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2.1% Easy Access - Can it be beaten?
s20544
Posts: 37 Forumite
I potentially have £50k to put into savings. I will only need to access the money on a single occasion to make a full withdrawl (closure) and would be willing to give 90 days notice of withdrawl/closing.
The best I have found is 2.1% Postal Premier account with Tipton and Coseley Building Society. I qualify because I now have the appropriate postcode.
Are there any savings deals to beat this based on the sum that I expect to have and the flexibility I require.
The best I have found is 2.1% Postal Premier account with Tipton and Coseley Building Society. I qualify because I now have the appropriate postcode.
Are there any savings deals to beat this based on the sum that I expect to have and the flexibility I require.
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Comments
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Depends how much hassle you want.
If none, then I doubt it.
Else you could setup 7 current accounts to get 3% on 50K. They would require maintenance once a month and 2 DDs in total (which can be to savings accounts and don't have to be paid)
Only you know whether its worth it or not. Your probably talking an extra £425 - 450/year before tax.0 -
Depends how much hassle you want.
If none, then I doubt it.
Else you could setup 7 current accounts to get 3% on 50K. They would require maintenance once a month and 2 DDs in total (which can be to savings accounts and don't have to be paid)
Only you know whether its worth it or not. Your probably talking an extra £425 - 450/year before tax.
Or 3 x Santander 123 accounts slightly less hassle."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
The best I have found is 2.1% Postal Premier account with Tipton and Coseley Building Society. I qualify because I now have the appropriate postcode.
The lengths( sacrifices?) some people will do to get the best rates.;)"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »Or 3 x Santander 123 accounts slightly less hassle.
Opinions divided on whether this would be less hassle - - - if you want 3%, you have to exploit the DD cashback as best you can. You may then achieve 3% AER, or may be even a bit more, but even with lots of cashback DDs you might end up with slightly less than 3% AER.
Having said this, I would probably start with 3 x 123 myself. But probably also have a Halifax Reward and may be a FlexDirect in the fray.
I'd give any 2.1% account a wide berth as a matter of principle right now.0 -
If running out of cashback DD's for Santander, could also consider multiple Lloyds Vantage accounts with the £1k rotating between them and a few new DD's, which this thread my help with:
https://forums.moneysavingexpert.com/discussion/4168667
for 3% on up to £15k (I think you can have up to 3 x £5k) per person. Can basically be left, bar skimming the interest off periodically to put it elsewhere for maximum return on it.0 -
AlwaysLearnin wrote: »If running out of cashback DD's for Santander, could also consider multiple Lloyds Vantage accounts with the £1k rotating between them and a few new DD's, which this thread my help with:
https://forums.moneysavingexpert.com/discussion/4168667
for 3% on up to £15k (I think you can have up to 3 x £5k) per person. Can basically be left, bar skimming the interest off periodically to put it elsewhere for maximum return on it.
Don't forget 3 x BoS Vantage for another £15k
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AlwaysLearnin wrote: »could also consider multiple Lloyds Vantage accounts with the £1k rotating between them and a few new DD's,
You don't need any DDs for Vantage accounts (neither Lloyds or BoS), not for Nationwide, only for Halifax Reward and Santander.
This may change in the future when they discover that most people are using them as savings accounts rather than current accounts though.0 -
grizzly1911 wrote: »Or 3 x Santander 123 accounts slightly less hassle.
Taking into account the 2.00 monthly fee, the return on your savings will be less than 3% on these accounts.0 -
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But 2nd and subsequent 1-2-3 accounts can't benefit from an overall increase in cashback can they?...so they will in fact pay circa 2.88%?It will be 2.88% but if you also take into account the cashback on utility bills the return on your savings could be more than 3%, in my case it's closer to 3.2%0
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