Help me choose somewhere to open savings accounts

Technoholic

Hi All

Im looking to open some savings accounts, where I can save a regular amount every month. This is in addition to ISAs and other savings I have, and im not too worried about massive interest rates etc, what i would like is easy accessibility, and the ability to either divide the savings account up into multiple "Pots" that I can rename or alternatively have multiple savings accounts with a bank that has the ability to rename the accounts with personal names. This is quite an important feature. Other requirement is to be able to easily apply, and the manage the accounts online.

I know there were some banks in the past that allowed that, such as the Barclays Opensave, but thats not available anymore. Can anyone suggest any that do allow this?

Thanks!

ColdIron

There are probably others but the Barclays e-Savings Reward sounds perfect for your requirements. Multiple easy access accounts (pots?) you can create instantly online, rename to whatever you want and not massive interest rates

Interest is 0.85% in months that you withdraw and 1.25% in months that you don't. Be aware that those rates are bonus ones (incredibly) so you'll need to create and switch every year but it only takes a minute or two

You need to be a Barclays customer and they are online only so branch staff can't deal with them but you probably don't need them to.

Technoholic

Thanks, that sounds good, but when you say needing to be a Barclays customer, you mean i have to have another product with them? I dont have that right now

Technoholic

Actually what would also be good is to actually have separate account numbers for each "Pot" so i can set up standing orders to each one individually, is that possible with the above?

Also let me clarify - I would like the best interest possible while matching the requirements, but i accept that i might not be able to get it all, so the features are more important right now as I want to use these as a budgeting tool for myself, in addition to my higher interest savings accounts elsewhere

ColdIron

Hmm, your query prompted me to check out the product again as I haven't for a while and it seems the interest rates dropped from 2nd July that I didn't notice. Rates are now 0.6% and 1.0% respectively

Each 'pot' is actually a separate account with its own account number so SOs should be no problem

I have an account with Barclays so I've never had to go into detail regarding what relationship is required with them but a quick look at their website seems to imply that you don't need to have another product with them, just register for online banking. I'd give them a ring if you are interested


http://www.barclays.co.uk/Savings/esavingsRewardaccount/P1242558345396


Apply for e-savings Reward

• Open an account in Online Banking if you're a member
• Register for Online Banking 5 if you're not yet a member
• You don't have to be a Barclays customer to apply
• You can only manage the account online
• You need to be at least 18 to apply and can open a maximum of two accounts

Technoholic

Yeah it seems to say that you just have to register for online banking, however it says in the small print that to sign up for online banking you need a debit card and current account. This isnt a terrible thing, but i dont like opening accounts for the sake of it so id like to see if there are any other options that anyone else knows off first. Thanks for your help though

jakesuk

Santander also offer the same ie. can easily open eSavers online once already registered for online banking, with different account numbers and sort codes.

If I am not mistaken you need a pinsentry machine to access Barclays internet banking, but one is not required for Santander. I prefer not us have to use a pinsentry so that's an advantage for me.

Also I believe Santander's eSaver interest rates are typically better than Barclays.

Everybody on this forum bashes Santander but I never have a problem with them or their excellent products.

Archi_Bald

jakesuk wrote: »

Everybody on this forum bashes Santander

I don't, and I have seen a fair few others who seem to be quite happy, especially with their 123 current accounts and Major ISAs.

The Santander bashers are usually very unspecific about which account(s) they hold, and precisely what issue they are having. Just say they have been ripped off or Santander is stealing from them or some such story.

flossy_splodge

Was in Barclays today and they say you can only register for online banking if you have a CURRENT account with them. No exceptions.

Technoholic

so if i was to open a current account with Barclays in order to get online banking, is there any downside to this? Ie having an unused current account? I suppose i could find a use for it possibly but it would be superfluous really.

Alternatively, I currently have some investments with Hargreaves Lansdown. I know they offer a regular saver option, and this would allow me to introduce the option of slightly higher returns over the long run, but do they offer the features I require as above?

ColdIron

Barclays will perform a credit check which will be recorded but unless you are just about to apply for a mortgage or are opening many accounts I wouldn't worry about it. That's about the only downside I can think of and it is always handy to have a backup account and debit card anyway. Their online banking is pretty good as well

The HL regular saver is probably more geared towards funds than cash and I don't think either would offer the features of discreet accounts or 'pots' that you require

One final tidbit I discovered recently is that you can only have two e-Saver Reward accounts at any one time, this might affect your decision