The Top Easy Access Savings Discussion Area

KevinG

RedImp_2 said:

KevinG said:

Rheumatoid said:

Zopa_Trooper said:

If you're paying tax on your savings, ISA's are a no-brainer.

only if you are saving more tax than you would pay on a higher interest non-ISA savings account.

Obviously, and with today's rates, even the top instant access rate of 5% is equivalent to only 4% after tax and this is easily beaten by an ISA.

Not always strictly true.  Obviously you can only add £20k this year.  If that were the only savings you had 5% instant access is still 5% after tax.

This whole discussion quite obviously only applies if you are subject to tax.

aaj123

movingon said:

aaj123 said:

Bridlington1 said:

aaj123 said:

Bridlington1 said:

@soulsaver
Santander Edge Saver now 7% (£4k max)

No way to get this without an Edge current account, is there? I really like my 123 current account. Sure, one could think of getting an effective 6.1% by paying the £36 for the year and maxing out the 4k.

You don't really have to pay the £36/yr if I'm not mistaken. The terms say:

The fee for this account is £3 per month. We’ll start charging this fee after you meet the conditions for earning cashback for the first time. Then, we’ll take it from your account each month on the anniversary of the date you opened it. We’ll do this every month until your account is closed. This includes any months where you don’t earn cashback. If you don’t have enough money available to cover the monthly fee, we’ll still take it and your account may go into an unarranged overd

If you never meet the criteria for earning cashback, you won't pay any fees. So if you never have any DDs on the Edge account you won't have to pay the £3/mth account fee.

Whoa, good spot! Never occurred to me to be honest. I wonder what prompted them to put in such a strange conditional start of the £3 fee seeing as the fee continues once started even if you later fail the conditions.

So do we think its ok to have both a 123 account and an Edge account as well. I am wondering if I get an the Edge account with the aim of  fulfilling none of the criteria for cashback, and therefore not paying the fee for it?

I will skip for now as I still have to use up my flexible cash isa allowance for the year so at this point the ISA will beat even the 7% edge save rate for me. And since the edge saver also has a bonus included, more important that I start using it only when I actually max it for an year. 

Section62

Old Virgin Money savings accounts...

Not seen it mentioned before, but it seems as part of their branch/store closures certain old passbook accounts are being converted to their Easy Access Saver issue 39 which will have statements rather than the passbook.

The reason for mentioning here it is the interest rate (on balances over £999) is 5% (annual, gross) - some forum members might find that useful. The rate on balances £1-£999 is 0.1%.

Issue 39 is only available to those with an existing eligible passbook account (VM are writing to those customers).

It appears the account can still only be managed in store/branch (for now) or by post, so is of limited use for easy access, but if you were thinking of closing an old passbook account it might be worth checking whether it would otherwise be converted to the issue 39 account in due course.

I'd also be surprised if VM were making this change without the account ultimately being available for online/app management, although by then the rate may plummet.

dekkard

Thinking of opening a Tandem savings account. Is there anything in particular to be aware of, any drawbacks?

twadds123

dekkard said:

Thinking of opening a Tandem savings account. Is there anything in particular to be aware of, any drawbacks?

not really,  it's app only so don't use if you like actual online or branch banking.

deposits and withdrawals are not instant but are still pretty quick, usually less than 20mins in my experience.

BestSeagull

dekkard said:

Thinking of opening a Tandem savings account. Is there anything in particular to be aware of, any drawbacks?

I was apprehensive but I'm glad I did it. It was my first app only account and I've gone on to open Monument since.

I will say that the app, although simple, is not the most intuitive to operate but I'm getting better at it with practice.

It has to be linked to a current account but you can link to several, which I found useful when trying to fill up the account quickly. I had some problems with Santander repeatedly blocking payments in but Halifax didn't seem to mind.

You have to actively click a box to add your bonus rate, don't forget to do that.

castle96

Re Edge Saver
I have a regular saver and a 123 a/c. Have applied on line for the Edge Saver but it declines me. Why?

n3ophyte

castle96 said:

Re Edge Saver
I have a regular saver and a 123 a/c. Have applied on line for the Edge Saver but it declines me. Why?

Because you need an “Edge” current account not a 123 account.

castle96

OOps sorry - I DO havean Edge current account as well

ForumUser7

castle96 said:

OOps sorry - I DO havean Edge current account as well

Edge, or Edge Up? Former is eligible, second isn't.