Post Office easy access 3.17% AER account (now closed to new applications)

innovate

You can do multiple £10K transfers, all on the same day. Takes about 2-3 days for your money to land in your nominated account. I pulled out £46K on Sunday evening, it had arrived yesterday morning in my current account.

Newbie2saving

The question is what to do next?!?!? I thought I would get the 3.2% rate until June with BM, which I can do, but it takes me over the FSCS protection limit for Lloyds banking group. Shall I risk it?!?!? I am not a gambler so don't think I will, but what else can I do? Maybe have to leave it, doing better than my Investec High 5 account!

innovate

I would never go over the £85K anywhere. Much better to get a bit less interest but have the bulk of your money safe.

There's no hiding now from the dire interest rates. If you don't need all your money in cash in the next 5-7 years, you could perhaps think about an S&S ISA? And may be a SIPP?

Newbie2saving

innovate wrote: »

I would never go over the £85K anywhere. Much better to get a bit less interest but have the bulk of your money safe.

There's no hiding now from the dire interest rates. If you don't need all your money in cash in the next 5-7 years, you could perhaps think about an S&S ISA? And may be a SIPP?

I have a S&S ISA which actually needs topping up with a little before April. Then there will be the next lump sum to add, although was contemplating bed & ISA'ing an existing section of my Skandia portfolio. I don't have a SIPP, but have a company pension. Think I may leave it in cash with the PO then for the time being, my bonus expires in June so will re-evaluate then. May top up my sharebuy with a little extra.

Thanks.

badger09

innovate wrote: »

I pulled out £46K on Sunday evening, it had arrived yesterday morning in my current account.

Care to share where you're putting it innovate?

I'll have to find a home for some of my Monmouthshire at the end of this month. Intend to open another 2 BOS Vantage, but will still have some left. My best (below £85k) account will be Tesco 2.6% opened only for the LTSB DDs :rotfl::rotfl:

typistretired

Finally got my email today, telling me about the interest rate drop. Thankfully, due to the alert folks on this forum, I moved all except £1 within 24 hours on Thursday 17th. Anyone figure out why 17th and not the 31st?

alanq

See Will my bank tell me if it drops the rate of interest on my account?

"...a bank should give you reasonable notice that it proposes to make a material reduction to the interest rate."

"A reduction is ‘material’ if the balance of your account is £500 or more and the interest rate falls by more than 0.25% at one time or by 0.5% or more over the previous 12 months."

http://www.fsa.gov.uk/consumerinformation/product_news/banking/know_your_rights/managing

innovate

badger09 wrote: »

Care to share where you're putting it innovate?

It's gone into my 2.85% Natwest one for now. From whence it shall be spent on a new kitchen and a couple of pairs of shoes and handbags before long. Might as well cheer myself up a bit

savetilibleed

Newbie2saving wrote: »

Also do PO do FP????

No, they don't. But it leaves your account immediately, then takes about 2 days to land, where, looking at a recent transfer it indicated a FPI (Faster Payment In), which it wasn't!

innovate

My withdrawals showed as "Automated Credit" at NatWest