The Top Easy Access Savings Discussion Area

janusdesign

susanann_2 said:

Thinking about Secure Trust Bank easy access. How long do payments in & out take? Can you do a £1 transfer to check everything, or does it have to be £1000. I like to make sure it is set up okay before transferring larger amount. 

I did a £1k deposit about 60 minutes ago to initially fund the account (arrived after 55 minutes) - the terms I read mentioned min deposit of £1k - didn't bother even trying a £1 test payment as it's worth noting that they do use Confirmation of Payee, so when I entered the ST account details into my nominated bank, they were confirmed as being correct.

the_goon

janusdesign said:

I did a £1k deposit about 40 minutes ago to initially fund the account (arrived after 55 minutes) - the terms I read mentioned min deposit of £1k - didn't bother even trying a £1 test payment as it's worth noting that they do use Confirmation of Payee, so when I entered the ST account details into my nominated bank, they were confirmed as being correct.

Ryandufc

Hi everyone, I am due to sell my house in the next few weeks - it will probably be a few months until we buy somewhere new. Any suggestions on what I should do with the equity I will have once I pay off the current mortgage (Should be around 100k) - i might need access to it quickly depending on how quickly we find a suitable house so am I best just chucking it into the best easy access savings account on the market? 

Steve_xx

Ryandufc said:

Hi everyone, I am due to sell my house in the next few weeks - it will probably be a few months until we buy somewhere new. Any suggestions on what I should do with the equity I will have once I pay off the current mortgage (Should be around 100k) - i might need access to it quickly depending on how quickly we find a suitable house so am I best just chucking it into the best easy access savings account on the market? 

Put 85k into West Brom B Society Double Access Account (Issue 2). Then for the remainder, open a Chip easy access account paying 3.82%. Note that with the West Brom account that you don't want to be making more that two withdrawals per year.

TiVo_Lad

the_goon said:

janusdesign said:

I did a £1k deposit about 40 minutes ago to initially fund the account (arrived after 55 minutes) - the terms I read mentioned min deposit of £1k - didn't bother even trying a £1 test payment as it's worth noting that they do use Confirmation of Payee, so when I entered the ST account details into my nominated bank, they were confirmed as being correct.

Thanks. I thought it was just me. Apparently not!

TiVo_Lad

Ryandufc said:

Hi everyone, I am due to sell my house in the next few weeks - it will probably be a few months until we buy somewhere new. Any suggestions on what I should do with the equity I will have once I pay off the current mortgage (Should be around 100k) - i might need access to it quickly depending on how quickly we find a suitable house so am I best just chucking it into the best easy access savings account on the market? 

Bearing in mind the West Brom account is Branch/Post only it's not the easiest easy access, so you might want to look at alternatives.

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

Sg28

Steve_xx said:

Ryandufc said:

Hi everyone, I am due to sell my house in the next few weeks - it will probably be a few months until we buy somewhere new. Any suggestions on what I should do with the equity I will have once I pay off the current mortgage (Should be around 100k) - i might need access to it quickly depending on how quickly we find a suitable house so am I best just chucking it into the best easy access savings account on the market? 

Put 85k into West Brom B Society Double Access Account (Issue 2). Then for the remainder, open a Chip easy access account paying 3.82%. Note that with the West Brom account that you don't want to be making more that two withdrawals per year.

No need to split it if its going to be for 6 months or less, as its from a house sale.

janusdesign

TiVo_Lad said:

the_goon said:

janusdesign said:

I did a £1k deposit about 40 minutes ago to initially fund the account (arrived after 55 minutes) - the terms I read mentioned min deposit of £1k - didn't bother even trying a £1 test payment as it's worth noting that they do use Confirmation of Payee, so when I entered the ST account details into my nominated bank, they were confirmed as being correct.

Thanks. I thought it was just me. Apparently not!

the curse of stating originally that the deposit hadn't arrived yet, updating the post when it did and not remembering to edit the first part.

Steve_xx

Sg28 said:

Steve_xx said:

Ryandufc said:

Hi everyone, I am due to sell my house in the next few weeks - it will probably be a few months until we buy somewhere new. Any suggestions on what I should do with the equity I will have once I pay off the current mortgage (Should be around 100k) - i might need access to it quickly depending on how quickly we find a suitable house so am I best just chucking it into the best easy access savings account on the market? 

Put 85k into West Brom B Society Double Access Account (Issue 2). Then for the remainder, open a Chip easy access account paying 3.82%. Note that with the West Brom account that you don't want to be making more that two withdrawals per year.

No need to split it if its going to be for 6 months or less, as its from a house sale.

That's true. Nevertheless, I'd split it to err on the side of caution.

TheBanker

Sg28 said:

Steve_xx said:

Ryandufc said:

Hi everyone, I am due to sell my house in the next few weeks - it will probably be a few months until we buy somewhere new. Any suggestions on what I should do with the equity I will have once I pay off the current mortgage (Should be around 100k) - i might need access to it quickly depending on how quickly we find a suitable house so am I best just chucking it into the best easy access savings account on the market? 

Put 85k into West Brom B Society Double Access Account (Issue 2). Then for the remainder, open a Chip easy access account paying 3.82%. Note that with the West Brom account that you don't want to be making more that two withdrawals per year.

No need to split it if its going to be for 6 months or less, as its from a house sale.

I'd split it because if something bad happens you'll get the money back quicker under the 'standard' £85k rule than it would be paid back under the £1m temporary balance rule.

However the post refers to 'we' so worth highlighting that the FSCS cover is per person, so a joint account is covered up to £170k which may relevant @Ryandufc.