The Top Easy Access Savings Discussion Area

silps

Alliance & Leicester have an eSaver account which is paying with bonus 6.5% AER or 6.31% gross. They pay interest monthly but if you withdraw in any month (except July) then you don't get interest paid for that month.

Am I right in thinking that if I withdrew all my money after 6 months (after the monthly interest has been paid) I would get the prorata equivalent of the 6.31% gross in interest for those 6 months?

Are there any drawbacks to this type of account?

Abbey are doing a similar account as well with 6.25% AER.

Thanks.

suelees1

Ignore me if this has been posted but just had an email from Northern Rock. The Silver Saver reduces from 6.25% to 6% from 04th April.

suelees1

GailR wrote: »

..also need to put some aside somewhere really safe for our son who's not likely to earn much, if at all as he has mental health problems....

Hi GailR, got my work head head on here (benefits law)! Is you son getting his correct benefit entitlement ? I'm sure you'll be aware of everything to which he (or you) might be entitled but if any queries send me a personal mail or post on the benefits forum. Like this it's full of helpful advice.

Sue

Bestrate_2

I want to switch money from my Bradford & Bingley esaver account as the rate has decreased again (now down to 5.25%) and they have introduced yet another account with a better rate which you cannot switch in to but have to apply for and then transfer your money - what a kafuffle!
I have found carhot.com pay 6%, give instant access, part of Abby and no chance of being tripped up/missing any bonus.

JimmyTheWig

GailR wrote: »

I've looked on the forums and spoken to Hoodless Brennan (I opened an on-line account with them y'day) but can't find information regarding a tracker re your suggestion. Could you please direct me? Thanks.

You know what? I can't find anything about this either!
I've got one with Abbey (started about 6-7 years ago and I still pay £50 pm into it), but can't find any details of it on Abbey's website.
Makes me wonder if the product I've got is any good.
Looks like I'm not the right person to ask about this side of things, and this isn't the right thread to ask about them, either.
You could try posting the question on a new thread.
...
Hold on, I've just googled it. Try reading http://www.fool.co.uk/isas/information/whats-an-index-tracker.aspx.

French_Saver

silps wrote: »

Are there any drawbacks to this type of account?

I have just opened a e-saver account myself. Drawbacks I found is that transferring money into the account is a absolute pain in the backside. It can only come in from your linked account and in certains forms of transfer only. Direct debit are restricted to £25k per transaction and it takes 8 working days for the first DD to clear!!! So if you need to transfer a large sum it is going to take some time! It is best operated with one of their current account as in that case transfer times are minimal. They do have an offer at the moment with a current account which pays 8.5% gross on up to £2500. Check this website for details.

murphydavid

GailR wrote: »

I've looked on the forums and spoken to Hoodless Brennan (I opened an on-line account with them y'day) but can't find information regarding a tracker re your suggestion. Could you please direct me? Thanks.

If I read you you are looking for a ftse100 tracker??

If so here is one

http://www.nsandi.com/products/geb/index.jsp

This issue is not as good as a previous one which was 110% of the ftse and unlimited?
Not too sure about the tax!! It looks like the tax for earnings over 5 years is all taken as if it was earned in one year which might put it in a higher tax band if you are earning near the tax band change point.

chris_o

JimmyTheWig wrote: »

I believe that you simply put a zero at the front of a seven digit account code to make it an eight digit code.
But probably safest _not_ to take my word for it!

That is correct. Kaupthing sent me a message confirming this.

chris_o

Bestrate wrote: »

I want to switch money from my Bradford & Bingley esaver account as the rate has decreased again (now down to 5.25%) and they have introduced yet another account with a better rate which you cannot switch in to but have to apply for and then transfer your money - what a kafuffle!

This one of my pet hates. You have an online account. You want to open another account with the same institution. Can you simply do it with one click from within the online banking application? In the vast majority of cases the answer is a resounding no. They obviously don't want to make it too easy for customers to switch into a better paying account. In fact, what it does is encourage me to switch to a different provider altogether. Which I probably wouldn't do for a small fraction of a percent if it was easy to open a new account with the existing provider.

Elfy_2

Hi, my boyfriend and I would like a joint on-line savings account to both access when we have a little spare cash. We are currently saving for a joint purchase which will be made in the summer, but would like to keep the account open for further joint purchases. Is there an account available out there to do this?
many thanks
Elfy