The Top Easy Access Savings Discussion Area

Baldur

J_Drake-Wilkes wrote: »

Is there a better savings rate for those over 50 or over 65?

Some providers offer enhanced rates for over 50s/60s but they are not necessarily the best rates that are available - e.g, http://moneyfacts.co.uk/compare/savings/variable-rate/over-50s/

stphnstevey

10_66 wrote: »

The interest is paid into the Vantage accounts at the beginning of the month, so once paid in you can take out exactly that amount. Some choose to have a slightly lower balance than £7,000 to cater for leaving the interest in the account so as not to take it over the £7,000 balance when interest is paid.

I have kept at least £7k in the account, often 1k more as it cycled and have received differing amounts of interest from £16-20! a month

Synonymous

Hi, I'm thinking of opening the AA 3% easy access account, just a few questions:

Generally, what do people think of the account and the internet banking? (A&L internet banking has scarred me for life!)

I notice that transfers are done by Direct Debit from a nominated account, as with an ING savings account I have.

Does the AA account also accept faster payments in (as does ING) from participating banks, and can you make Faster Payments out of the AA account into participating banks? The main downfall of my ING account is that although I can make faster payments in from Halifax, to get my money back out, it has to be done by the direct debit link, taking 3 working days, not good if need some extra cash out in an emergency!

Thanks in advance

10_66

stphnstevey wrote: »

I have kept at least £7k in the account, often 1k more as it cycled and have received differing amounts of interest from £16-20! a month

Could you not find another home for the extra £1,000 that you're leaving in, as it's only earning 0.10% above the £7,000 limit? I check my interest every month and have to admit that it's always correct (hope I'm not speaking too soon!). THIS link to a post that Dagobert made tells you how the dates are calculated for the interest.

Baldur

Synonymous wrote: »

Hi, I'm thinking of opening the AA 3% easy access account, just a few questions:

Generally, what do people think of the account and the internet banking? (A&L internet banking has scarred me for life!)

I notice that transfers are done by Direct Debit from a nominated account, as with an ING savings account I have.

Does the AA account also accept faster payments in (as does ING) from participating banks, and can you make Faster Payments out of the AA account into participating banks? The main downfall of my ING account is that although I can make faster payments in from Halifax, to get my money back out, it has to be done by the direct debit link, taking 3 working days, not good if need some extra cash out in an emergency!

Unless the AA account has changed very recently, it works in much the same way as ING, i.e. 3 working days for withdrawals. The Tesco savings account is the only one that springs to mind which offers FP out.

stphnstevey

10_66 wrote: »

Could you not find another home for the extra £1,000 that you're leaving in, as it's only earning 0.10% above the £7,000 limit? I check my interest every month and have to admit that it's always correct (hope I'm not speaking too soon!). THIS link to a post that Dagobert made tells you how the dates are calculated for the interest.

That explains it, thought it was 0% above 7k, but the extra £1k I had cycling would have got some interest (even if crappy 0.10%)

Now changed it to £1000 of the £7000 doing a merry go round the accounts on one day!

Thanks

Synonymous

Baldur wrote: »

Unless the AA account has changed very recently, it works in much the same way as ING, i.e. 3 working days for withdrawals. The Tesco savings account is the only one that springs to mind which offers FP out.

Thanks for the responses guys.

I have a Tesco credit card, so I don't think I would be able to get the tesco 2.75% one.

rb10

Synonymous wrote: »

Hi, I'm thinking of opening the AA 3% easy access account, just a few questions:

Generally, what do people think of the account and the internet banking? (A&L internet banking has scarred me for life!)

Reasonable. It's very simple and basic, but does exactly what you need it to do. Very easy to use.

Synonymous wrote: »

I notice that transfers are done by Direct Debit from a nominated account, as with an ING savings account I have.

This is an option; you can either pay in by BACS/Faster Payment, or by Direct Debit.

Synonymous wrote: »

Does the AA account also accept faster payments in (as does ING) from participating banks, and can you make Faster Payments out of the AA account into participating banks?

Faster Payments in: Yes.
Faster Payments out: No.

All payments out will go by BACS. They take two working days, provided that you request them before 15.30 (otherwise add a day).

Steameh

Hi all,

I have £1000 which I am looking to put into a savings account. I will be adding approximately £340 to this on a monthly basis. I have been looking at the First Direct ISA at 2.75%. Everytime I reach £2000 i will be withdrawing £1000 to pay a lump sum of my loan.

Any recommendations?

Thanks

Baldur

Steameh wrote: »

I have £1000 which I am looking to put into a savings account. I will be adding approximately £340 to this on a monthly basis. I have been looking at the First Direct ISA at 2.75%. Everytime I reach £2000 i will be withdrawing £1000 to pay a lump sum of my loan.

You are limited to paying in the annual Cash ISA allowance per tax year to any Cash ISA account, currently £3,600 for those under 50 and £5,100 for those of or over 50 then £5,100 for all ages from 6th April.

Any funds withdrawn from an ISA cannot be replaced; so withdrawing £2,000 would reduce the remaining amount that could be deposited to £1,600 or £3,100.