Savings Account

jjmmww1

mum needs a savings account he will be paying in 6k one off then 500 each month but will need to be able to take out when she needs to and she needs to get a card she can put money on for my brother so he can learn the value of it hes autistic

aj23_2

jjmmww1 wrote: »

mum needs a savings account he will be paying in 6k one off then 500 each month but will need to be able to take out when she needs to and she needs to get a card she can put money on for my brother so he can learn the value of it hes autistic

Top Easy Access is Tesco Bank 1.3%. Can make as many deposits or withdrawals as you like.

If not then it would have to be a basic low rate one which allows you a card or passbook offered by pretty much any bank. I don't think you'd get either with Tesco Bank.

jjmmww1

Thanks I was looking at the Tesco one wasn't sure if it was best or not.


is there any accounts she can get with a prepay card she can put money on for him or will it just be a current account?

eskbanker

To be honest it would probably be worth considering this as three separate requirements, with potentially three different solutions.

An easy-access home for £6K - yes, Tesco is currently top of the pile in terms of traditional savings accounts, but alternatively a couple of their current accounts would provide a home for £6K while earning 3% interest. See the quick links further up the page labelled 'top savings accounts' and 'how to start saving'.

£500 per month - this is really regular savings territory, see https://www.moneysavingexpert.com/savings/best-regular-savings-accounts

Prepaid card - see https://www.moneysavingexpert.com/credit-cards/prepaid-cards

xylophone

but alternatively a couple of their current accounts would provide a home for £6K while earning 3% interest.

3 DDs required on each and monthly input.

xylophone

Your mother wants a savings account for herself and a simple easy access account for your brother?

sheramber

is this your brother's money that your mother is depositing on his behalf?

Does he need access to it all or could some be locked away for a fixed time and some in an easy access account?

jjmmww1

Both accounts are for brother but my mums doing them as he doesn't really no the value of money


what she needs to get is a savings account with access to the money maybe 60-90 a month for him
and a prepaid card he can use so he doesn't go in to a overdraft or anything like that

[Deleted User]

Hi,

aj23 wrote: »

Top Easy Access is Tesco Bank 1.3%. Can make as many deposits or withdrawals as you like.

Looks like it's been cut to 1.25% this morning, taken 0.05% from bonus rate, now 0.70%.

Tesco

xylophone

Yorkshire Building Society offer a savings account with an ATM card - your brother cannot go overdrawn on a savings account.

https://www.ybs.co.uk/savings/online/internet-saver.html

She could set up a standing order from the bank account to make regular payments into this.

A TSB Plus bank account could be opened with £1500 and the £500 a month paid into that.

https://www.tsb.co.uk/current-accounts/classic-plus-account/?WT.ac=A00254

The £4500 could be deposited in a savings account.

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