Need to open a easy access savings account asap

manhattan

I need to open a easy access savings account asap, possibly instant online account with a decent % rate, with monthly interest and no withdrawal penalties.

Which would you recommend? I currently have savings sitting in my current account as i have just withdrawn them from PBs.

Thanks.

Lokolo_2

manhattan wrote: »

I need to open a easy access savings account asap, possibly instant online account with a decent % rate, with monthly interest and no withdrawal penalties.

Which would you recommend? I currently have savings sitting in my current account as i have just withdrawn them from PBs.

Thanks.

How much are we talking? You should consider putting up to £5340 into a Cash ISA if you haven't already done so this tax year, to make the most of tax-free interest. Barclays Golden ISA offers 3.25% AER and pays interest monthly, thats nearly the equivalent of 4% on a taxable savings account. :j

Baldur

manhattan wrote: »

I need to open a easy access savings account asap, possibly instant online account with a decent % rate, with monthly interest and no withdrawal penalties.

If you have already subscribed your 2011/12 Cash ISA allowance, check out the usual comparison sites for the best rates/internet access/monthly interest, etc.

Moneyfacts

Money Supermarket

Money Made Clear

murphydog999

Baldur wrote: »

Moneyfacts

Money Supermarket

Money Made Clear

I'm in the same position and have done the comparison sites to death.

The problem is that all the good deals are with banks that - on here anyway - have constant complaints. The best deals around are ING / Santander / Halifax, and the Post Office aren't bad. Nationwide mysave online is 3.01% for 12 months, but you need a card account for that.

So, do you put up with bad customer service for the sake of getting a good rate on your money????

Baldur

murphydog999 wrote: »

I'm in the same position and have done the comparison sites to death.

The problem is that all the good deals are with banks that - on here anyway - have constant complaints. The best deals around are ING / Santander / Halifax, and the Post Office aren't bad. Nationwide mysave online is 3.01% for 12 months, but you need a card account for that.

So, do you put up with bad customer service for the sake of getting a good rate on your money????

Personally, I would tend to accept the slightly lower rate (2.9%) offered by Tesco, as their Faster Payments in & out and ability to set scheduled forward payments out up to 4 months in advance is more important to me than 0.2% interest.

manhattan

Lokolo_2 wrote: »

How much are we talking? You should consider putting up to £5340 into a Cash ISA if you haven't already done so this tax year, to make the most of tax-free interest. Barclays Golden ISA offers 3.25% AER and pays interest monthly, thats nearly the equivalent of 4% on a taxable savings account. :j

£30000... The money is for a house deposit, so i dont want to do the ISA thing. I am currently a tax free saver!

alanq

ING is paying 3% inc bonus for 1 year instant access. Unlike Tesco Faster Payments out are not currently available.

Why limit yourself to monthly interest? If you want funds each month from an online account you could just withdraw it. Sometimes the AER with monthly interest is significantly lower than that for the same product with annual ibnterest.

Lokolo_2

alanq wrote: »

ING is paying 3% inc bonus for 1 year instant access. Unlike Tesco Faster Payments out are not currently available.

Why limit yourself to monthly interest? If you want funds each month from an online account you could just withdraw it. Sometimes the AER with monthly interest is significantly lower than that for the same product with annual ibnterest.

Not only that, but there seem to be far less options offering monthly than annual interest, so the OP may as well go for annual...even if you close the account before a year, you still get the interest accrued up to the point of closure so it's hardly different to monthly interest.

murphydog999

alanq wrote: »

ING is paying 3% inc bonus for 1 year instant access. Unlike Tesco Faster Payments out are not currently available.

Whilst I haven't got as much as the OP, but not excluding his £30K, the 'dealing with the Dutch government if things go belly-up' risk, is worth taking?

AirlieBird

murphydog999 wrote: »

I'm in the same position and have done the comparison sites to death.

The problem is that all the good deals are with banks that - on here anyway - have constant complaints. The best deals around are ING / Santander / Halifax, and the Post Office aren't bad. Nationwide mysave online is 3.01% for 12 months, but you need a card account for that.

That's because they are among the most popular banks so a small percentage of people complaining will be a relatively large number compared with smaller institutions. Plus, people with complaints usually shout louder than those with something good to say.

murphydog999

alanq wrote: »

ING is paying 3% inc bonus for 1 year instant access. Unlike Tesco Faster Payments out are not currently available.

The Tesco deal had slipped through my net, that could be the one!:money: