The Top Easy Access Savings Discussion Area

I-LOV-MONEY

Has this thread got stuck or is somebody posting something untoward?

I am sure this is the second time I have received notification of a new reply, only to find there isn't anything new there.

Mr._H_2

I-LOV-MONEY wrote: »

Has this thread got stuck or is somebody posting something untoward?

I am sure this is the second time I have received notification of a new reply, only to find there isn't anything new there.

Someone posted a question not related to instant-access accounts and I suggested they start a new thread about it instead. They have since done this and deleted their original post; I also deleted my reply.

AlexMac

toshkininny wrote: »

Hi, is there a top kids savings account thread, I can't find one. If not, can anyone recommend any decent building societies for the kids to save with. They are with Nationwide at the moment, and used to have a Smart Save account perks (e.g. discount on bowling, etc) - which apparently has come to an end although I didn't know that until today.

Thanks

Apologies for late reply, as I don't often visit this thread, but

Look at the Halifax's kids savers- especially their Junior cash ISA at http://www.halifax.co.uk/savings/accounts/cash-isas/junior-cash-isa/
This offers " 6.00% tax free/AER variable if an adult cash ISA is held or child is 16 and over".

But be prepared to have to take a screen print into branch if you visit to open one. We had a really tough time with some snot nose kid banker who
-kept us waiting for 10 minutes for a second, pre-booked appointment, as when we 1st visited no-one could be raased to see us,
- refused to believe their own rate, or that it applied to 16-18s WITHOUT an adult also having an ISA (as is the case if the kid is under 16)
-then couldn't get on to his own website, so spent half an hour trying to ring head office.

We got there in the end, but talk about an off-putting experience for the grand-daughter who was naive enough to think a bank would welcome her as an investor!

alwse10

Hi all, not sure if I am posting in the appropriate place....
Looking for some advice on short term (very) savings accounts and how best to spend it.
Next month we're due to get a £70k loan from Nationwide for paying off our 0% credit cards (expiring in April and May at £15k) leaving us with £55k to spend on our 1st floor house extension and other renovations.
We want to be able to spend our £55k via a separate account - with a debit card (and chequebook if poss), but ideally - we'd like to get some form of interest as the £55k is likely to be spent over the next 3-6 months;even if it's only a few hundred pounds in interest that means it can pay for a new kitchen worktop!
Any ideas on how best to achieve this?
Is it possible to get a savings account that gives a debit/chequebook, or should we open a websaver account AND a current account - and dupe the bank into thinking it's a proper current account by paying in savings from the websaver at the minimum rate every month?
Clearly though we won't be directing our salaries to it nor setting up direct debits so not sure if that would work?
Any advice much appreciated!

innovate

The max you get on a savings account is 2% AER these days. 2% AER on 55K is £1,100 if you leave the full amount in the bank all year. But since you are going to spend it over 3-6 months, you are more likely talking about significantly less than half.

There are some current accounts that pay a bit more than 2% AER on limited amounts (Santander 3% on £3K-£20K, Lloyds 3% on £5K, Nationwide 5% on 2.5K). They all do have pre-reqs such a minimum monthly deposits. It is not necessary to switch bank accounts but to talk about "duping" a bank is silly. You need to stay firmly within the terms and conditions, none of which will, or can, force you to close your existing bank account.

Only savings account that I know of that can have a card is the Santander esaver, but I think you might need a current account for it, and it pays only 1.5% AER now. There might be others.

G_M

To add to the advice above (with a question), why do you need a debit/chequebook?

With Faster Payments these days, just open the best paying online savings account and transfer what you need, as you need it, to your normal current account and then write a cheque from there.

VfM4meplse

I've only caught snippets of the budget this lunchtime - is there anything in it that could possibly help savers?

typistretired

No!!

And still ring fencing that overseas aid budget! Why when we need aid here!!!

Stompa

VfM4meplse wrote: »

I've only caught snippets of the budget this lunchtime - is there anything in it that could possibly help savers?

No, quite the opposite:

http://www.moneymarketing.co.uk/home/budget-2013/budget-13-osborne-reveals-talks-with-boe-to-extend-fls/1068066.article

Chancellor George Osborne today confirmed he has held talks with the Bank of England about the possibility of extending the Funding for Lending scheme.

VfM4meplse

typistretired wrote: »

And still ring fencing that overseas aid budget! Why when we need aid here!!!

This is a very selfish attitude. Poverty here cannot compare with poverty in developing nations - I don't begrudge this in the slightest.