The Top Easy Access Savings Discussion Area

musashi10

Hi there. Thanks for the response.

I mean that I have relatively small amounts of cash to save each monthwhich will also be variable so the rate and access is important. Definition of relatively small is between £50-£200/month

I read that the barclays one is quite good.

I was also wondering whether or not if you have a bad credit rating makes a difference with regards to access to savings accounts?

Nessie23

musashi10 wrote: »

Hi there. Thanks for the response.

I mean that I have relatively small amounts of cash to save each monthwhich will also be variable so the rate and access is important. Definition of relatively small is between £50-£200/month

I read that the barclays one is quite good.

I was also wondering whether or not if you have a bad credit rating makes a difference with regards to access to savings accounts?

Hi for pure instant access and minimum balance of £1 you could consider:

• TheAA Internet Extra (giving 2.8%) access to account via BACS, so minimum of 3 banking days to deposit/retreive your money
• Tesco Bank Internet Saver (2.75%) however I think tesco operate faster payments, meaning better access to your money.
• Full comparison tables available at sites like www.moneysupermarket.com

If you want and are able to put a little bit of money away each month for a longer period, you can get better rates using a regular saver (typically 4%), but beware if you withdraw the money earlier than the term of the regular saver you will get penalised. If interested in regular savers have a look at this MSE thread https://forums.moneysavingexpert.com/discussion/608697

musashi10

Thank you.

casey_junior

I've £8k in a Santander cash isa which will be reverting to 0.5% in a fortnight.
I am currently on benefits and expect to be for the forseeable future and have a lot of my paye allowance spare.
Would I be better off putting this money into something else and claiming back the tax paid or would it not be worth the hassle?

Mr._H_2

casey_junior wrote: »

I've £8k in a Santander cash isa which will be reverting to 0.5% in a fortnight.
I am currently on benefits and expect to be for the forseeable future and have a lot of my paye allowance spare.
Would I be better off putting this money into something else and claiming back the tax paid or would it not be worth the hassle?

It's a difficult call to make. Yes, at the moment you can get better rates outside of ISAs, but that hasn't always been the case in the past and may change again in the future; once you've taken the money out of the ISA you can't put it back so you lose the tax-free status on that £8k forever. Who knows when you might be employed again?

If you decide to go for a normal account, you can ask for an R85 form which once completed and handed back to the bank in question, will enable them to pay your interest tax-free, so you don't have to claim the tax back.

boobbby

Middle_Sister wrote: »

I have £20K to tuck away. Am thinking about the Coventry BS 1st class postal at 3% instant access. Or fixed for one year with the United National Bank at 3.25%. What do your think? Any advice welcome.

£50 extra at £3.25%.. I like to be able to access my account on line so as I dont think either of these accounts would suit me

Mr._H_2

Middle_Sister wrote: »

I have £20K to tuck away. Am thinking about the Coventry BS 1st class postal at 3% instant access. Or fixed for one year with the United National Bank at 3.25%. What do your think? Any advice welcome.

Any particular reason you don't want to use Lloyds Vantage accounts for this?

Mids_Costcutter

Mr._H wrote: »

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.

Thanks for the advice. Would also need to be careful with this account as interest payments could take your balance over £2,500 at which point the interest rate drops to just 0.10%.

Mr._H_2

Mids_Costcutter wrote: »

Thanks for the advice. Would also need to be careful with this account as interest payments could take your balance over £2,500 at which point the interest rate drops to just 0.10%.

The first £2500 still gets 5% though.

musashi10

Nessie23 wrote: »

Hi for pure instant access and minimum balance of £1 you could consider:

• TheAA Internet Extra (giving 2.8%) access to account via BACS, so minimum of 3 banking days to deposit/retreive your money
• Tesco Bank Internet Saver (2.75%) however I think tesco operate faster payments, meaning better access to your money.
• Full comparison tables available at sites like www.moneysupermarket.com

If you want and are able to put a little bit of money away each month for a longer period, you can get better rates using a regular saver (typically 4%), but beware if you withdraw the money earlier than the term of the regular saver you will get penalised. If interested in regular savers have a look at this MSE thread https://forums.moneysavingexpert.com/discussion/608697

Also, would my bad credit rating affect me opening high interest accounts?