The Top Easy Access Savings Discussion Area

G_M

The_Only_Homer_Simpson_UK wrote: »

We have have £32k in savings :-) in a low interest account (B&B rate for life 1.25%:eek:)
Thinking as follows:
Open A&L online saver Issue 5 account in wifes name ....get her Wages paid into here ( which is just over £1k per month) and transfer say £3k from B&B in as well.( thus keeps topped above £2500 to earn best rate 3.15%
Wait for it ....
Then open Lloyds Vantage account set up a monthly transfer from A&L say 7 days after her wages go in , of the min of £500 that Lloyds want paid in per month and also add in say £7k from the B&B this will then earn 4% on the £7k
As I see it then both accounts meet the criteria of paying in the min amount per month, both are kept just above the max you need to hold to get best rates
then
What then do you suggest for the rest of the B&B monies ? ( circa 22k)
we may want reasonably fast access to it so don't want to tie it up in fixed year accounts

........We have cash Isa's done for this year before thats suggested

Appreciate anyones thoughts and if they think the above is workable as I cannot see that i have missed anything ....or have i?

thanks

Open 5 Lloyds Vantage accounts @ 4%.
Pay salary into one and set upo standing orders to move £1K between each account. Keep each below £7K

Forget the A&L.

boobbby

I notice that when a bank or building society starts a new savings account that only new money can be entered. Not money from a poor paying saving account with the same organisation!! As far as I can see all you have to do is transfer the money in the rubbish account into an external 3rd party account and then back into the new higher interest savings account. Can anybody see a flaw in this arrangement?

PanicButton

Anyone got any concerns about ING in view of their rather rubbish dealings with customers last year during the transfers from Kaupthing?

10_66

I should think the Government feels ok about them, as they were the ones who arranged for Kaupthing savers to be transferred to them. Personally, after going through the Icesave thing (not that there was a problem, but you never know if it would be the same if similar happened again), I'm sticking to organisations that are protected by the FSCS, rather than by the "PASSPORT" scheme.

mumbomumma

Hello - I have just inherited £6,000 and would like to put it in an instant access account. Im a little bit nervous about online banking so would prefer one in a branch. Thank you so much for your help. Mumbomumma

10_66

mumbomumma wrote: »

Hello - I have just inherited £6,000 and would like to put it in an instant access account. Im a little bit nervous about online banking so would prefer one in a branch. Thank you so much for your help. Mumbomumma

If you don't fancy online accounts, you might feel happier with telephone accounts. Birmingham Midshires have Telephone Extra at present offering 3.15%. Branch accounts usually pay less than internet or telephone accounts. Coventry have a 1st Class Postal account 3.30% (restricted on number of withdrawals), if you have a branch nearby you can open one there, but account's operated by post. Have a look at Martin's top paying accounts article. Also Moneyfacts and MoneySupermarket.

PanicButton

Have just opened an online a/c with Alliance and Leicester paying 3.15% and I feel ok about it! Good luck with whatever you choose.

namford

Hi there

Does anyone know if I close my A&L 3.15% account before 2/8/10, will I still get the bonus rate? Martin doesn't mentio it and I can find no reference of it on the A&L website.

Thanks in advance!
natalie

pete1976

namford wrote: »

Hi there

Does anyone know if I close my A&L 3.15% account before 2/8/10, will I still get the bonus rate? Martin doesn't mentio it and I can find no reference of it on the A&L website.

Thanks in advance!
natalie

Yes you will (I believe).

I was hoping someone could clarify a couple of other points regarding this A&L Online Saver 5 account...

1. Is the bonus fixed? I'm thinking of paying in around £25k and wondering if it's better to keep it below that as the bonus rate's higher.
2. What if I pay in less than £25k then top it up to over £25k? Does the bonus switch from 2.65% to 2.4% or does it stay at 2.65%?
3. Anyone any idea how long this account will be available for? My wife's got money in an egg account currently fixed at 6.3% gross :-) but this ends soon.

Many thanks.

D1zzy

Variable Bonus
Rate includes a variable BONUS of at least 1.65% payable for at least 12 months.

So could drop whenever to 1.65%

Interest is caculated daily so I would assume that the bonus rate will drop to 2.4% as soon as you exceed £25K but would be 2.65% upto that point