The Top Easy Access Savings Discussion Area

typistretired

I-LOV-MONEY wrote: »

Don't hold your breath on Post Office Savings. It is NOT instant. It takes at least 3 days for funds to arrive in your account and probably as long (not tried it yet) to take it out. When I enquired with them, about the Faster Payments scheme, she said they were using it.

Not wishing to offend anybody, but I believe they are based in Ireland !

When I took all my savings out of the Post Office esaver less £1 today, as they have dropped rate from today, it said it will take 2 to 3 business days to reach my account. Will keep checking and update when it actually arrives in my account

typistretired

My savings from the Post Office reached my current account this morning. Therefore, it took 24 hours for the money to arrive not the 2 to 3 days which they advised thank goodness!!!

VfM4meplse

2010 wrote: »

You could say their theory is to make saving rates so bad that people just go out and spend their money.

The only thing I'd want to spend on that might vaguely help the economy is moving house.

typistretired wrote: »

When I took all my savings out of the Post Office esaver less £1 today, as they have dropped rate from today, it said it will take 2 to 3 business days to reach my account. Will keep checking and update when it actually arrives in my account

typistretired wrote: »

My savings from the Post Office reached my current account this morning. Therefore, it took 24 hours for the money to arrive not the 2 to 3 days which they advised thank goodness!!!

You're bl**dy lucky then - one of the reasons I'm closing my PO a/c down (apart from the interest rates) is that I'm sick of funds beings suspended in cyber space. In this day and age there really is no excuse for it.

I don't withdraw funds often but have just had enough of it.

joncombe

badger09 wrote: »

There are several threads discussing the current very low rates offered to savers.

Simplified answer: it has very little to do with the BOE base rate. Because of the government's Funding for Lending Scheme, banks can borrow at 0.75%, on the understanding that they lend money on to small businesses :cool: While they can borrow at that rate, they don't need to offer 3% or anything like it, to savers. The FLS runs to April 2014 (I think) so little prospect of any big improvement in rates for savers before then.

Thanks for the information at least that explains what is going on. I think I might have to look at something else perhaps an investment fund.

joncombe

And withing two weeks of me opening a savings account at 2.3% with West Brom I've just had a letter that the rates are dropping to 1.8%. Very irritating.

allycatraz

Hello Everyone,

I'm thinking of opening a Santander 123 Current Account and using it as a pure Savings Account (3% for £3k+) but I was wondering if anyone is able to clarify a few points regarding the criteria to be met to ensure you get interest each month?

1. MSE is saying that you need to "Pay In" £500 per month. To me and as per MSE that means you can pay in £500 and literally immediately withdraw it and therefore have met this criteria. However the Santander website uses the term "Fund" which in my head is different to "Pay In" or are Santander just purposefully trying to make this criteria ambiguous? Can you just pay in £500 and withdraw it immediately and meet this criteria?

2. MSE states you can/have to transfer over 2 Direct Debits and 2 Standing Orders (implying these would be ones you have already setup in a previous current account). However Santander website states you have to "setup 2 direct debits". This suggests they have to be newly created direct debits to be set up once the account is open. Is this correct or can 2 just be transferred?

3. I assume the Standing Orders don't have to be with different recipients? I have a standing order for a family member and plan to split this value into two standing orders. I assume this is OK, I can't see it mentioned on the Santander website.

Any information or others with experience on this account would be greatly appreciated!

Many thanks!
Alex

KTF

1. It has to come from a non-Santander account. It can be paid in then withdrawn same day.
2. You can transfer them from an existing account or open 2 new ones.
3. No aware of any requirements to do with standing orders.

innovate

Not sure where the alleged requirement for standing orders on the 123 comes from. Don't think MSE mentions anything about SOs in the context of the 123?

This comes straight from the T&Cs:

A4 Earning cashback and credit interest using your 123 Current Account

To earn cashback and credit interest on your 123 Current Account, you must:
a) pay the monthly account fee; and
b) pay in a minimum amount into your account each month; and
c) have at least two Direct Debits set up on your account; and
d) for earning credit interest only, you also need a minimum
current account balance.

Not a word about standing orders. Also, standing orders won't count as direct debits (because they aren't direct debits).

gadgetmind

I'm trying to persuade my lady wife to set up a Santander 123 account. Our utility bills are big enough to stun an ox (gas is now £360 pcm!) so we could do with a few bob back, but ... well ... it's Santander!

innovate

gadgetmind wrote: »

I'm trying to persuade my lady wife to set up a Santander 123 account. Our utility bills are big enough to stun an ox (gas is now £360 pcm!) so we could do with a few bob back, but ... well ... it's Santander!

what's the problem?

I have had the 123 for close to a year now - - no more problems than with any other bank, or BS! And I do have a few of them, 13 at the last count.

But don't take my word for it - - I challenge you/your lady wife to find any bad report about the 123.

I know of one - - some poster complained that Santander didn't tell him he could have just upgraded from his old Santander current account, retaining sort code, account number, all DDs and SOs. That was bad (though is wasn't clear whether he did ask them how to upgrade).

As and if you two are ready to take the plunge, don't forget to check Quidco/TCB for any extra signup bonus. It's £45 at the time of writing.