The Top Easy Access Savings Discussion Area

micknewc

I have savings in Lloyds/TSB and need to protect my money if this bank goes bust so was looking at splitting my savings and opening a new savings account with the Halifax but am aware that the Halifax is part of the Lloyds /TSB group. If LlLoyds goes bust does that mean that Halifax will as well and will I only be allowed the one 50k protection payment if I have savings accounts opened with both LLoyds and Halifax.

Best regards.

Mick.

Mr._H_2

micknewc wrote: »

I have savings in Lloyds/TSB and need to protect my money if this bank goes bust so was looking at splitting my savings and opening a new savings account with the Halifax but am aware that the Halifax is part of the Lloyds /TSB group. If LlLoyds goes bust does that mean that Halifax will as well and will I only be allowed the one 50k protection payment if I have savings accounts opened with both LLoyds and Halifax.

Best regards.

Mick.

Hi Mick,

Although Lloyds and HBOS are part of the same "group", they have separate FSCS licences so both offer the 50k protection limit, i.e. if you have 50k saved with each bank and the group goes bust, you'll get 100k back.

See this MoneySavingExpert Article; there's a particularly helpful table near the bottom.

JimmyTheWig

Mr._H wrote: »

Although Lloyds and HBOS are part of the same "group", they have separate FSCS licences so both offer the 50k protection limit, i.e. if you have 50k saved with each bank and the group goes bust, you'll get 100k back.

However, you'd still have to wait for the payout to be able to get at your money. If this is an issue then you may be better off with accounts in different groups.

Dave205

This is my first post on MSE, having been a devotee of this site who has benefited by following the advice and best buys from Martin, but I just want to say - you may already know this - but if you do take advantage of higher interest rates for savings accounts and move your cash elsewhere, if you are not going to be using the old account again, please make sure you close it, as keeping it open may disqualify from any new deals offered to new customers - e.g.ING Direct will only treat you as a new customer and thus eligible for any super duper deals SIX MONTHS after closing your account...not sure about any others but I think this is worth sharing.

PS I have no idea if this will post correctly so please bear with me!!!!!!!!!

partlydave

I didnt know you could open several Vantage accounts. I have 1 plus Incentive Saver at 3%, so 2 more Vantages coming up I think. Thanks to those discussing it and bringing it to my attention:T

Mr._H_2

You might be interested in Santander's current account - 6% fixed for one year on balances up to £2500. The same stipulation as Vantage applies: you have to pay in £1000 a month, but you can just transfer it straight out again.

At the end of the info box on this account (seen when you click on the "bank accounts" tab at https://www.santander.co.uk), you'll see that it states "if you switch using the Account Transfer Service." However, this is referring to the 0% overdraft offer - the 6% credit interest applies whether you switch or not.

Anyone know if Santander will let you have more than one of these accounts?

partlydave

I have one of those Santander accounts, not sure if you can get more than 1 though.

I guess an easy way to find out would be to apply for a 2nd account

noh

Dave205 wrote: »

This is my first post on MSE, having been a devotee of this site who has benefited by following the advice and best buys from Martin, but I just want to say - you may already know this - but if you do take advantage of higher interest rates for savings accounts and move your cash elsewhere, if you are not going to be using the old account again, please make sure you close it, as keeping it open may disqualify from any new deals offered to new customers - e.g.ING Direct will only treat you as a new customer and thus eligible for any super duper deals SIX MONTHS after closing your account...not sure about any others but I think this is worth sharing.

PS I have no idea if this will post correctly so please bear with me!!!!!!!!!

Not my experience with ING in October last year.
3 days was all that was required.
I closed my account and reapplied to get the higher rate. I asked the CS rep specifically and she informed me that there was no minimum time limit to reapply as a new customer.

Dave205

noh wrote: »

Not my experience with ING in October last year.
3 days was all that was required.
I closed my account and reapplied to get the higher rate. I asked the CS rep specifically and she informed me that there was no minimum time limit to reapply as a new customer.

That's interesting - perhaps they have changed their policy (I phoned yesterday and six months was what I was told and I specifically asked) or it perhaps depends who you speak to!! No matter, I have the egg savings account paying 3.25% gross - no longer available - till Aug 2010 which seems to be as good as it gets for my instant access savings account needs -so I will keep this till something better comes along and try ING perhaps...

I would still say it is worth while closing dormant accounts you will no longer use in case better deals come up in the future.

partlydave

I have an esavings plus account with Ulster Bank, and the 6 month 0.5% bonus has finished now. Does anyone know if you can start a new account using the money from the old account and get a further 6 months bonus?