New savings account

newaccount_2

Hi, I'm trying to open a new savings account. Do not prefer to lock it for a while, easy access would be great with unlimited deposits.

My research shows that post office online saver (2.9%) and ING Direct Sacer at 2.8% leads the way which i think its a decent rate at this time. However, the review for post office is bad: http://www.reviewcentre.com/reviews158282.html

Anyone has other opinions or suggestions for other accounts? ISA is full FYI.

Thanks.

Always_smile

If you search for online saver accounts that is where you will find the best rates just make sure that you get the access that you require because some good rates are given but they limit access to your capital. They can limit access by only allowing limited withdrawals per month or only allow access after a period of notice. Also some accounts ensure that you deposit a certain amount each month for you to gain the best rates and if you don't meet that level it will effect the interest rate that you receive.

good luck

Marco12452

Have a look at some of the online comparisons ...
http://www.moneysupermarket.com/savings/easy-access-accounts/
They list the 2 you mention.
I have heard (from this forum) that the PO one has somedifficulty with the online operation of the account, alegidly.
I have an account with ING and is fine for moving money in and out, but you need to have a current account with a bank to nominate as a donor account. Not a problem for most people though, easy to transfer in and out with online access to both.

Marco12452

Re my above post though, dont take any steerage on this, do your own background checks to get the account that suits your personal needs.

opinions4u

You don't say how much you're saving.

If it's a smaller amount, e.g. £500, don't get too hung up on rate.

3% is £12 a year to a basic rate taxpayer.

If you can get 2.5%ish from your own bank that's still a tenner in interest. It may be worth trading that £2 for the convenience of online access with your bank.

(Also, don't rule out ISAs. Halifax, Santander and Natinwide have accounts paying between 2.8% and 3.0% tax free).

Stompa

Santander are currently offering the same rate as the PO. Mind you, they don't have a great reputation either.

DCFC79

Ive got about 5k but unsure about the post office account,

bally1201

beware!!!

with the post office online saver,

if you accidently forget your log on details and lock the account, you have no access to your funds even over the phone until they send you new log on details in the post. i was hoping to buy a car next weekend but cant as i have no access to my money what so ever. customer services wont even let you know what your balance is.

they say as its an online saver then sorry but tough luck! is that actually legal??

Thanks

planemad

Go for a Coventry BS - E notice account.

http://www.coventrybuildingsociety.co.uk/savings-and-investments/bonds-and-notice-accounts/enotice/enotice.aspx

Banyanbabe

Not only will you have no access to your funds if you forget your login details, but it takes 10 days for money to reach your account by Direct Debit and you can't access that money until another 4 days after that. This is supposed to be electronic banking - If I move money from my building society to my bank it goes in instantly - Tells you all you need to know about the great British Post Office I guess. I dread to think how long it's going to take to get the money out again when I want it!

Arthurian

The Coventry esaver account (3.05%, 30 day notice) is no longer available.