Suggestions please for specific backup cash

Wilkins

Mindful of the recent RBS IT fiasco, I'd like to set up a savings account in a bank or building society to store some backup cash (probably £500-£1.5k). It's made me realise that I have almost every thing online and might find it difficult to access a reasonable amount of the folding stuff in an emergency. My requirements are:

1) instant access;

2) cash withdrawal by ATM or branch (i.e., card or passbook);

3) location in London (rules out many good little provincial BSs, I know, although that's the kind of thing I want, really);

4) no problems if no activity in the account;

5) some interest, but I know I won't get much.

I'll obviously have to correlate any suggestions with what I already have in order to diminish risk, but I'm looking for something fairly dependable in an emergency.

Thanks very much.

Archi_Bald

a credit card?

Yorkie1

Nationwide Flex Direct? Good interest rate up to £2500 but I *think* it may be limited to a year???

Doshwaster

I would say that the most important factor is that whichever account you choose (and most of them are a much of a muchness) that it is with a bank from a totally different banking group with an independent IT system.

My main accounts are with HSBC but I keep a small amount of cash in a Nationwide account for emergencies. It earns next to no interest though. Other than that I would just use credit cards until normality was resumed.

planteria

Doshwaster wrote: »

I would say that the most important factor is that whichever account you choose (and most of them are a much of a muchness) that it is with a bank from a totally different banking group with an independent IT system.

agreed. perhaps open a Halifax Reward account, cycle money through, with a couple of DDs, and earn £60/yr.

or a Savings account which you can move money into/out of from your RBS account, that provides a cashcard. not sure where to start with suggestions, but there must be some on the market.

opinions4u

There are numerous London based banks to choose from, although a regional building society with internet and ATM card would do the job. There's little to gain from listing them all.

Apologies if you've read what I posted elsewhere, but I thought it might help here:

Bank systems can and will go down. I'd be surprised if, over the last few years, any bank has avoided a situation like RBS / Nat West enjoyed last night.

Although they do have more form than most.

So while I'd always encourage leaving a bank that regularly naffs you off, make sure you do so with precautions.

Primary account with one banking group
Secondary account with another banking group
Savings account with an ATM card with another banking group
A small amount of cash in a drawer, just in case
Credit cards with two different banking groups too

Oh, and some pasta, rice, beans, bottled water, tin of tuna in the cupboard and a loaf in the freezer.

Your bank systems can fail. The payments system can fail. ATM networks can crash. They usually recover.

atush

Doshwaster wrote: »

I would say that the most important factor is that whichever account you choose (and most of them are a much of a muchness) that it is with a bank from a totally different banking group with an independent IT system.

My main accounts are with HSBC but I keep a small amount of cash in a Nationwide account for emergencies. It earns next to no interest though. Other than that I would just use credit cards until normality was resumed.

I stopped using my debit card years ago. I use a cashback CC for normal day to day spending. So would not be affected (as only 1/2 of my Ccards is RBS linked). the others are in other major banks such as HSBC, Barclays etc.

latecomer

same here unless it something that you get charged for using a CC for. Makes sense as you get a delayed payment for the goods/service and possibly cashback too

Doshwaster

latecomer wrote: »

same here unless it something that you get charged for using a CC for. Makes sense as you get a delayed payment for the goods/service and possibly cashback too

The only thing I really use my debit card for is withdrawing cash for use as pocket money (mostly spent down the pub). Just about everything else goes on a cashback credit card.

Wilkins

Archi_Bald wrote: »

a credit card?

Now a second CC is not something I had thought of since I don't use my first one much. However, my nearest supermarket is a Sainsbury's, so getting a CC from there might be an idea (double nectar points) and give me some resilience as it's Mastercard and Lloyds backed, neither of which I currently have dealings with. Thanks.

opinions4u

Wilkins wrote: »

Now a second CC is not something I had thought of since I don't use my first one much. However, my nearest supermarket is a Sainsbury's, so getting a CC from there might be an idea (double nectar points) and give me some resilience as it's Mastercard and Lloyds backed, neither of which I currently have dealings with. Thanks.

I think Sainsburys Bank is now independent of Lloyds.

If it isn't, it soon will be.