Citibank Flexible Saver

Moggles_2

Hi Everyone


Those looking for somewhere to park their savings when the ING 6% interest ends on 2 August, may want to take a look at Citi's new, easy access online saver

5.00% gross, including 0.54% bonus interest for 6 months (4.83% AER)

Minimum balance £10,000

http://www.citibank.co.uk/uk/personal/banking/saveinvest/saving/fsaver/fsaver.htm

Cheers
M

Limes

Or alternatively see this thread:

http://forums.moneysavingexpert.com/showthread.html?t=232531

shown73

I'm a bit surprised that there has not been more discssion on this offer, it seems pretty good, competitive interest with no petty restrictions and easy access. It would be interesting to hear the opinions of the more experienced investors. Of course logging on to Citibanks website they just push the good points, but are there other things that I should be looking out for? It's a big outfit, and unlike some, has been around for quite a while! Sounds like a pretty safe haven for my wedge.

Moggles_2

You're issued with a card as well, so you can withdraw cash at any VISA/Link ATM.

[Deleted User]

It's rather a hefty minimum balance though, n'est-ce pas?

Moggles_2

Granted but, given the number of posts concerned with the limits of the Financial Services Compensation Scheme, there are plenty of savers here who can meet this requirement!

Some savers are still wary of market leader ICICI.

Coventry First offers immediate access without penalty, whereas with ING's new fixed-rate offering, there is in effect a penalty when you withdraw.
Sadlly, the secure part of the Coventry website, only supports Internet Explorer.

[Deleted User]

Moggles wrote:

Some savers are still wary of market leader ICICI.

Less so than previously, though. See this thread

http://forums.moneysavingexpert.com/showthread.html?t=228930

Moggles_2

Yes. I've followed that thread with interest (if you'll forgive the expression) StuSter.

Like you, I decided to take the plunge recently.

However, not everyone has a properly functioning ICICI a/c and most wouldn't want to stash all there cash there.

I'm not enthusiastic about ING's new fixed term a/c either, as interest rates look set to rise.

Neither of the above offer instant access like Citi.
Coventry First is another option of course, if you're prepared to use Internet Explorer.

shown73

Sorry if this sounds like a daft question, but is it necessary to maintain a minimum of 10 grand in the account, or is this just a start point, and it then functions normally?

shown73

Just read the terms and conditions, which answers the question. If the account drops below 10 grand, you get no interest. Nor do you earn any interest on anything over one mil.

Moggles_2

That's about the size of it, Shown 73. Minimum balance is £10,000

The interest rate is 5.00% gross for the six months - the AER is irrelevant really, (unless you are going to leave your savings in there for a whole year)

It's a better rate than most competitors and I'm rather surprised there hasn't been more discussion about it here.

ICICI's online saver is the market leader of course but, as I said before, not everyone has a properly functioning HiSAVE a/c and most wouldn't want to stash all there cash there anyway.

Coventry First is another option of course, if you're prepared to use Internet Explorer (which I am not)

Citi issue account holders with a card as well, so you can withdraw cash at any VISA/Link ATM.