The Top Easy Access Savings Discussion Area

Yogibear

ManAtHome wrote: »

Not sure about that - on the summary page they say minimum £1 at the top, but the box half-way down states £1,000 (maybe they copied that bit from the fixed-term savings...).

Anyway, it let me put in £100 as the opening investment and I've sent a cheque - will wait and see.

the Net 1 is closed as the man said it was £1 deposit min. you may have signed up for the Bond £100 min. Net 2 is £1000 Min:D

ManAtHome

Yogibear wrote: »

the Net 1 is closed as the man said it was £1 deposit min. you may have signed up for the Bond £100 min. Net 2 is £1000 Min:D

Certainly a weird one - min investment £1k, min balance £1. Maybe I'll need to send them £900 in Monopoly money so they can credit and debit at the same time...

Was definitely Netsave 2 and did have 'minimum £1' for the opening cheque (possibly set up by the Nationwide ISA team? lol).

Benergy

ManAtHome wrote: »

Certainly a weird one - min investment £1k, min balance £1. Maybe I'll need to send them £900 in Monopoly money so they can credit and debit at the same time...

Was definitely Netsave 2 and did have 'minimum £1' for the opening cheque (possibly set up by the Nationwide ISA team? lol).

I wish that they would accept monopoly money!

DragonQ

I was thinking about switching from Bank of Ireland (3.05%) to Derbyshire (3.16%) but it's so not worth it. Bank of Ireland assure me that if I transfer money out, I'll get interest until the money leaves my account (which'll be 3-5 days after I initiated the BACS transfer). However, it's still gonna be in my current account for a few days, earning 0% interest, before it reaches the Derbyshire account. Derbyshire says this transfer will take 3 days but I wouldn't get interest until the day after it reaches the account. So, by my calculations, I'll only start to make a profit on this move after 115 days (best case scenario). By that time there'll probably be a better account around anyway.

If it was 3.25% then it might be worth considering (66 days to profit from the move).

Catbells

Hi Have had an AA online deal for a year and want to change to the Nationwide Mysave online plus issue 4 for a year. Its 3.12% and as my research has shown its the highest interest rate around at the moment. I can leave it for a year but wanted to know if its the best you have come across at the moment. Thanks.

PS Just read here about the Derbyshire (never heard of them). I take it it is easy access to a nominated account - not clear on the details on Moneysupermarket.
PPS Also interest is paid in August so I have missed a couple of months. Not sure if this is the same with Nationwide (or all of them).

frome2u

Hi there, Can anybody help me! im useless at saving's accounts but wish to start. I have £500 that I want to save for 2yrs and 5months (GIVE OR TAKE THE 5MONTHS) Im saving for a cruise for my partner who will be 50. I want a savings account that will lock the money away from me, but will still allow me to watch it grow (online) and add more every month (£100) thanks in advance. (seem to have lost my smillies)

db3745

frome2u,
I'm not the best guide for you, but till someone else comes along I'll try. You need the section on "Regular Savings" first -
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

This type of account normally offers the best rates of all as large scale savers are excluded, and providers can grab eye-catching headlines with rates which don't end up costing them a great deal in total interest.

Your parameters are ideal at £500 lump sum and £100 per month. In summary of what's available, it depends! If you already bank with First Direct they offer a massive 8% for regular savings; if you don't you could of course switch to them. Similarly Santander offer the same to current account holders, but their regular savers' rate is only 5%.

If you have children, you could open an account in their name with Halifax and get 6% fixed for a year, then when the year's up look at the market again.

If you don't meet these special terms, the best regular savers offer 4%, which is still better than the best easy access of 3%ish. Look at Norwich and Peterborough, Saffron and West Bromwich if you live a West Brom branch. As you want to save an additional £100 each month, fixed rate accounts aren't ideal, because though you can get 3.96% from the Post Office for a 2 year fix, you can't pay in more than your original lump sum. It is essentially fixed rate/fixed term/fixed capital sum.

As I say I'm only an amateur in these things; hopefully this might give you somewhere to look before one of the qualified guys comes along! Best of luck and look forward to the cruise.

frome2u

Thanks ive just checked the 'First Direct it sounds good :beer: Just read deeper into it and I dont want to open up another current account, just an online saving's account that I can transfer money into every month (lost my smillies again)

key2pirsq

Good afternoon all. Being vary new to this, forgive the silly questions.
I am looking to invest the sale of a house, and gain a regular income from that investment. Can anyone point me in some kind direction, and give an indication of what return I would achieve?

DragonQ

If you're looking for an instant access savings account, the best you'll get is around 3.15%. Most of the highest rate ones pay yearly though and obviously you'd want one that pays monthly interest for a regular income.