Loyalty Saver best rate?

planteria

Leaving 'Current Account Savings' aside, is there an Instant Access Savings Account on the market that beats Nationwide's 15yr Loyalty Saver paying 1.2%Gross?

Ifts

Some Instant Access Saving accounts that beat 1.2%:

http://moneyfacts.co.uk/savings/instant-access-savings-accounts/

planteria

thank you Ifts.. i'm not seeing any that look very convenient for me:think:

ColdIron

Another list, there may be some differences

http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

bowlhead99

planteria wrote: »

thank you Ifts.. i'm not seeing any that look very convenient for me:think:

Surely you are having a laugh with that comment.

You have made 4000 posts on this website in the last decade, so clearly you are an internet user. The top five offerings, from different banks, can all be opened and operated online. They are all completely instant access, no notice accounts which can be opened with minimums in the £1 to £1000 range (both the highest and the lowest of the top five only require a single pound).

All of those top five will pay rates between 1.4 and 1.65%, resulting in you earning between 20% and 37.5% more interest over the course of a year than you would earn in your loyalty saver at 1.2%.

If it's not 'convenient' to open an online, instant access account while you are sitting on the internet reading this, then the question to be asked is: just how convenient are you looking for?!

If for some reason you hate the idea of online accounts (even though you already have some) then the ICICI and Kent Reliance accounts in 6th and 7th place respectively are branch based accounts (although granted, there is not a certainly not a branch in every town, so the online accounts that pay higher interest are better for most people).

If you won't use the internet and can't get to a branch, the account in 8th place with Teachers can be operated by post.

If you refuse to send forms through the post, go to a branch, or use the internet, then the Aldermore account can be opened by telephone in addition to online and by mail, and currently pays more than Nationwide.

And of course this is not an exhaustive list - if you check all the comparison sites you will no doubt find more.

The only thing to be aware of is that like the Nationwide account, the interest rates are variable so ensure you check for any already-announced rate changes when opening your new account of choice.

If you want some help / advice feel free to come back with more focussed questions. But asking if there are any (non current account) instant access accounts paying more than 1.2%... and being told yes, here are myriad of accounts across more than five different savings institutions which all pay more than your target and can be opened and operated using your choice of online, by post, in a branch, or by phone... and then saying that none of that is convenient... might make one wonder why they spent the time trying to help.

planteria

i take that on the chin bowly.. working and perhaps not responding as fully as i might have done. but in my defence i did click "Thanks" and respond to Ifts to say "thank you"..

as it happens, i have a Nationwide branch that I can access very easily, and being able to deposit cash does appeal. if there was a better rate on Instant Access available at HSBC, Barclays, WBBS, for example, then i would probably just leave £100 in Nationwide Loyalty Saver and use an alternative account for cash savings.

i will look further at Ifts' link, and thank you very much ColdIron:T.

bowlhead99

What you say makes sense, but in this day and age it's so easy to ping money around the place with a website or smartphone app and access the cash same day from a completely different bank.

I just deposit cash or cheques into my usual current account and then send it elsewhere if it's going to put my account over the limit for earning interest. If you'd paid into a nationwide current account, the process of sending money to an external 'existing payee' using the smartphone app takes all of 30 seconds.

So if you pull out your phone on the way to the toilet, and start tapping away as you close the door behind you, your transfer will be completed during the time it takes for your bum to be ready to wipe. The 'hassle' of getting the money from your convenient local Nationwide cashier's desk into a remote bank account elsewhere in the UK, is not something that needs to drive your decisions.

Obviously if the amounts are small then an extra 0.2-0.4% gross on your savings won't be a massive amount of money and there is an opportunity cost because you could be using that idle toilet time on something else instead.

planteria

erm, yes... further valid points bowly:)

eskbanker

bowlhead99 wrote: »

So if you pull out your phone on the way to the toilet, and start tapping away as you close the door behind you, your transfer will be completed during the time it takes for your bum to be ready to wipe.

Thanks for the image! Do you tend to opt for paperless banking by any chance....?

le_loup

planteria wrote: »

erm, yes... further valid points bowly:)

Take no notice, our ever helpful bowlhead99 does get grumpy sometimes. It's when he gets RSI from all that typing!http://static.moneysavingexpert.com/images/forum_smilies/tongue.gif

eskbanker

In the context of post #7, dare we speculate as to how bowlhead99 acquired the name?