The Top Easy Access Savings Discussion Area

tasty_snacks

Mr._H wrote: »

Does this definitely do Faster Payments out? Most Building Societies don't support outward Faster Payments.

In any case this would be a poor choice for tasty_snacks as they wish to regularly move money from current account to savings and back again, and the West Brom only allows for four penalty-free withdrawals a year.

Exactly this; the maximum of 4 payments out renders this account option redundant unfortunately. I'll probably be making 2-4 transactions pcm.

I've just followed through the Tesco savings account option and it seems to prefer direct debits payments in, which certainly aren't instant.

G_M

Mr._H wrote: »

As suggested above, switching your current account to Lloyds Vantage is a good option if you think you can keep the balance within the requisite bands.

No need to 'switch your current account'. Keep your existing c/a and run Lloyds alongside it as a savigs account.

noh

tasty_snacks wrote: »

Exactly this; the maximum of 4 payments out renders this account option redundant unfortunately. I'll probably be making 2-4 transactions pcm.

I've just followed through the Tesco savings account option and it seems to prefer direct debits payments in, which certainly aren't instant.

No.
Payments into the Tesco account can be by DD, BACS, or faster payments.

Mr._H_2

G_M wrote: »

No need to 'switch your current account'. Keep your existing c/a and run Lloyds alongside it as a savigs account.

Indeed there's no "need" to switch to Lloyds, but it would probably make their life easier if they did: then there'd be no need to constantly shuffle money around as long as their salary is £1000+.

Stompa

tasty_snacks wrote: »

Need an account that I can operate online and simply transfer back & forth, i.e. with faster payment capabilities.

FWIW Northern Rock should be offering FP out within the next month or two.

thebigbosh

Hi guys, looks like the page for instant access savings http://www.moneysavingexpert.com/savings/savings-accounts-best-interest has been muddled with inflation linked savings. You're probably in the course of updating it after the email going out, but it's going to confuse a few people I think
cheers

paulharding150

Planning to open a savings acount, no need to withdraw money.

What's better

ING - 3.1 / 3.06 / 2.56% Saving
http://www.ingdirect.co.uk/savings/variable_rate/

or

West Bromich 3.17 /3.17 / 2.54%
http://www.westbrom.co.uk/westbrom/savings.product?id=6045&category=52

I have £1000+so don't need to worry about a minimum payment, looking to top it up monthly for say 2-3 years

G_M

Mr._H wrote: »

Indeed there's no "need" to switch to Lloyds, but it would probably make their life easier if they did: then there'd be no need to constantly shuffle money around as long as their salary is £1000+.

If you use the Lloyds account as your daily current account, it becomes very difficult (impossible?) to maintain the £3-5K balance required to get the 3%.
This, of course, is the intention - Lloyds do not want their customers to constantly earn 3%.
By using another c/a for daily use, and using the Lloyds one as a savings account, you can control the balance and maximise the interest.

Mibbly24

Hi all,

I have £30,000 to put into a savings account, I've already used my ISA allowance for the year, any recommendations? I've been looking at the 3.17% West Brom websaver but can't work out if it charges you if you withdraw all of your money, even if it's the only withdrawal (as you get 4 unpenalised withdrawals). I may buy a house in 6 months so don't really want to fix my money away for a period of a year or more.

Any help appreciated, I'm useless at bank accounts!!

Mr._H_2

Mibbly24 wrote: »

Hi all,

I have £30,000 to put into a savings account, I've already used my ISA allowance for the year, any recommendations? I've been looking at the 3.17% West Brom websaver but can't work out if it charges you if you withdraw all of your money, even if it's the only withdrawal (as you get 4 unpenalised withdrawals). I may buy a house in 6 months so don't really want to fix my money away for a period of a year or more.

Any help appreciated, I'm useless at bank accounts!!

I haven't seen anything to suggest that you would be penalised for withdrawing the full balance, as long as, as you say, when you do so it isn't the fifth (or higher) withdrawal of the year.

Of course the easiest way to check this is to ask the Brom directly.