The Top Easy Access Savings Discussion Area

stphnstevey

Hmmm, do I want to lock my money away for at least a year for a variable 6.15% tax free savings account???

It does currently beat my fixed rate mortgage by 1% and the Lloyds Vantage and Santander current acc fixed rate for a yr.

Leaskovski

Hi all,

I have a silly question about the AA instant access account... Basically it is a variable rate account yeah... so is it likely to track with the BOE interest rates, or if rates go up could they only increase by a smaller amount thus making the account not very attractive anymore?

If this was to happen, would there be any penalties by closing the account and moving to a more attractive account being that its interest is paid yearly?

Thanks

dk7

Leaskovski wrote: »

Hi all,

I have a silly question about the AA instant access account... Basically it is a variable rate account yeah... so is it likely to track with the BOE interest rates, or if rates go up could they only increase by a smaller amount thus making the account not very attractive anymore?

If this was to happen, would there be any penalties by closing the account and moving to a more attractive account being that its interest is paid yearly?

Thanks

I've just opened one of these. Prob not going to use it much though as better rates in current accounts!!

If it became uncompetitive you could just move your funds elsewhere - on closure all your interest to date would be added to your closing balance.

dk7

Quick question re the vantage accounts. Is the interest (which is paid monthly) calculated on a daily basis? eg. if you account is at £4k for half the month and £5k for the other half do you get 15 days at 3% and 15 days at 4%? Or is there a particular day you need to be within £5k-£7k band to get 4% for that month?

A longer question re my saving plans. I currently have £2.5k to save, which i want on instant access. I'm planning to open an A&L premier direct account for this to get 5% interest on the £2.5k (Unfortunately i can't get the £100 switching bonus for the premier account as i have a cahoot a/c that i use regularly).

I'm currently able to save circa £1k per month from my salary so will then look to open a santander c/a for another £2.5k @ 5%. Then have another £4kish to come back from the tax man when my personal return has been completed and processed. This is where a vantage account would come into play but thinking of opening another one to act as my main current account (balance on that moves between £2k to £6k generally for which i'm currently only earning 0.1%!!!).

Also contemplating the Halifax/BOS reward accounts to cycle a grand through each month but not sure its worth the hassle for £3.75 per month (i'm a 40% tax payer).

Any advice on whether this is the best plan given my circumstances would be appreciated. (Please note i want/need all my savings on instant access for the time being).

Middle_Sister

I have 3 Vantage accounts with the max £7K in each plus 2 Santanders with £2.5 in each. I have put £15K of the money into the NS&I account recommended by Martin. Still have to find somewhere for the other (now) £11K. (Maybe a bit less after the chemical face peel and eyelid lift!)

t23322212

Santander is secure and efficient, for £50000 per person £100000 joint.
However only for one year,then maybe shop around.
Things can only get better, when finance is at its worse
Good luck

Lips wrote: »

I noticed from the article that one of the first 'clean' accounts mentioned is the AA. Does anyone here have any personal experience of saving with the AA?

I have £190k to invest for a few months, and will be looking for a safe, monthly interest, instant access acount. I was considering FD eSavings at 5.5% (as I currently bank with FD), but 6.3 is much more attractive.

Any thoughts...?

Lips

katty_kit

Hi,
We are looking for some savings advice. We are a young couple with around 7 thousand pound to start saving, 3600 of which is in an ISA, and the rest currently in a savings account earning 0.1%. We were looking to transfer it all into a new ISA at 3.9% fixed for 3 years, but then stumbled across the page about the NS&I index linked savings account, currently at 6.3%. Our problem is with our limited experience, we don't really understand which is the better option and would appreciate any advice anyone has.

Thanks

Mr.Average

Does anyone have any opinions on which of the three easy access accounts are best...I can't seem to find anything to separate the three apart from 0.01% interest.

I'm referring to the A&L, Egg and AA accounts at 2.8% interest.

10_66

Mr.Average wrote: »

Does anyone have any opinions on which of the three easy access accounts are best...I can't seem to find anything to separate the three apart from 0.01% interest.

I'm referring to the A&L, Egg and AA accounts at 2.8% interest.

Personally, I wouldn't choose A&L as it's part of Santander (Abbey), which has a terrible reputation, which I have experienced first hand.

JimmyTheWig

Mr.Average wrote: »

Does anyone have any opinions on which of the three easy access accounts are best...I can't seem to find anything to separate the three apart from 0.01% interest.

I'm referring to the A&L, Egg and AA accounts at 2.8% interest.

I've had no experience of the AA (for banking), but have been using Egg since they launched in 1998 and have been very happy with them. I'm not affiliated to them in any way, just a satisfied customer.