The Top Easy Access Savings Discussion Area

Bridlington1

aaj123 said:

Are there any easy access accounts out there any longer that allow easy set up of direct debits for funding them? Not bothered about interest rates in this case but more as a solution for easy direct debit setup for current account switch offers. Tesco accounts don't do direct debits any longer I think.

Ecology (regular saver, easy access and notice accounts), Scottish Widdows, Charity Bank and many credit unions do DDs.

There's also some invesment sites which do £1 DDs such as Wealthify and Evestor.

kaMelo

2010 said:

Yorkshire B/S loyalty 4% and six withdrawals allowed per year.

Ignore me, others have already mentioned it's an ISA.

where_are_we

Winchmore_Hill_Shot said:

I'm showing my ignorance here, but does anyone know whather the Family Account will accept debit card transactions from someone other than the account holder.  So would my wife be able to open an account and fund it using one of my Halifax debit cards.

My OH has a Skipton account which we both deposit funds into using our debit cards. OH is a non tax payer and can utilise the 0% £5000 starter savings allowance so funds are mostly in OH`s accounts to avoid paying tax on the interest. Skipton allow you to submit another`s card, but ask for address details. Therefore it is possible Family Building Society will allow similar.

ranciduk

It’s rubbish - but Halifax have a new Bonus Saver account paying 2.2% interest 

you are allowed 3 withdrawals a year - any more and the rate is greatly reduced 

phillw

Frequentlyhere said:
I have to say I really don't like this model at all. Easy access is not easy access if you're penalised for using the account the moment you withdraw, and when you can get 3.4% genuinely easy access there's no benefit to doing so.

Last week 3.25% was actually good. It is easy access, it's no different to the 2 or 6 access accounts. You just have to ignore them when you're looking for something for storing a float in.

mebu60

ForumUser7 said:

Sainsbury's Bank Defined Access Saver - Issue 40 @3.07% between 1k and 500k showing on Moneyfacts

A whole 0.02% above Issue 39! 

PloughmansLunch

phillw said:

Frequentlyhere said:
I have to say I really don't like this model at all. Easy access is not easy access if you're penalised for using the account the moment you withdraw, and when you can get 3.4% genuinely easy access there's no benefit to doing so.

Last week 3.25% was actually good. It is easy access, it's no different to the 2 or 6 access accounts. You just have to ignore them when you're looking for something for storing a float in.

If, for example, someone had a full £10k HSBC OBS, when would be the best time of the month to withdraw in order to not get the mickey mouse interest?

cricidmuslibale

PloughmansLunch said:

phillw said:

Frequentlyhere said:
I have to say I really don't like this model at all. Easy access is not easy access if you're penalised for using the account the moment you withdraw, and when you can get 3.4% genuinely easy access there's no benefit to doing so.

Last week 3.25% was actually good. It is easy access, it's no different to the 2 or 6 access accounts. You just have to ignore them when you're looking for something for storing a float in.

If, for example, someone had a full £10k HSBC OBS, when would be the best time of the month to withdraw in order to not get the mickey mouse interest?

On the very first day of the following month! (You would then need to use another easy access or notice savings account elsewhere to maximise interest for that month.)

Band7

cricidmuslibale said:

PloughmansLunch said:

phillw said:

Frequentlyhere said:
I have to say I really don't like this model at all. Easy access is not easy access if you're penalised for using the account the moment you withdraw, and when you can get 3.4% genuinely easy access there's no benefit to doing so.

Last week 3.25% was actually good. It is easy access, it's no different to the 2 or 6 access accounts. You just have to ignore them when you're looking for something for storing a float in.

If, for example, someone had a full £10k HSBC OBS, when would be the best time of the month to withdraw in order to not get the mickey mouse interest?

On the very first day of the following month! (You would then need to use another easy access or notice savings account elsewhere to maximise interest for that month.)

Once you have your money out, you can request closure of the OBS via Chat and open a new one the next day. A bit laborious, and not worth it when there are better alternatives, but technically possible. I don't know whether they tolerate it if you do this regularly.

aaj123

Band7 said:

cricidmuslibale said:

PloughmansLunch said:

phillw said:

Frequentlyhere said:
I have to say I really don't like this model at all. Easy access is not easy access if you're penalised for using the account the moment you withdraw, and when you can get 3.4% genuinely easy access there's no benefit to doing so.

Last week 3.25% was actually good. It is easy access, it's no different to the 2 or 6 access accounts. You just have to ignore them when you're looking for something for storing a float in.

If, for example, someone had a full £10k HSBC OBS, when would be the best time of the month to withdraw in order to not get the mickey mouse interest?

On the very first day of the following month! (You would then need to use another easy access or notice savings account elsewhere to maximise interest for that month.)

Once you have your money out, you can request closure of the OBS via Chat and open a new one the next day. A bit laborious, and not worth it when there are better alternatives, but technically possible. I don't know whether they tolerate it if you do this regularly.

Does anyone disagree that such products are launched by banks with an implicit assumption within their business case that many customers will get unwittingly caught out by the conditions and lose a fair bit of interest while not being aware of it until much later? This way, the bank gets to advertise an account that in theory has a good headline rate but which effectively costs them a lot lower.