest rate guarantee. Also Bradford & Bingley's Internet Saver 1. (Please see #244 above.)

Have you considered tax-free investments such as Cash ISAs and the index-linked National Savings certificates for at least some of this money?

Nick_C

Coventry Building Society 50 Plus eSave (Instant Access Savings Account) - Now available if you are 50 or over with a fixed rate of 6.4% guaranteed for a year. If interest rates fall within the next 12 months, this should prove to better than Bradford & Bingley for the over 50s. Monthly interest available at 6.2%.

http://www.coventrybuildingsociety.co.uk/savings/esave.aspx

stanlio

Hi I just have a Halifax easycash account (0%) to pay cash in each week then get home and transfer it immediately to Sainsbury's internet saver (6.25%). The day after the cash is showing up in my Sainsbury's account with the date I transferred it on. I have now opened up the new Bradford and Bingley internet account (6.4%) but find it takes 3 or 4 days to transfer...so is it really worth it for me???? I'm saving around £100-£150 per week, if that makes any difference.

Moggles_2

Originally Posted by stanlio
I have opened up the new Bradford and Bingley internet [saver]account (6.4%) but find it [the money] takes 3 or 4 days to transfer

It takes 3 days if you request your transfer before 12 noon (ie. set up on Monday morning, the money arrives in your B & B a/c on Wednesday.) This is pretty standard with internet savings accounts.

I have a Halifax Easycash account (0%) to pay cash in each week then get home and transfer it immediately to Sainsbury's internet saver (6.25%). The day after the cash is showing up in my Sainsbury's account with the date I transferred it on.

This is because Halifax and Sainsbury's are part of the same group, HBOS

Is it really worth it for me?

As you're earning no interest on the money in your Easycash account, Sainsbury's may be the best home for your savings at present.

Nick_C

Although its not a best buy on AER, Yorkshire BS's Internet Saver is paying 6.2% AER with a Link card, giving ATM access. Monthly interest available

This is the best currently available rate for a savings account with an ATM card, and I think its a good place to keep some ready cash for people who don't have a high interest current account.

(edited, 6.25% corrected to 6.2%)

bristolleedsfan

Nick_C wrote: »

Although its not a best buy on AER, Yorkshire BS's Internet Saver is paying 6.25% AER with a Link card, giving ATM access. Monthly interest available

This is the best currently available rate for a savings account with an ATM card, and I think its a good place to keep some ready cash for people who don't have a high interest current account.

:T i agree. :beer:

bristolleedsfan

Crabman wrote: »

I believe they said they would allow a certain amount of cash to be deposited in the new 6.4% account, after which they would close the account to new customers... at least I think that's what Martin said on Radio 2 a week ago :whistle:

and based on B+B previous behaviour with its e-saver issues, what will B+B do with its latest internet account once its closed to new account openings. :rolleyes:

i have been really shocked by :money: constant plugging of the B+B internet account when good practice now is to plug/recommend accounts that have paid high rates of interest over a period of time eg sainsburys.

Aiadi

Had this email from: ENQUIRIES@SAVINGS.BRADFORD-BINGLEY.CO.UK

"We are delighted that you have chosen to open an eSavings account. To get you up and running, you'll need to make your initial deposit within the next 14 days. You can do this by cheque.

Make your cheque payable to yourself, and include your application reference number (e.g. Mr A Smith 123456789) and send it to us at;

Freepost
RLRR-RSGJ-XHUJ, PO Box 1086,
Newcastle Upon Tyne
NE99 1SD


If we don't receive your initial deposit within the next 14 days we'll assume you no longer wish to save with us and we'll close your account.

So if you'd still like to go ahead, please send us your initial deposit as soon as you can. We look forward to hearing from you.

Yours sincerely


Suzanne Main
eSavings Manager

Seriously thought it was phishing or spam as it has all the characteristics. I mean just look at the unduly long email address and the funny postal address (doesn't even mention B&B) they want the cheque sent to. I was actually amazed when the guy I spoke to on the phone said that it was genuine. May be it is just me or this is how banking is nowadays.