Aldermore To Withdraw Two "Best Buy" Accounts

innovate

No risks or tieing up of money involved. Bog standard instant access accounts with £85K FSCS guarantees. They are just not called "savings" accounts. But it isn't about the name, it's about the return you get for keeping your money in a bank or BS.

grizzly1911

2010 wrote: »

I know but that involves risk as I mention above.

It`s alright saying speculate to accumulate but some people simply don`t want risk.

You may get 3% if you tie your money up for five years but 5/6% involves a risk to your capital.
I personally wouldn`t tie up for more than two years.

Santander 123 account, not quite 3% on up to £20k. Instant access just need to "feed" it and put some DDRs through like council tax and energy bills to make it free.

Still getting 2.55% dropping to 2.15% on 1st June:( on an old 30 day notice account.

1.7%, even gross, is -1.6% in real terms using RPI.

poolforever

I have a Halifax CA - £100 for joining plus £60 per year.

I just want an easy access savings account logded at a decent rate when the Santander and others go tits up (or down - excuse the pun)

Ifts

innovate wrote: »

I am thinking of 3, 5, 6%/

innovate wrote: »

No risks or tieing up of money involved. Bog standard instant access accounts with £85K FSCS guarantees.

Didn't know there were any accounts currently available that are paying even 3% on up to 85K (apart from the 123 account which is only up to 20K max), unless you mean having more than one of these 123 accounts to get 3% on up to 85K

namecheck

Thank you for this OP.

I agree that it is possible to have money in various accounts which do pay better/much better interest.

However, I decided to open an Aldermore Easy Access Account last night, mainly as a source for setting up DDs (if needed). And, as other posters have pointed out, rates will probably plummet further.

This Aldermore account offers unlimited access to funds and can be added to at any time. However, it does need a balance of £1000 at all times.

2010

innovate wrote: »

No risks or tieing up of money involved. Bog standard instant access accounts with £85K FSCS guarantees. They are just not called "savings" accounts. But it isn't about the name, it's about the return you get for keeping your money in a bank or BS.

Name names where you can get 3/5/6% risk free without tying up your money for years.

innovate

Ifts wrote: »

Didn't know there were any accounts currently available that are paying even 3% on up to 85K (apart from the 123 account which is only up to 20K max), unless you mean having more than one of these 123 accounts to get 3% on up to 85K

Yes, that is - partly - what I mean. I keep saying that thinking outside the box opens new opportunities.

2010 wrote: »

Name names where you can get 3/5/6% risk free without tying up your money for years.

As above............and as has been discussed plenty of times all over the board. 123, Lloyds and BoS Vantage, FlexDirect. An individual can, subject to passing the credit checks required, easily put over £110K into a combination of these. Access is of course instant in all these accounts. I know it is possible because I know people who have done just that.

2010

innovate wrote: »

123, Lloyds and BoS Vantage, FlexDirect. An individual can, subject to passing the credit checks required, easily put over £110K into a combination of these. Access is of course instant in all these accounts. I know it is possible because I know people who have done just that.

These accounts all involve "juggling" money in and out every month (can be as much as £1500) and setting up direct debits and probably have a monthly fee.

NONE of them pay 5/6% and to most people having just one to manage is enough.
Also they probably limit the amount of accounts you can have.

I`m not saying it can`t be done but it`s impractical to most "savers".

bowlhead99

2010 wrote: »

These accounts all involve "juggling" money in and out every month (can be as much as £1500) and setting up direct debits and probably have a monthly fee.

NONE of them pay 5/6% and to most people having just one to manage is enough.
Also they probably limit the amount of accounts you can have.

I`m not saying it can`t be done but it`s impractical to most "savers".

I agree with this - I'm all for 'thinking outside the box' to grab the 'low hanging fruit' (sorry for the cringeworthy business-speak), but once you have done a couple it becomes a hassle for diminishing returns.

Innovate should be applauded for her tenacity (it is a moneysaving expert site after all) and no doubt will be along to tell you that you can dripfeed 300pm into a First Direct regular saver where it will indeed earn 6% AER.

I know I have a (not available to new customers and only available to me because I was putting the minimum amount through their current account) Nationwide reg saver still paying 6% ... along with a Lloyds Vantage paying (4%? for the rest of the bonus period) from signing up to it at the right time.

But if you are looking for a new home for 50k of savings it isn't quite as simple, for the average punter, to spread it and take a small slice of every deal. Much like that Extreme Couponing show on TV where the woman pays $100 for $700 of shopping across 5 carts in the supermarket, having invested 200 hours to cut out the coupons. I would like to know where to save the easiest $100-200 and after that it's diminishing returns.

If I had the time to have written 300+ posts on this site since the start of the month, I'm sure I would have the time to open and manage 50 current and savings account at optimum rates. No offence intended Innovate

grizzly1911

bowlhead99 wrote: »

I agree with this - I'm all for 'thinking outside the box' to grab the 'low hanging fruit' (sorry for the cringeworthy business-speak), but once you have done a couple it becomes a hassle for diminishing returns.

Innovate should be applauded for her tenacity (it is a moneysaving expert site after all) and no doubt will be along to tell you that you can dripfeed 300pm into a First Direct regular saver where it will indeed earn 6% AER.

I know I have a (not available to new customers and only available to me because I was putting the minimum amount through their current account) Nationwide reg saver still paying 6% ... along with a Lloyds Vantage paying (4%? for the rest of the bonus period) from signing up to it at the right time.

But if you are looking for a new home for 50k of savings it isn't quite as simple, for the average punter, to spread it and take a small slice of every deal. Much like that Extreme Couponing show on TV where the woman pays $100 for $700 of shopping across 5 carts in the supermarket, having invested 200 hours to cut out the coupons. I would like to know where to save the easiest $100-200 and after that it's diminishing returns.

If I had the time to have written 300+ posts on this site since the start of the month, I'm sure I would have the time to open and manage 50 current and savings account at optimum rates. No offence intended Innovate

As you say take a couple of the best you can get and then accept the rest are just pants.

I think the 123account is actually quite good, with rates as they are, decent lump sum rather than monthly drip averages, and free if you put your major utilities and CT through it.

I couldn't be bothered with managing multiple drip feed accounts personally.

Does make you wonder if this is the new normal for a long time to come. At this rate one good year on funds investments, will effectively top up our position for a few years to come, if we are not greedy.