Best Savings Account for 'Immediate Access'

tg99

Hi

I have maxed out the various highest interest paying current accounts like Santander 123, TSB, Lloyds etc and so in terms of other savings that I need to be able to access instantaneously - i.e. get them transferred into one of my current accounts within the hour - the best I can currently find is the online Santander esavings account which is linked to my 123 current accounts and pays 1% pa. Just wanted to see if there are any higher paying options out there that others are aware of? (The best I found had been the Flexclusive saver linked to my Nationwide current account but the rate got cut from 1.4% to 0.9% recently.)

Thanks

YorkshireBoy

What's the current rate (for new customers) for the Tesco Internet Saver?

Assume you've already used your cash ISA entitlement for this year?

Have you read the article on the main site, probably entitled "best savings accounts".

Have you checked other internet comparison sites such as moneyfacts etc?

Are you positive you've maxed out all your current account options?...2 x Tesco @ 3%, YB/CB @ 2%, 3 x BoS @ 3%, etc?

tg99

Yes though must have missed Tesco....and offering 1.35% on the savings account so thanks for the pointer.

Archi_Bald

If you don't care about FSCS protection, there is RCI bank with 1.5%.

Though I wouldn't use them myself because of the FSCS issue.

BM Savings also have a 1.5% account, with proper FSCS protection. But they share their licence with Lloyds etc I think

http://www.moneysupermarket.com/savings/easy-access-accounts/?goal=SAV_EASYACCESS

PeacefulWaters

Avoiding the current account game, BM pay 1.50%.

http://www.bmsavings.co.uk

You can fund it via direct debit too.

saintalan

tg99 wrote: »

Yes though must have missed Tesco....and offering 1.35% on the savings account so thanks for the pointer.

...and dont forget, the Tesco Internet Saver will let you set up DDs on your other accounts, so may give you more flexibility should you need it now or in future.

tg99

Yeah I am assuming BM Savings will be like a lot of savings accounts though when you have to wait until following day etc for any money you withdraw to arrive.

YorkshireBoy

Archi_Bald wrote: »

BM Savings also have a 1.5% account, with proper FSCS protection. But they share their licence with Lloyds etc I think

They come under the BoS licence (which also covers Lloyds in The Netherlands). Lloyds in the UK is separate.

https://www.bankofscotland.co.uk/fscs/

YorkshireBoy

tg99 wrote: »

Yeah I am assuming BM Savings will be like a lot of savings accounts though when you have to wait until following day etc for any money you withdraw to arrive.

Does that really matter though, in the grand scheme of things?

What's the cost of, say, £2K pulled from YB/CB (paying 2% AER) and then replenished next day from a 1.5% AER savings account? Answer: 2p after BR tax.

Archi_Bald

You are right, it's BOS, not Lloyds, and a whole bunch of others. I think the complete list is

AA
Bank of Scotland
BM Savings
Halifax
Intelligent Finance
Saga

Archi_Bald

tg99 wrote: »

Yeah I am assuming BM Savings will be like a lot of savings accounts though when you have to wait until following day etc for any money you withdraw to arrive.

Surely you won't be needing tens of thousands with an hour? Also, no bank will guarantee you payment within the hour. Faster Payments is by end of next business day, and even CHAPSonly guarantees you payment on the same day if you get your order in before a cut-off time which usually is before midday.

Havings said this, I would agree that BM is probably slower than Tescos. Tescos use proper Faster Payments, and if you need more than £10K sent, you just call them and they do it on the phone for you, at no charge, as a Faster Payment.