Save haven for savings with access without penalty - HELP!

Shanker

I am currently saving with ING. Its very convenient because it's online. It's easy to use and has been very good - just like Egg was before it - BUT!

The 3.1% (gross) savings rate will be coming to an end in a couple of months and will be going down to 0.5%.

I cannot possibly consider keeping my money with any organisation that is paying this pawltry amount of interest.

I need to find a similar sort of arrangement where I can transfer freely between my current account which is with HSBC and an online savings account but the savings account must have a realistic interest rate.

The money also has to be safe - I don't want an organisation that is going to go to the wall and not give me back my money.

The sum of money I am talking about is well below the £85,000 guarantee amount.

Can anyone suggest anything?

I also save with the Nation Wide in a e-savings account that pays 2% - the trouble is if I make too many withdrawals I get penalised. I keep money here that is not going to be used straightaway but access is still a priority.

I understand that there as another society that NW took over sometime ago that gives a more favourable rate with easy access - does anyone know which one it is and which account I am thinking of?

Any help would be appreciated.

innovate

ING is anything but 'safe' because - until the takeover by Barclays completes - your money isn't guaranteed by the FSCS scheme. Instead it's some dutch scheme.

But leaving that aside, for less than £85K and full FSCS protection, there are currently several 3% AER alternatives. Just check out the board a bit more and you'll most likely soon find something you might like.

Shanker

innovate wrote: »

ING is anything but 'safe' because - until the takeover by Barclays completes - your money isn't guaranteed by the FSCS scheme. Instead it's some dutch scheme.

But leaving that aside, for less than £85K and full FSCS protection, there are currently several 3% AER alternatives. Just check out the board a bit more and you'll most likely soon find something you might like.

Innovate -

The Barclays takeover is another reason for shifting! I don't particularly like them either!

Can you point me in the right direction for these 3% rates?

I have looked at the organisations suggested by the MSE website and the best online easy access so far is Marks & Spencers but that isn't anywhere near 3%.

I never seem to be able to pinpoint these deals despite searching for ages - I have to rely on others like yourself.

xylophone

Can you point me in the right direction for these 3% rates?

I can't find them either.:(

http://www.thisismoney.co.uk/money/saving/article-1583859/Best-savings-rates-General-savings--Internet-branch.html

opinions4u

Santander 123 current account.

Lloyds TSB Vantage current accounts.

Bank of Scotland Vantage current accounts.

Jump through an easy hoop and collect 3% interest.

Shanker

opinions4u wrote: »

Santander 123 current account.

Lloyds TSB Vantage current accounts.

Bank of Scotland Vantage current accounts.

Jump through an easy hoop and collect 3% interest.

Thanks for those - although I think I'll avoid Santander - too many bad reports.

I think the only problem with LTSB and Boston is that you have to go through the procedure and complication of opening a current account (which is the vehicle for transferring from outside accounts), which you don't have to do with the likes of Egg or ING.

It's a crying shame that these organisations are seeing fit to reduce their rates so drastically. They must realise they are going to lose a lot of customers - why the he'll are they doing it?

innovate

Shanker wrote: »

Thanks for those - although I think I'll avoid Santander - too many bad reports.

Not from savers, you won't find any bad reports from them about Santander.

Shanker wrote: »

I think the only problem with LTSB and Boston is that you have to go through the procedure and complication of opening a current account (which is the vehicle for transferring from outside accounts), which you don't have to do with the likes of Egg or ING.

Boston?
The account opening is a one-off inconvenience. If you don't want to get 3%, or occasionally 4% like many did a month or so ago, then of course it's not worth the inconvenience. Crafty savers jump on the chance to open any number of accounts that currently pay 3%.

Shanker wrote: »

It's a crying shame that these organisations are seeing fit to reduce their rates so drastically. They must realise they are going to lose a lot of customers - why the he'll are they doing it?

Where will all those customers go that they lose?

Shanker

Boston - sorry about that - should be BoS.

Damned predictive texting!

G_M

If you want the best rates, you have to

a) keep your eyes open - banks often withdraw them fast when 'sufficient' savers have signed up and
b) be prepared to jump through some hoops.

The most common hoop is the 1st year bonus. A year later you have to switch account (many savers find this 'hoop' too onerous so don't bother)

The Lloyds Vantage 'hoops' are perhaps initially more onerous but are one-off. No need to switch in a year (unless Lloyds moves the goalposts...).

If you can't be bothered with the hoops then.... stop complaining about the low interest rates!