Instant Access Savings Account?

united_road_68

Hi guys,

Im looking to find the best instant access savings account. I have £20K that i am putting aside for home improvements over the next year. I will be constantly dipping into it so need instant access.

Any ideas who is best for this?

Cheers

Cypher

Who do you bank with ? Transfers between savings and current accounts within the same bank will be instant, if you save outside of that then you will be waiting for 3-4 days for the money to transfer back. Some savings accounts do have a cash card though but you'd be limited on what you can withdraw at any one time.

I'd look at setting up a savings account at your current bank leave £1k or so in there for quick access, I would also stick £3k into an ISA now (if you haven't already got one and stick another £3k in April) you might as well get some Tax Free Savings whilst you can. The rest I would put into either ICESAVE or ICICI both 5.45% and transfer it back in dribs and drabs as needed always topping up your quick access savings to ensure you can get hold of some money fast.

BTW some current accounts are paying better interest rates than some savings accounts so it may be worth looking at opening a new current account just for the building work. A+L Premier Direct Current Account is paying 6.1% AER on balances under £2500 (also needs £500 deposited each month), so you may be able to do something with this as a get at quick account whilst still earning good interest.