MSE News: Derbyshire launches highest-paying easy access savings in 20 months

Sceptic001

Pollycat wrote: »

Sceptic001, my Mum doesn't pay tax.

OK, in which case remember your mum must notify the bank/building society using tax form R85 so they know not to deduct tax.

JimmyTheWig

Pollycat wrote: »

I'm also looking for somewhere for about £20K in a 1 year bond that pays a bit more interest but still monthly.
Skipton BS at 3.45% is looking best so far.

Use the same approach I suggested, but don't put all the £20k into the bond.
I haven't bothered to do the full calculations, but (with the 3.51% annual interest account) you could put £19,300 into the bond and keep £700 instant access. Then draw down that £700 over the 12 months and you'll end up with £20k at the end of it.

KTF

Based on this post they dont offer faster payments in/out which is a show stopper for me:

http://forums.moneysavingexpert.com/showpost.php?p=46432161&postcount=31

pqrdef

tagq2 wrote: »

@pqrdef: Dunfermline is where Nationwide deals with stuff and I was guessing the cheque was an additional simple ID check, since it has to be from the account opener.

But if Derbyshire is merely a trading name of Nationwide, which I'm already a member of, why more palaver to open a Derbyshire NetSaver than a Nationwide eSaver?

pqrdef

KTF wrote: »

Based on this post they dont offer faster payments in/out which is a show stopper for me

Especially farcical because for many years Nationwide have been rather keen on people linking their savings to their FlexAccounts, and with this there isn't even the option.

wearside_2

KTF wrote: »

Based on this post they dont offer faster payments in/out which is a show stopper for me:

http://forums.moneysavingexpert.com/showpost.php?p=46432161&postcount=31

I agree! In this day and age, Faster Payments for a decent sum should be the norm. I am in a similar position at Santander where I can withdraw £300 daily by Faster Payment. Although I have £20k on deposit, I would like to put it somewhere where I can have more than the £300 on instant acess.

noh

pqrdef wrote: »

But if Derbyshire is merely a trading name of Nationwide, which I'm already a member of, why more palaver to open a Derbyshire NetSaver than a Nationwide eSaver?

Because the account and all administration for it is done on what were the Derbyshires systems. Hence the NatWest collection account.

noh

KTF wrote: »

Based on this post they dont offer faster payments in/out which is a show stopper for me:

http://forums.moneysavingexpert.com/showpost.php?p=46432161&postcount=31

The collection account (55-00-55) does accept FP in according to the sort code checker but probably will not be allocated to your account until the next day.
BACS out only as you say.

Nessie23

noh wrote: »

The collection account (55-00-55) does accept FP in according to the sort code checker but probably will not be allocated to your account until the next day.
BACS out only as you say.

Correct, currently faster payments are allowed into the account but not available when taking money out of the account.

However due to the new payments services directive after the 1st Jan 2012 the maximum time taken to transfer money will be 1 day http://www.ukpayments.org.uk/payment_options/cross_border_payments/regulations/ . Hence within 3 months you will get better access for your money

Zorz_2

There seems to be a trend of rising rates. Good news for those with savings! :T

I have a couple of questions though. Do you need to be registered on the electoral roll to open one of these, or is the paper cheque for the initial deposit enough proof of identity? Also, why the application form asks for your National Insurance Number? Although it isn't a mandatory field, this is no ISA, I can't see a legitimate reason they're asking for this information.