Hassle free online instant savings

pavane

I'm looking to put some money in an instant savings account that pays interest monthly, allows unlimited withdrawals, can be managed online, and does not need/push other things (current account, cards, minimum monthly payments, loyalty, etc.)

I do my main banking with Lloyds. Everything just works. (I'd like to put this savings amount in another FSCS 85,000 protected institution)

I opened an account with the Post Office. Long story short, their website is totally unreliable, it does not process payments out (back). Calls with their CS did not make a good impression, they seemed rather amateur. I will be closing this account.

I am in the process of opening an account with Tesco, pending some additional documentation. It seems their customer rating isn't very good so I'm considering opening with somebody else in case....

Am I expecting too much? Would opening an account with other less mainstream institutions (GE, Leeds, Yorkshire, etc.) who pay around 1.2% be a similar experience? Do I have to go with a Barclays type that will pay under 0.5% to have reliable IT systems/customer service?

YorkshireBoy

If you're looking for an online account why does customer service matter? I've had Tesco accounts for years and only had to call them once for an IT issue (which was resolved quickly).


But, how much are you saving?...lump sum?...regular?...mixture of both?

xylophone

http://www.ybs.co.uk/savings/online/internet-saver.html

I have never had any trouble using this.

YorkshireBoy

xylophone wrote: »

http://www.ybs.co.uk/savings/online/internet-saver.html

I have never had any trouble using this.

Me neither, but transfers out are not 'instant' like they are with Tesco (and reading between the lines the OP had similar problems with the Post Office?). They're generally next day with YBS (as I'm sure you know).

PeacefulWaters

pavane wrote: »

I'm looking to put some money in an instant savings account that pays interest monthly

Why is this important? You're closing out much of the easy access market with such a requirement,

allows unlimited withdrawals, can be managed online

Numerous such accounts on the market.

and does not need/push other things (current account, cards, minimum monthly payments, loyalty, etc.)

Arrange your marketing settings accordingly.

Am I expecting too much? Would opening an account with other less mainstream institutions (GE, Leeds, Yorkshire, etc.) who pay around 1.2% be a similar experience? Do I have to go with a Barclays type that will pay under 0.5% to have reliable IT systems/customer service?

If you're happy with LLoyds systems but want a different banking licence the Bank of Scotland, TSB or Halifax are worth a look. Rates are better than Barclays, but not by much.

I've got an AA account where the only drawback is Faster Payments tend to arrive at the end of the working day. BM may be worth looking at. Both these offer archaic but effective online interfaces.

YBS and Leeds are fine, other than having and overnight to next working day delay on Faster Payments.

Archi_Bald

Your money will lose value in all instant access savings accounts since none of them pays enough interest to match inflation. I suppose this is the price for hassle-free.

jimjames

Current account with 5%? Seems to meet all criteria except no amounts mentioned

IronWolf

Santander have a 1% savings account and the website is easy to get on and reliable.

Or you could get the 123 current account which pays 3% interests up to £20k.

kidmugsy

xylophone wrote: »

http://www.ybs.co.uk/savings/online/internet-saver.html

I have never had any trouble using this.

Agreed, and it brings an ATM card.

pavane

Thanks to those who have answered the question asked.

I will investigate a (second) current account with a major bank since they have proper online system and offer even better rates although my amount (80k) will be above the max threshold on the high interest for most.

A few months ago when I tried to set up a second current account (for a second debit/credit card) with HSBC in person at the branch, I was told they don't allow you to have more than 1 current account. I didn't believe it but never pursued elsewhere (got an American Express card instead).

So I will look into Santander or other similar current accounts that may work for me. It looks like I will have to pay in above a certain amount each month.

In the meanwhile, I'll see if Tesco's online system works properly.

Post Office just says "Transfer cannot be applied at this time.". I have tried at least once, every day, for the last 6 days. Their customer service is even more hopeless.