Looking for an instant access Savings Account?

YorkshireBoy

azzap wrote: »

Is 1.5% instant access a bad rate?

The difference between 1.5% and 3% is just short of £300 a year before tax (£240 after) on your £20K.


Does that help answer your question?

molotour

if u have kids try a kids account at 3%

azzap

YorkshireBoy wrote: »

The difference between 1.5% and 3% is just short of £300 a year before tax (£240 after) on your £20K.


Does that help answer your question?

It sure does, Santander 123 it is. Two quick questions, do the required 2DD's have to be active ones making debits every month?

Also, does anyone expect Santander to pull these rates anytime soon? The last time I moved accounts for a higher rate, it was withdrawn a few months later. I Guess we can only guess but yours will be better than mine.

Thanks

eskbanker

azzap wrote: »

It sure does, Santander 123 it is. Two quick questions, do the required 2DD's have to be active ones making debits every month?

They have to be active (i.e. set up) but no requirement to pay monthly, unlike some of the competitor accounts. Always bear in mind that unused DDs lapse and automatically become dormant after 13 months though.

azzap wrote: »

Also, does anyone expect Santander to pull these rates anytime soon? The last time I moved accounts for a higher rate, it was withdrawn a few months later. I Guess we can only guess but yours will be better than mine.

Given the role the interest rate plays in the account name and associated marketing, it would be harder for Santander to change the rate, but not impossible. I'd agree with previous posters on this subject who speculated that if they wanted to reduce their costs it would be more likely that they'd introduce a lower cap than £20K rather than reduce the headline interest rate.

jimjames

molotour wrote: »

if u have kids try a kids account at 3%

If you want to give the money to your kids then open a kids account.

If it's your money and you want to use it then you need it in an account in your own name.

Rather than faffing about trying to break rules using kids accounts for your own cash, you'd have less effort actually setting up current accounts and have instant access as well as higher rates.

hornetgirl

YorkshireBoy wrote: »

Two current account credit searches only. Not an issue.
Open 1-2-3
Open Club Lloyds
Set up monthly cross funding £1,500 SOs
Open 2 x Tesco savings accounts
Set up requisite DDs on Tesco pulling from both the above
Job done...sit back and make more than twice the interest you would do if you were able to get a savings account paying 1.5% AER on the entire £25K.

I am currently in the middle of doing something along these lines. I have the Tesco account set up, but can't for the life of me see where I can set up a direct debit on it. If someone could point me in the right direction I'd be very grateful.

badger09

hornetgirl wrote: »

I am currently in the middle of doing something along these lines. I have the Tesco account set up, but can't for the life of me see where I can set up a direct debit on it. If someone could point me in the right direction I'd be very grateful.

Assuming you have the correct Tesco account set up ie a Savings account,

click on 'Manage Account', then 'Move Money In' 'Add new' then enter the details of the account from which you want the DD to pull money.

azzap

Ok, I'll open a PayPal DD and a charity DD (or similar). I guess i strictly have to make sure these are active or the 123 interest rate will drop?

colsten

azzap wrote: »

Ok, I'll open a PayPal DD and a charity DD (or similar). I guess i strictly have to make sure these are active or the 123 interest rate will drop?

2 DDs are just one of the conditions for interest payment in the 123 account. They do not have to pay each month but they must be present on your account.

Please refer to the 123 T&Cs for full details. You can find them here: http://www.santander.co.uk/csdlvlr/ContentServer?c=SANDocument_C&pagename=WCSUKPublicaLte%2FSANDocument_C%2FSANDocumentPreview&cid=1324575553949

Mojisola

SeduLOUs wrote: »

You don't have to move your entire account, but it would be sensible to move two DDs that attract cashback (telecomms/broadband/TV at 3% would be best), and it will help to negate the £24 fee.

azzap wrote: »

Ok, I'll open a PayPal DD and a charity DD (or similar). I guess i strictly have to make sure these are active or the 123 interest rate will drop?

Don't you want to earn cashback then?