The Top Easy Access Savings Discussion Area

Archi_Bald

JP_Esq wrote: »

....(I trade Betfair markets)...

In which case, I would be surprised if you didn't have to odd couple of £K sloshing about with which you could easily meet just about any monthly deposit requirements of any current UK current account. If you do, you probably do have an issue with your trading strategy and you should, may be, look at matched betting as an alternative? Just a thought (because I know matched betting works).

JP_Esq wrote: »

As for the First Direct one, you don't need to put in £1500 every month to avoid the fee? Just a solitary pound in the e-saver? Subject to acceptance of course?

Yes sure. If you don't believe me, search the MSE Forum. Or better still, take 10 minutes to locate the appropriate T&Cs on the FD website. I think I did say before it's not easy to find but the terms are all there.

JP_Esq

Archi_Bald wrote: »

In which case, I would be surprised if you didn't have to odd couple of £K sloshing about with which you could easily meet just about any monthly deposit requirements of any current UK current account. If you do, you probably do have an issue with your trading strategy and you should, may be, look at matched betting as an alternative? Just a thought (because I know matched betting works).



Yes sure. If you don't believe me, search the MSE Forum. Or better still, take 10 minutes to locate the appropriate T&Cs on the FD website. I think I did say before it's not easy to find but the terms are all there.

By "matched betting" Im assuming you mean "arbitrage" or using promotional free bets as one side of the trade and using the betting exchange as the other.

If so, that is no longer an option for me as Ive had dozens of accounts with bookmakers over the years and all have either been closed or had severe restrictions imposed.

By trading Betfair markets, I mean all my activity is contained within it.

For example, I have an opening trade on Man Utd in the Prem Winner market. £500 lay at 3.35. That opening position requires £1175 in cleared funds in Betfair. Now, I could close out at 3.80 to free up these funds to now satisfy conditions for banks... but I want to keep my position open and probably for a while longer. I have to have a certain amount of capital in there at all times as opportunities come and go. Absolutely no interest is received on these funds but that is part of the cost of having funds in the most liquid form.

Its a tough enough activity as it is without letting other considerations dictating things (tail wagging the dog etc.) With some serious micro-managing, it can probably done, I don't doubt, but the increased level of work, effort, planning etc isn't worth it/suitable in my view.

Things were bad enough around 2-3 months ago when RBS systems were playing up! (Betfair use Natwest for client funds.)

As for the First Direct thing, thanks for the clarity, Ill definitely look into that. It just seemed like a probable apocryphal story. I did have a casual look through their site and couldn't find the same clarity (talk of using another of their products I saw but couldn't see a list etc with the e-saver included) but like you said, buried deep somewhere no doubt.

Thanks again.

I-LOV-MONEY

Well you have completely lost me !!

I have a FD current account and they were going to start charging me to use it. As I had had it for many years without charges I rang them. I was advised to open a savings account with £1 and I would not be charged. I did and I haven't been !

typistretired

JP_Esq wrote: »

As for the First Direct thing, thanks for the clarity, Ill definitely look into that. It just seemed like a probable apocryphal story. I did have a casual look through their site and couldn't find the same clarity (talk of using another of their products I saw but couldn't see a list etc with the e-saver included) but like you said, buried deep somewhere no doubt.
Thanks again.

This is on their main web site if you click 1st Account:

Eligibility

Banking with first direct usually costs £10 a month, but we'll waive the fee if you pay in at least £1,000 to your 1st Account each month or maintain an average monthly 1st Account balance of £1,000 or hold a selected first direct additional product. For new customers we waive the fee for your first 6 months. Take a look at our interest rates and charges section for details of the additional products.

There are 3 or's there!!!!

kidha

Hi, In addition to ISA's I have the following setup:
Sant (2) £40,000
BOS (3) £15,000
LLoyds (3) £15,000
Halifax (4) £10,000
Total £80,000

I need advice on two items please
1) I have £20k more to invest - which are the next best savings accounts ? I have a 3year old son - Can I put some of this in child saver accounts ?

2) I have £2k coming in every month which I need to put in some sort of regular saver ? Please advise


Thanks

San

tomsocr

freddysmith wrote: »

And pay the £2 monthly fee, then yes.
I waited until the 2 direct debits were showing before transfering money into the account.

No need, I opened a 123 Current Account and put £20k straight into the account. The 2 DD's were not setup for another 2 weeks. However, a month later received interest for the full month. I guess so long as the 2 DD's are setup before the next months fee is due you will get the full months interest.

mihaid

tomsocr wrote: »

No need, I opened a 123 Current Account and put £20k straight into the account. The 2 DD's were not setup for another 2 weeks. However, a month later received interest for the full month. I guess so long as the 2 DD's are setup before the next months fee is due you will get the full months interest.

same here, received interest for whole month.

liamcov

Can I do internal transfers of Halifax -> BOS and also TSB -> another TSB?

Will this satisfy the funding requirements?

lynio

we have £25000 to save/invest
already have the santander current 123 accounts and cash isas to max. for 2013
any help would be much appreciated
thank you

Middle_Sister

lynio wrote: »

we have £25000 to save/invest
already have the santander current 123 accounts and cash isas to max. for 2013
any help would be much appreciated
thank you

Lloyds x 3 A/Cs £5K in each
BOS x 3 A/Cs £5K in each

both accounts earning 3%