Instant access savings

skevvybritt

Hi all,

I have around £1,500 which I want to put into an instant access account. This is basically my safety net in case something in the house breaks, car needs repairs, etc, so I will need to get at it quickly and without penalty. At the same time, it's a reasonable amount of cash so I want it to be earning more interest than my current account. Any particular account spring to mind?

Thanks very much,

skevvybritt

Lokolo_2

West Bromwich have an instant access account paying 2.83% AER, its the best rate for instant access, BUT only 3 withdrawals per year, minimum deposit is £1k, which would suit you. :j
http://www.westbrom.co.uk/westbrom/savings.product?id=5287&category=2&ref=Direct_Bonus_Account_2_swf

Alliance and Leicester also have a similar rate instant access account, paying 2.81% and no limit to withdrawals!

http://www.alliance-leicester.co.uk/savings/online-saver.aspx?&exp=30&cm_mmc=moneysupe-_-sup-_-ec01548000519543ols4-_-listings

skevvybritt

aaronmanz wrote: »

West Bromwich have an instant access account paying 2.83% AER, its the best rate for instant access, BUT only 3 withdrawals per year, minimum deposit is £1k, which would suit you. :j
Alliance and Leicester also have a similar rate instant access account, paying 2.81% and no limit to withdrawals!

That's really helpful, thanks so much! I think I'll probably go for the A&L one, as 0.02% seems a small price to pay for the extra flexibility.

mau408

It is a bit more complicated but put it in a 5% santander current account. Also set up a standing order to move the £1000 in a loop to an eSaver (2.5%). Then when a year is up, ditch and switch somewhere else. Both accounts are instant access and you can earn 5% on anything upto £2500. However if your £1K doesn't move around then you'll lose interest. Every month I move the money manually then I don't need the standing order. But you need to be routined.
The £1K can be made up of 5x £200 quids. I don't think it has to be £1K.

To do it even better move the £1K to a halifax reward saver and back again every month thus earning 5% plus £5 a month!