ANyone know a high interest account with Branch servicing????

thebeak

Hello,

I posted before but the subject was misleading I was meant to be asking a question, I hope u dont mind me posting twice:

I've been trying to find a high interest savings account with branch servicing. All the ones I've found are only phone/internet.

I've gone off the idea of a bond, as you can't get access to the money, and I'm going to get a mortgage next year so I'll need to dip into part of it. So I need something with either to give notice to make withdraws or instant access.

Only account like this I have found is by Britannia Builing Society:
'premium saver' (30 day notice account) but the interest rates are very
poor!

Something close to: Alliance and Leicester Premium Saver (6.30% AER Variable) would be nice. I know it will be less because of the branch servicing.
Thank you,

Luke

Darth_Calculus

This might sound a bit dumb, but wont it depend on where you live! I mean, there might be a good account with, for example, Kent Reliance BS, which would be great, but if you live in Edinburgh, would be a bit difficult to get to.

I think that most of the big name banks offer poor rates. In fact, I would summise that smaller banks / BS have to offer better rates to make people choose them over a bigger institution.

So, if I were you, I would work out what banks / BS are within X miles from your home, and go from there.

PBA

Turkish Bank and Whiteaway Laidlaw Bank both have good rates on branch based notice accounts. No idea where you'd find their branches though...

According to moneysupermarket, the Post Office have a branch based account paying 6%. You only get 6 withdrawals a year, then withdrawals are charged at £1 each, but that looks like the best for an organisation with a national branch network. Or Skipton BS pay 5.85%.

shazrobo

the post office account is probably your best bet, as it pays 6% interest and there are post offices everywhere up and down the country

bristolleedsfan

like earlier poster said depends on where u live, skipton and chelsea building societies can be good for branch based accounts.

http://www.skipton.co.uk/investments/products/branch_access/index.asp

chelsea accounts are always subject to clauses.

http://www.thechelsea.co.uk/html/savings/invest_rainyday_intro.html

http://www.thechelsea.co.uk/html/savings/invest_dg2_intro.html

if u are able to compromise yorkshire internet saver offers a link card facility for withdrawals which is effectively a branch in every town withdrawal facility :rotfl:, deposits would have to be made via bank account transfer. :eek:

http://www.ybs.co.uk/savings/online/internetsaver/keyfeatures.jsp

ive noticed leeds BS family/ + accounts ive not read up on the product

http://www.leedsbuildingsociety.co.uk/savings/rates_easy.html

on 3000+ stroud and swindon branch reserve account pays 5.25% gross again ive not read up on the product terms.

http://www.stroudandswindon.co.uk/savings_account_interest_rates.aspx

thebeak

Hello and thanks for the responses,
I live in Bristol so I couldn't do the Skipton account

The Post Office looks good: 6% AER varible (interest % will drop 1% after the first year) still good though!

A Post Office account is this delt with by the Government? I realise financial compensation wouldn't be an issue (as they are a memember of FSA)

I don't like the idea of the government knowing my account details, and having access to it.....Does the 'Post Office Group' have Royal Mail as part of it, and that's government funded/lead

I found out the Post Office Instant Saver account is basically resold from the Bank of Ireland, but doesn't the above still apply as it's the Post Office managing it?

Thanks for your replys before.

Luke

caliston

PO Instant Saver is resold from Bank of Ireland - effectively Post Offices act as agents in the same way that some banks will allow you to pay in cheques/withdraw cash/etc at a PO. Everything is sent off to BoI for processing. The small print says:

Deposits are held and administered by Bank of Ireland. Bank of Ireland Group follows the Banking Code and copies of the Code are available on request. Bank of Ireland is authorised by the Financial Regulator in Ireland, incorporated in Ireland with limited liability, under Registered No. C-1 Principal office:Lower Baggot Street, Dublin 2; regulated by the Financial Services Authority for the conduct of UK business. Post Office Ltd is registered in England and Wales, Registered Number 2154540, Registered Office 80 Old Street, London EC1V 9NN. Post Office and the Post Office symbol are registered trademarks of Post Office Ltd and are used under licence.

So it'd be under BoI's FSA registration. I don't know the intricacies of how the Post Office/Royal Mail/Parcelforce/etc/etc are set up, but I'd have thought it would be difficuly for the government to have any more information than they were entitled to with any other bank.

RayWolfe

thebeak wrote: »

I don't like the idea of the government knowing my account details, and having access to it.....Does the 'Post Office Group' have Royal Mail as part of it, and that's government funded/lead

Now that's what I call paranoia! Care to tell us why you would trust an Irish bank or, say Abbey, more than the Post Office?

christabell

Skipton is at Queens Road, Clifton, any help to you?

thebeak

Hello,
I think it's more of a case of having greater confidence in a commerical outfit managing and looking after my money. I know people will being saying "what about Northern Rock" I think it's the lack of trust with government in general.

I don't think it would be productive for me to go into details of which is better as with everything people have their own opinions with both government operated savings programmes and the commerical ones.

As Caliston said:

caliston wrote: »

PO Instant Saver is resold from Bank of Ireland - effectively Post Offices act as agents in the same way that some banks will allow you to pay in cheques/withdraw cash/etc at a PO. Everything is sent off to BoI for processing.

So the 'government' wouldn't be dealing with the transactions or have access to them, is that right? It would be soley dealt with by the Bank of Ireland?

Thank you Christabell I will look into that

Luke

caliston

I couldn't say for sure, but I'd be surprised if the government would have access to transactions in any way than they're legally allowed to at any bank (money laundering, taxes, fraud, etc etc).

Generally government backed funds are a much more secure bet than commercial funds, because the government has trillions of assets - if the government goes bust then it's time to worry about where our food and water comes from, forget our savings accounts. National Savings /is/ government backed - effectively you're lending the government money. When the government borrows to build a new hospital or start a new war, some of the money comes from NS&I and some comes from government bonds. But it's a pretty secure asset because in the worst case all the government has to do is sell off some gold or a few bits of London to pay the debt.

PO Instant Saver /is not/ government backed - if Bank of Ireland go bust you're in line with everyone else to get £35K back from the FSCS.

(Curiously Northern Rock is now government backed, at least for the time being, making it a more secure bet than all the other commercial banks)