The Top Easy Access Savings Discussion Area

vbhalla

Mr._H wrote: »

The juggling doesn't have to be spread out with 5 day gaps like that. Lloyds do Faster Payments in and out and the money only has to be there a matter of seconds. Also, the money doesn't have to be transferred out to the ECA and back for each separate Vantage account, so you can actually do this:

1.) £1000 ECA -> Vantage #1
2.) £1000 Vantage #1 -> Vantage #2
3.) £1000 Vantage #2 -> Vantage #3
4.) £1000 Vantage #3 -> ECA

All on the same day (even the same minute if you're quick!)

You're quite right, I only spaced the timings out myself deliberately to give myself some contingency. I wasn't aware it was acceptable to swap the £1000 from another TSB account (Vantage or otherwise).

Mr._H wrote: »

Well spotted? What is it with people not reading threads before posting in them? Vantage has been mentioned many, many times in the last few pages of this thread.

I must apologise for overlooking this. I'm not a regular on the boards however do read the MSE articles themselves. I did a quick search but being unfamilar maybe with the complete set up failed to find anything on the subject - I must confess I only spent perhaps 10 mins to do this. I wanted to pass on the info in case others could benefit from it and was also curious as to why the account isn't mentioned on the MSE site itself - there's not even a passing mention of it under the Savings section, does anyoen know why this is the case?

Mr._H_2

vbhalla wrote: »

I wanted to pass on the info in case others could benefit from it

I welcome this attitude and hope you're not put off contributing in the future. It's just a good idea if you're about to post in a long thread like this one to have a look over the last few pages to see if what you're about to post has already been mentioned.

vbhalla wrote: »

and was also curious as to why the account isn't mentioned on the MSE site itself - there's not even a passing mention of it under the Savings section, does anyoen know why this is the case?

It does seem odd that Martin doesn't even mention it. Of course, strictly speaking Vantage isn't a savings account and there are hoops to jump through, but nonetheless I reckon a mention in the savings section wouldn't be amiss.

BTW, as you apparently don't mind juggling money to get better rates, have you checked out:

• The Santander current account paying 5% on balances up to £2500. You can have at least two of these accounts (haven't tried opening more yet). As with Vantage, you have to pay in £1000 a month; a downside is that the accounts don't do Faster Payments out (but they accept them in).
• The Halifax reward account that gives you £5 each month you deposit £1000 (again, the £1000 can be moved out as soon as it's been paid in; Halifax support Faster Payments both ways)

gttltzy

I also have opened one yesterday.

zoecullen99

Hi,

I have £10,000 in a current account in the Uk and 13000 euros in a European account which i would like to put into a savings account. I am not sure whether to transfer the euros i have into my current account as the exchange rate keeps on falling or to move it all now (before it falls anymore) into the one nest egg then stick it into a savings account? Also which one?

I am interested in one or two year fixed rate or any savings account which will give me good interest rates, Can anyone give me any advice?

Edinburgh

System

Hi, my current account with Castle Money is paying just 0.75% interest and I called them to find out if they have any other accounts and they said they couldn't offer anything else.

I need to move my savings and wondered if anyone had seen something recently - I've read on here about the Lloyds Vantage account. Is this the type of thing I should be looking at please?

Thanks...

Mr._H_2

Summer01 wrote: »

I need to move my savings and wondered if anyone had seen something recently - I've read on here about the Lloyds Vantage account. Is this the type of thing I should be looking at please?

Depends how much you have to save.

If you open a Vantage account, you can earn 3% on the whole balance if it's between £3000 and £5000, or 4% on the whole balance if it's between £5000 and £7000.

Alternatively you can earn 5% on balances up to £2500 with the Santander current account, and you are allowed to open more than one of these. However, I wouldn't recommend Santander as a main current account because their systems and service are dreadful.

System

Hi, Thanks Mr H. It's over £7k so would this mean that the above accounts might not be suitable?

Mr._H_2

Summer01 wrote: »

Hi, Thanks Mr H. It's over £7k so would this mean that the above accounts might not be suitable?

Forgot to say you are allowed up to three Vantage accounts.

Of course, there's nothing stopping you having Vantage accounts and Santander accounts, and if you have a partner they can have some too. For example, my partner and I currently have about £20,000 spread across various Vantage accounts, Santander accounts and regular savings accounts.

Just make sure with the current accounts that each one has at least £1000 deposited each month. This can be the same £1000 sent on a merry-go-round between all the accounts and then back to wherever it started.

musashi10

Hi there.

What do you think is the best instant access account for very small savings amounts?

JimmyTheWig

musashi10 wrote: »

Hi there.

What do you think is the best instant access account for very small savings amounts?

Do you mean small conpared to the sort of money that you have? Or small in that you have less money than other people?

Let me try to explain...
Lets say you earn £50k a year and have got £10k savings in some top accounts that you don't want to touch but also want to put £10 a month away into a savings account to pay for Christmas dinner, then this is small compared to the sort of money that you have.
In which case I would say ignore the rate (zero interest would give you £120 after a year while 5% interest would give you about £123 after a year) and go for whatever you find the most accessible.
Personally I like Egg - I find their site really easy to use. You may have another favourite, in which case go with that.

But if you mean that you don't have much money then the rate is important. E.g. to the student who is managing to save £10 a month, that £3 interest is worth having.
In which case I would have thought the main article would give good suggestions?