The Top Easy Access Savings Discussion Area

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. 

susanann_2

Secure Trust Bank my new account should be 3.85% but is only showing 3.78% has anyone found the same issue. Thanks 

refluxer

susanann_2 said:

Secure Trust Bank my new account should be 3.85% but is only showing 3.78% has anyone found the same issue. Thanks 

Are you sure that isn't the gross monthly figure ? As AER is only used for comparison purposes, banks will tend to display the gross figure against your account in online banking.

3.78% gross = 3.85% AER when interest is paid into the account monthly and compounded.

TiVo_Lad

Some as expected "nothing to see here" responses from a few of the "big banks" to the Treasury Select Committee about why their savings interest rates are so low.

https://committees.parliament.uk/committee/158/treasury-committee/publications/3/correspondence/?SearchTerm=&DateFrom=08/06/2023&DateTo=08/06/2023&SessionId=

SJMALBA

Charter EA Issue 39 - 3.75%

5k min.

https://www.chartersavingsbank.co.uk/Products/EasyAccess


Underwhelming, IMO. 

Bridlington1

I can't seem to see this mentioned anywhere but Newbury BS have now opened their savings accounts up to new customers who live in England and Wales once again.

Although the Welcome to Newbury account is no longer competitive it may be worth opening one up if you aren't currently a member of Newbury BS to get a foot in the door so to speak.

poppystar

susanann_2 said:

Secure Trust Bank my new account should be 3.85% but is only showing 3.78% has anyone found the same issue. Thanks 

It’s because they pay the interest monthly so the 3.78% is the figure you see.

poppystar

TomDolan said:

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. 

just opened a few days ago, payments in are no more that a couple of hours max, my payment in today was 10 mins confirmed by an email. Haven't done a payment out. I opened with a deposit of 1k and it was there an hour later.

Agree it’s always been quick going in - at least until tonight, I’ve yet to receive the email confirmation but I did the transfer quite late in the day. As with several institutions I have money with I’ve not yet tried to get any back out. 

brucefan_2

Bridlington1 said:

I can't seem to see this mentioned anywhere but Newbury BS have now opened their savings accounts up to new customers who live in England and Wales once again.

Although the Welcome to Newbury account is no longer competitive it may be worth opening one up if you aren't currently a member of Newbury BS to get a foot in the door so to speak.

Thankyou for drawing attention to this. Account just registered.