The Top Easy Access Savings Discussion Area

Former_MSE_Dan Former MSE Posts: 1,595
1,000 Posts Combo Breaker
edited 20 October 2017 at 3:54PM in Savings & investments

This thread is specifically to discuss the

Easy Access Savings article

Which includes the new free Savings Calculator tool.

To discuss or ask a question about this article: click reply

Former MSE team member


  • shedman_2
    shedman_2 Forumite Posts: 7 Forumite
    Hi Dan

    Have just logged in and opened a Hi save acc with ICICI and printed out the info page. I am concerned that payments are by Direct Debit as I am not looking for an "ongoing" account just somewhere wher I can put an annuity that has has just arrived - somewhere that will give high interest.
    Does the Direct Debit mean they expect REGULAR deposits?


  • polomint_2
    polomint_2 Forumite Posts: 372 Forumite
    I also have opened one yesterday.

    the DD is so that you can put the money in from your linked current account that you nominated and gave details for when you opened it up.

    You dont have to make regular deposits though.
    Happiness is not having what you want...but wanting what you have!!!
  • Lips
    Lips Forumite Posts: 78 Forumite
    I noticed from the article that one of the first 'clean' accounts mentioned is the AA. Does anyone here have any personal experience of saving with the AA?

    I have £190k to invest for a few months, and will be looking for a safe, monthly interest, instant access acount. I was considering FD eSavings at 5.5% (as I currently bank with FD), but 6.3 is much more attractive.

    Any thoughts...?

  • PasturesNew
    PasturesNew Forumite Posts: 70,698
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I've no experience of AA, except I signed up with them earlier in the week. Just at the stage where I am receiving the letter and inputting the verification data. So hope to have it up and running by the weekend, then I can put some money in it.
    Had a whole bunch in Sainsburys, but too much, so opened up the AA to spread the risk about a bit (although I do need to check who owns the AA)
  • Lips
    Lips Forumite Posts: 78 Forumite
    I've just realised that they don't take joint applications for this high-interest account, so that nixes it for me, unfortunately. What a bummer...

    Hope it works out for you, PN.

    - Lips
  • ManAtHome
    ManAtHome Forumite Posts: 8,512
    Part of the Furniture Combo Breaker
    shedman wrote: »
    I am concerned that payments are by Direct Debit
    Wouldn't worry - quite a few accounts use (one-off) DD to 'drag' money onto your account rather than you doing a transfer to 'push' money in. Doesn't imply you have to make regular deposits, just that you log into ICICI whether you're transferring in or out.

    [edit] the AA account is run by Birmingham Midshires (who also use the Direct Debits system by the way)
  • Abetorius
    Abetorius Forumite Posts: 24 Forumite
    I am thinking about opening a Hi-Save account with ICICI but I do not currently have a cheque book nor do I really want to go through the hassle of applying and waiting for one as I'm unlikely to use it for anything except this one cheque.
    Is there another way to do this? would they accept (as an example) a cheque from my mother (who does still have a cheque book) instead?
    The website says that the cheque needs to be in my name but in this day and age why should I be forced into getting a cheque book.
    I hope someone has a solution for me.
  • david_harry_2
    david_harry_2 Forumite Posts: 2 Newbie
    Suppose someone already has £35,000 with Birmingham Midshires and then puts money into the AA account thinking that because it is a different company it will be safe. If Birmingham Midshires goes bottom up, does the money in the AA account disappear? Or is the AA responsible for it?
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Does anyone have any comments about the hassle factor in getting the account going and overall customer service?

    Interested in ICICI,AA,Icesave,B&B,YBS

    TIA for any reports.
    Trying to keep it simple...;)
  • Milarky
    Milarky Forumite Posts: 6,345
    Part of the Furniture 1,000 Posts Photogenic
    These accounts all link to a current account (often only one) which means loss of interest (at least 2 days) on withdrawals, even though no loss of interest occurs on deposits at present. But (oft repeated) in 6 months or so we should have same day transfers - making lost interest here a thing of the past. How will banks offering linked e savers to their own current accounts react, I wonder? At least with several of these accounts operating guarantees they won't be able to drop so the pressure may then be for banks to raise their rates a little?
    .....under construction.... COVID is a [discontinued] scam
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