The Top Easy Access Savings Discussion Area

laudami

Hi

I need to open 1,2 or 3 high interest savings accounts as i have approx £250,00.00 from a house sale. I need a good rate, be able to transfer monthly amounts (live off the interest until the ozzy exchange rate is much better? via internet banking to a nationwide account as were moving to OZ in 4 weeks!Please help! I see that they have allreduced the rates-typical!!!!

any soound advice is very welcome!

Thankyou
laudami

Mr._H_2

Could anyone with a Bradford and Bingley Internet Saver account please let me know if it is possible to set up regular outgoing payments from the account? e.g., set it to pay £500 a month into a linked current account or such like.

10_66

I haven't tried doing it, but from memory, I think so. Tranfers in and out are by DD, and I think that when you're logged on, when you're arranging a transfer, you're asked how often you'd like to make the transfer.

Moggles_2

Mr._H wrote: »

Could anyone with a Bradford and Bingley Internet Saver account please let me know if it is possible to set up regular outgoing payments from the account? e.g., set it to pay £500 a month into a linked current account or such like.

Yes, it's possible to set up regular payments - weekly, monthly or annually - to your linked current account.

Moggles_2

10_66 wrote: »

Transfers in and out are by DD

Transfers in are by direct debit. Withdrawals by BACS transfer.

suelees1

murphydavid wrote: »

suelees1 wrote: »

Me too I just had a Bradford and Bingley account that was high interest for 3 months then they abandoned it introducing a new named account and made it hardish for me to transfer from the old named one to the new. I managed it but another 3 months and the new one's rate has dropped significantly. Moving my money every three months is the pits so its goodbye B & B for ever.

Ditto re B&B. Looks like my savings accounts will be anywhere but in Britain

Victors_Bruvver

suelees1 wrote: »

murphydavid wrote: »

Ditto re B&B. Looks like my savings accounts will be anywhere but in Britain

Yep here too! Last one out turn out the lights please

Moggles_2

I think you have to consider whether you want the most interest right now or whether to maximise your future savings income.

If the latter, it's probably best to plump for a/cs with a decent interest rate guarantee like Icesave or Kaupthingy - or HiSave even, if you can live with ICICI's dire customer service.

These overseas providers tend to operate with low costs and, because they still need to build a customer base here, are more likely to maintain decent interest rates.

robthedog

hi questions can anyone help?
1 kaupthing 6.5% read articles it is "fragile" poss go bust anyone comment

2 if i does is it definetly covered by compensation scheme?

3 in the event of any bank busting how long does the payout process take?

10_66

1) Don't think anymore can be written about it really, it's probably all been said on the posts that you've already read.

2) Yes. It's covered by both an Icelandic equivalent and by the FSCS. the Icelandic equivalent covers the first £16,000 (I can't remember the exact figure, but it's around that), and then the FSCS would cover the balance up to the remaining £35,000.

3) I don't think anyone knows the answer to that because I don't think it's been tested yet. I think previous speculation on threads about the same subject anticipate that it would take many months. Some have said it might be more complicated because the first amount covered by the Icelandic compensation scheme would have to get sorted out first, then the FSCS would start sorting the remaining balance up to the £35,000.