Instant access savings account

BarGin

Can anyone recommend an instant access savings account please?

I have one with Metro Bank paying 1% but have just found out you can't withdraw electronically unless you have a current account with them. You have to go to a branch and get cash or a cheque.

I would like an account (not a current account) that pays interest and allows unlimited electronic withdrawals.

Does such an account exist?

bigadaj

BarGin wrote: »

Can anyone recommend an instant access savings account please?

I have one with Metro Bank paying 1% but have just found out you can't withdraw electronically unless you have a current account with them. You have to go to a branch and get cash or a cheque.

I would like an account (not a current account) that pays interest and allows unlimited electronic withdrawals.

Does such an account exist?

The best savings rates are available on current accounts, tsb and nationwide for smaller sums and Santander for a larger amount.

jimjames

You get 5% from tsb current account and instant transfers.

Any reason you don't want current account that will pay 5x your current rate?

pavane

The best instant access savings account without needing a tied current account seems to be Tesco at 1.35% but includes a big bonus during the first year.

While there are several above 1%, I do agree with others, consider high interest current account as an alternative/start and put any/only remaining in savings as you can get 3-5% on former and usually not more than 1.6% with latter.

BarGin

Thanks for the replies.

I'm sorry, I should have been clearer. I'm already maxing out current accounts with Santander, TSB and Tesco. I am looking for somewhere to put the balance (approx. £15,000) of my retirement tax free cash.

I had seen the Tesco 1.35% offering but was put off by the temporaryness of the the rate.

ColdIron

You might look at Virgin at 1.3%, no bonus and no link to current account as they don't do them

Nick_C

Yorkshire Building Society e-saver pays 1.25%. You can get an ATM card. Interest can be paid monthly. Faster Payments can be slow though, sometimes not credited until the next working day.

Archi_Bald

ColdIron wrote: »

You might look at Virgin at 1.3%, no bonus and no link to current account as they don't do them

Just because they don't do current accounts doesn't mean you don't need a current account linked to the savings account. Many, if not most, internet savings account work that way, and I believe the Virgin savings accounts are no different.

http://uk.virginmoney.com/savings/pdf/virgin_easy_access_e_saver_issue_12-key_product_info.pdf

Archi_Bald

BarGin wrote: »

Thanks for the replies.

I'm sorry, I should have been clearer. I'm already maxing out current accounts with Santander, TSB and Tesco. I am looking for somewhere to put the balance (approx. £15,000) of my retirement tax free cash.

I had seen the Tesco 1.35% offering but was put off by the temporaryness of the the rate.

How about 3 BOS accounts with £5K each? 3% AER, 3 times what a savings account pays.

ColdIron

Archi_Bald wrote: »

Just because they don't do current accounts doesn't mean you don't need a current account linked to the savings account

Yup, you do need a linked/nominated current account to withdraw electronically but it doesn't need to be with Virgin, just trying to tick all the OP's boxes even if it's not the best option