The Top Easy Access Savings Discussion Area

franticfreddie

I've got £7k to deposit in an instant access a/c
I see a lot of recommmendations for drip feed a/c's
Any suggestions for lump sum investments, ideally which I will then drip feed into monthly ongoing at £200 per month?:j

Steve_xx

franticfreddie wrote: »

I've got £7k to deposit in an instant access a/c
I see a lot of recommmendations for drip feed a/c's
Any suggestions for lump sum investments, ideally which I will then drip feed into monthly ongoing at £200 per month?:j

Get a LloydsTSB Classic current account and add Vantage to it so that it pays 4% interest on balances between 5k and 7k . No interest is paid on balances in excess of 7k.

See here:http://www.lloydstsb.com/current_accounts.asp

Mr._H_2

franticfreddie wrote: »

I've got £7k to deposit in an instant access a/c
I see a lot of recommmendations for drip feed a/c's
Any suggestions for lump sum investments, ideally which I will then drip feed into monthly ongoing at £200 per month?:j

If your current current-account provider offers a Faster Payments service that doesn't suck (e.g. doesn't suck: Natwest, HBOS, First Direct, HSBC, probably a few others I can't vouch for as I haven't used them; does suck: Santander), then get yourself a Lloyds Vantage current account, which pays 4% on the full balance, if the balance is between £5000 and £7000 and you deposit at least £1000 a month.

Here's what you do:

1. Deposit £7000 in LloydsTSB vantage account
2. On e.g. the 15th of each month, transfer £1000 from the Lloyds account to your current current-account.
3. As soon as the money arrives in your current current-account (which will be immediately), transfer it back to the Lloyds Vantage account. This will fulfill the £1000 a month deposit requirement.

the 4% interest is at least 1% more that you'll get on any other instant-access account.

FirstDirect have the best monthly saver at the moment, paying 8% and allowing deposits of up to £300 a month, but you have to have an FD current account. If you're not with them already, this requirement is not necessarily a bad thing as FD have possibly the best (according to all the surveys) customer service in the industry and will pay you £100 to switch to them.

HarryJohnson_3

Mr._H wrote: »

FirstDirect have the best monthly saver at the moment, paying 8% and allowing deposits of up to £300 a month, but you have to have an FD current account. If you're not with them already, this requirement is not necessarily a bad thing as FD have possibly the best (according to all the surveys) customer service in the industry and will pay you £100 to switch to them.

I have got my ISA with FirstDirect and they offered to switch all my accounts over to them. Wasn't really sure about doing that but not really happy with Halifax anymore.

Quite like ING Direct easy access savings account ... 2.8% interest for new customers and monthly interest + no penalties for withdrawing.

Was thinking of setting up a new easy access savings account with Santander at 2.95% with monthly interest. Keep hearing negative stories about them though. Any feedback ??

philbostavros

Hi Harry

I have always banked with Alliance & Leicester (they took over the old Girobank) and was worried about the tales of woe regarding Santander.

I know others have experienced multiple problems however, give credit where it's due, I have not had any problems with the merger, either with customer service or systems wise (no - I don't work for them either).

I currently have funds in their eSaver (iss2) which I will review, as well as their cash ISAS.

When I reviewed these last year (as you annoyingly have to keep doing with all companies these days), the process was fairly painless.

In fact for me, I now at least have a local branch (ex-Abbey National) whereas my nearest A&L was 30+ miles away.

With stories popping up about various companies failing customers one way or another, it is a bit pot-luck?

Good luck with your choice.

naked

HarryJohnson wrote: »

Was thinking of setting up a new easy access savings account with Santander at 2.95% with monthly interest. Keep hearing negative stories about them though. Any feedback ??

The main problem I have with them is that you can't send a faster payment online to another account. You can only do it by phoning up, and then the limit is £300 per day.

The rate and terms for the account are quite good though which is why I've still got my account with them.

gwyn1_2

Opened this account about a week ago, and it appears to be nolonger available at the 2.9% issue.

It seems to have been replaced with On line saver issue 2 which pays 2.6%

Steve_xx

gwyn1 wrote: »

Opened this account about a week ago, and it appears to be nolonger available at the 2.9% issue.

It seems to have been replaced with On line saver issue 2 which pays 2.6%

If you opened it before it changed it will have the title Online Saver Issue 1. If that's the case the interest rate will still be 2.9%

See here:

http://www.postoffice.co.uk/portal/po/content2?catId=52900697&mediaId=52900695

josiejump_2

I opened my PO Online Saver account in November last year at the advertised rate of 2.9% AER. I receive interest monthly on the 1st of the month. I have just checked my new balance and the interest rate received this month has definitely gone down despite me having paid in an additional £600 and having made no withdrawals. I'm no mathematician but it looks like the AER rate I'm getting now is around the 2.6% figure - which is what's being advertised for Issue 2. In fact, when I click on the 'What is my interest rate?' link in the FAQs it tells me I'm on the new lower rate.

Can this be right? I was not under the impression that the rate was variable, although I was aware it included a one year bonus rate.

When I look at my account online, and the documentation I received by post, nowhere does it state my account is 'Issue 1', it just says 'Online Saver'.

Can someone tell me whether I need to start looking to move my cash elsewhere or whether I need to complain to Post Office Savings?

TIA

Nicki

murphydavid

josiejump wrote: »

I opened my PO Online Saver account in November last year at the advertised rate of 2.9% AER. I receive interest monthly on the 1st of the month. I have just checked my new balance and the interest rate received this month has definitely gone down despite me having paid in an additional £600 and having made no withdrawals. I'm no mathematician but it looks like the AER rate I'm getting now is around the 2.6% figure - which is what's being advertised for Issue 2. In fact, when I click on the 'What is my interest rate?' link in the FAQs it tells me I'm on the new lower rate.

Can this be right? I was not under the impression that the rate was variable, although I was aware it included a one year bonus rate.

When I look at my account online, and the documentation I received by post, nowhere does it state my account is 'Issue 1', it just says 'Online Saver'.

Can someone tell me whether I need to start looking to move my cash elsewhere or whether I need to complain to Post Office Savings?

TIA

Nicki

I think!
The rate on your (Accounts no longer available to new savers) is still quoted by the post office at 2.9% AER gross so that is what you should be getting. However before you complain are you sure it is wrong?
Note February is 3 days less than January so you get 3 days less interest and the interest on £600 for a full month less tax is about £1.15p. So if you originally had say £10000 in in Jan and added £600 the interest for feb would still be less. 3 days interest on 10000 being about £2.38