The Top Easy Access Savings Discussion Area

patpalloon

Zopa_Trooper said:

patpalloon said:

Zopa_Trooper said:

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

What about Premium Bonds?

Gambling you mean? Why not stick the lot on black or red at a casino. Almost a 50/50 chance.

I've had a (singular) premium bond for 67 years (it was brought for me to celebrate my birth). Never won a penny. Wonder how much that £1 would be worth now?

I meant they are tax free. A singular premium bond is unlikely to win anything. To increase your chances you need a  much higher stake. I've had quite a few 'wins'. probably not as much as an EA account.

janusdesign

castle96 said:

Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

just chatted with Santander...

14:00, Aug 17 - Sarah: The fee is applied after the conditions of the account are met for the first time.
14:01, Aug 17 - You: so if I never use the current account, there is no fee? also, is there a hard credit check done on an application for the current account ??
14:01, Aug 17 - Sarah: That's correct There is, yes

i'm not sure that I can be bothered to apply for a current account that i'm never going to use, just to access a savings account that lasts for a year for £280 in interest - i'll likely wait until there is a switch offer and then use one of my other unused current accounts for that.

patpalloon

masonic said:

patpalloon said:

Zopa_Trooper said:

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

What about Premium Bonds?

Not a no-brainer for basic rate taxpayers, if you have average luck. Based on a 10,000 simulation Monte Carlo analysis using September's prizes, median annual returns for a full holding would be 4.05% (equivalent to 5.06% taxed at BR), but lower for smaller holdings. Even with a full holding, 25% of people would get less than 3.4% (equivalent to 4.25%). I'll be sticking with Tandem.

I guess the problem is once you have had them you wouldn't want to give them up - bit like if you have certain lottery numbers - you've got to be in it to win it as they say.

patpalloon

Is Monument any good? looking at their EA - it's almost as high as many notice accounts. I already have tandem. I don't mind app only.

jaceyboy

patpalloon said:

Is Monument any good? looking at their EA - it's almost as high as many notice accounts. I already have tandem. I don't mind app only.

Min £25k I believe 

flaneurs_lobster

castle96 said:

 Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

Several people here (inc me) have assumed that, given that's it's certainly one interpretation of the T&Cs. I guess we'll know for sure after a month's billing cycle has lapsed. 

I'm keeping a few quid in the Edge current account JIC, don't want to slip into unauthorised overdraft charges if it is charged.

BestSeagull

patpalloon said:

Is Monument any good? looking at their EA - it's almost as high as many notice accounts. I already have tandem. I don't mind app only.

I'm happy so far. I'm almost completely new to app only but survived opening Tandem so went for Monument next.

I called them because I was concerned about what happens if their interest rate is no longer competitive and I want to move my last £25k (min balance across all accounts) out.
They told me I'd be politely reminded to top up the account but if I didn't the account would be closed. I didn't ask about the timeframe of that scenario. They said there would be no problem opening another account in the future. I asked if there was a limit to the number of times an account could be opened and closed and they said that there was not.

When depositing, which is almost instant, I did get blocked a couple of times by Halifax as Monument are not yet part of the confirmation of payee system. Recent transactions have gone through though.

MACKEM99

Malchester said:

MACKEM99 said:if t he

InvesterJones said:

gt94sss2 said:

refluxer said:

On the subject of bonus rates, Tesco gets listed at 4.35% (including the bonus) so presumably the entry point in a Moneyfacts table depends on whether the rate is automatically applied or not (the Tesco bonus is but Tandem's bonus isn't ?).

Moneyfacts is inconsistent. They list Tandem without the bonus but list Marcus (who advertise with them) with their bonus included.

Doesn't the Marcus bonus automatically apply when you open an account though?

I have to keep going on to Marcus when new bonus arrives to click on to it.

As long as Marcus have a bonus it is on your rate. You can log in and renew the same bonus whenever you want and the 12 month starts again. You could do it every day if you want!!!!

If they bring out a new bonus rate you have to click on it to set it up.

castle96

janusdesign said:

castle96 said:

Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

just chatted with Santander...

14:00, Aug 17 - Sarah: The fee is applied after the conditions of the account are met for the first time.
14:01, Aug 17 - You: so if I never use the current account, there is no fee? also, is there a hard credit check done on an application for the current account ??
14:01, Aug 17 - Sarah: That's correct There is, yes

i'm not sure that I can be bothered to apply for a current account that i'm never going to use, just to access a savings account that lasts for a year for £280 in interest - i'll likely wait until there is a switch offer and then use one of my other unused current accounts for that.

Still not a bad return, surely. Stick £4k in, no fee, leave 1 yr, easy access,£280. I'm going for it !

BestSeagull

janusdesign said:

castle96 said:

Just to confirm - no£3 fee ... TRUE?if I dont bother with cashback, etc. Just want to bung £4k in there

just chatted with Santander...

14:00, Aug 17 - Sarah: The fee is applied after the conditions of the account are met for the first time.
14:01, Aug 17 - You: so if I never use the current account, there is no fee? also, is there a hard credit check done on an application for the current account ??
14:01, Aug 17 - Sarah: That's correct There is, yes

i'm not sure that I can be bothered to apply for a current account that i'm never going to use, just to access a savings account that lasts for a year for £280 in interest - i'll likely wait until there is a switch offer and then use one of my other unused current accounts for that.

I don't think I'm going to bother with this one either, too many hoops.
 And when you think about it, we're not  missing out on £280. Just on the 2% difference between Tandem at 5% and Santander at 7% so that's what, £80. Less if rates continue to rise.