Instant Access Savings Accounts Article Discussion Area

MSE_Martin

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.

This isn't either accurate or fair

1. This account has a rate guarantee
2. It's instant access so if rates drop you can ditch and switch
3. This site doesn't follow anyone else's policy - if it did you'd get naff, trite recommendations. B&B is the top payer with a clean account; so its the top payer listed. Simple as that.

All the best

Martin

Moggles_2

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?
I have been really shocked by 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 ...

I've held a B&B internet savings account since 2004 and find the bank's savings rates extremely competitive.

campins

I have just opened an ICICI account and having sent a cheque for £2 as the initial deposit, decided that the b+b account was a better deal and opened one of those as well. When they are both open I will swop between them for best return. I only hope I have got the banks that pay the best rates going :rolleyes:

campins

Someone deleted my signature ?? :mad:

Crabman

campins wrote: »

Someone deleted my signature ?? :mad:

Unless you have permission (see list here) you'll need to ask [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL] prior to placing a link in your signature. See this rule for details

murphydavid

In my regular trawl for best savings interest I came accross http://www.alil.co.im/default.aspx?bhcp=1
which is Alliance & Leicester International (Isle of Man)
They also seem to have some kind of tax dodge.
Paying 6.51% Instant access.
I have never used an overseas account before.
Anyone have any comment on the security of money invested in an Isle of Man company?
They are registered with Isle of Man Depositors’ Compensation Scheme
Whats That?

bristolleedsfan

MSE_Martin wrote: »

This isn't either accurate or fair

1. This account has a rate guarantee
2. It's instant access so if rates drop you can ditch and switch
3. This site doesn't follow anyone else's policy - if it did you'd get naff, trite recommendations. B&B is the top payer with a clean account; so its the top payer listed. Simple as that.

All the best

Martin

1. rate guarantee is hardly inspiring

"Interest guaranteed to at least match the Bank of England Base Rate until 1st January 2009."

2. costs people money to keep switching

3. heres "all" bradford and bingley previous e-saver issues, all "naff" now they closed issues all fulfill the "at least equal to base rate though" :rotfl: ( begs question why does bradford and bingley need to keep launching different internet/e-saver account issues.

a mention of the best paying internet account would be highly appropriate, what shocked me was when u was on lorraines sofa and u really drummed it in, let us watch and see how long it takes for the account to "lose interest"

wonder if u will be plugging bradford and bingleys "next" internet account issue just cos it gets launched to hit top of best buy tables.

look at the closed issue e-saver rates. bradford and bingley arent "clean" because its bad practice to keep launching new accounts to hit the best buy tables and letting previous best buy accounts flounder.

http://www.bradford-bingley.co.uk/savings/product/index.asp

btw i got shares in bradford and bingley so im delighted by bradford and bingleys behaviour wouldnt save with them though.

Aiadi

bristolleedsfan, I get some of what you say about the interest guarantee and the initial hypes in interest but what I can't understand is:

1) why not play the banks their own game and keep switching? I mean how will that be cost you anything?

2) What is your alternative for a clean saving account? and why??

fizzypop

Read the Terms and Conditions - 10 days to clear incoming funds for withdrawal is a joke for an internet account.Only one nominated account for money in and out is useless....Halifax allow many. The one nominated account can only be changed by snailmail! Their logon process is clumsy and I suspect the system is not recognising lower case passwords as I have had no end of hassle. This was a disappointing recommendation. The Halifax Websaver account flexibility knocks this B&B account into the dungheap. Even Alliance & Leicester allow 24hr transfer/withdrawal after clearance from their Direct Saver. 6.4% but what a hassle. I shall be withdrawing my £1 deposit ASAP.

bristolleedsfan

Aiadi wrote: »

bristolleedsfan, I get some of what you say about the interest guarantee and the initial hypes in interest but what I can't understand is:

1) why not play the banks their own game and keep switching? I mean how will that be cost you anything?

2) What is your alternative for a clean saving account? and why??

1. loss of interest that is incurred when moving in and moving funds back out again "when" or "if" an account loses interest, elsewhere on here people have calculated how long it takes to make up for the loss of interest which is involved every time someone moves money about.

2. my alternative way of defining a clean savings account is one that has consistently been a "good paying account" so would be from and rewarding a provider that doesnt keep launching new accounts all the time. ( in addition to loss of interest involved in moving money about not everyone has ( or should have the time) to keep checking rates on an account, once a year should be sufficient for the average person.

while im not the greatest fan of nationwides savings rates, nationwide should get credit for fact that for several years ( at least three from memory i stand to be corrected) whilst nationwides e-saver may not be even near a top paying account its been above average and nationwide dont keep launching new accounts to hit best buy tables. ( keeping money in a e-saver which sits alongside current account eg nationwide flexi account/e-saver is that people can post a cheque for say 1000.00 the person can watch their online statement which will show cheque being processed, the person can then move the money from the e-saver thus keeping interest on the transaction until the last possible moment.

yorkshire BS are another provider that dont keep launching new savings accounts all the time to hit best buy tables, the significance is that they may not be top of the best buy tables, that they are treating all its savers fairly. ie all its savers in whatever account are on the whole getting an above average rate.

as commented by another poster yorkshire internet account might be 0.20% below bradford and bingley account, fact that it has a link card is valuable as it provides real instant access whereas bradford and bingley internet account is merely easy access as its not possible to receive a withdrawal from bradford and bingley instantly. ( this is reason a lot of accounts are called "easy access", rather than "instant access"

now anyone can publicly say that such and such an account is the current top payer, no offence is meant to martin the shock i felt wasnt that martin was commenting or stating that bradford and bingley account is top paying instant access account it was that when he was on lorraines sofa ( sadly nooone else was sat their to give another opinion) martin was really drumming home "go do it" like a hard sell.

would be good if clip is on you tube to have a link posted :eek:

perhaps martin might consider that in a similar situation to recommend more than one account of the same type so that it doesnt look as if hes got a vested interest ( fee) in plugging an account from one particular provider.

eg bradford and bingley newly launched top paying easy access account.

sainsburys slightly less but has been high paying account for a period of time

yorkshire BS slightly less has benefit of link card so offers true instant access.

another reason for recommending more than one account is that martin was recommending ( strongly imo) an account from a PLC provider, one thing is certain whilst keeping savings in a mutual may not result in a merger bonus, keeping savings in a PLC savings account certainly wont result in a merger bonus payout.

e.g someone might have been considering bradford and bingleys account/sainsburys account/yorkshire internet saver with say 10000 investment, after being persuaded by what martin said on lorraines couch they went for bradford and bingley account, yorkshire then got taken over by brittania BS with variable merger payment based on amount in account, saver would have been better off if he/she had gone with yorkshire account but couldnt make informed choice as only one account was plugged with it being heavily plugged. ( even though account plugged was not truely "instant access" because funds cant be accessed instantly whereas funds in yorkshire internet account can be accessed "instantly".

as fizzypop has mentioned the headline rate is not everything hence y i believe more than one account should have been recommended by martin when he was sat on lorraines couch. ( after all best buy tables show more than one provider for each account category.