The Top Easy Access Savings Discussion Area

innovate

DougWeller wrote: »

I'm not sure I understand this. 6 standing orders, 4 banks, 3 of them Santander. How does this actually work - is it one lot of £500 moving around and if so what's the route? Thanks.

It must be Direct Debits for the 123 accounts to pay interest. £500 must be deposited from a non-Santander source (or by cash) into each of them, too. Yes, you can use the same £500 for this, and it's easy to do this with faster payments or SOs if you have an account elsewhere.

DougWeller

Thanks. So I just take £500 out of the account my pension goes into, move it into 123 account A, then move that into B, and then into C, making sure somehow I can pay my direct debits (I know about those, I've got one 123 account) without dropping below 20,000 if I can avoid it. Right? Or move money from A to main account, from main account to B, back to main account, and to C.
Doug

Archi_Bald

If your A, B and C accounts are Santander 123s. you must use the latter - move money from A to main account, from main account to B, back to main account, and to C.

The deposits for 123s must come from a non-Santander account.

And you need 2 DDs on each of the 123s, otherwise you will not receive interest.

Jersy

Does a SO count as a DD?
If so - could the money be moved using two SO?

Steve_xx

Jersy wrote: »

Does a SO count as a DD?
If so - could the money be moved using two SO?

No - they are two different things and an SO will not do in place of a DD mandate.

sbwickes

Lips wrote: »

I noticed from the article that one of the first 'clean' accounts mentioned is the AA. Does anyone here have any personal experience of saving with the AA?

I have £190k to invest for a few months, and will be looking for a safe, monthly interest, instant access acount. I was considering FD eSavings at 5.5% (as I currently bank with FD), but 6.3 is much more attractive.

Any thoughts...?

Lips

What is this account... have been on their website but cant find anything paying 6.3. I have 150K to invest from a house sale for a few months and can only get top 3%

Steve_xx

sbwickes wrote: »

What is this account... have been on their website but cant find anything paying 6.3. I have 150K to invest from a house sale for a few months and can only get top 3%

It would be marvellous if there was a 5.5% account, let alone a 6.3% one.

4% was possible in a couple of instances until recently, but they are generally with regular saver type products. That means only a little money, never more than £500 a month, can go into the account, and, usually only for 1 year. The best on these at moment is only 3%. You might look at the offerings at Norwich & Peterborough BS E-Regular Saver pays 3% on deposits up to £250 a month, Saffron Walden BS 12 Month Fixed Rate Members Saver pays 4% on deposits of £200 a month but you need to be near a branch & Cheshire Building Society Platinum monthly Saver paying 3% on monthly deposits upto £500.

Nationwide offers 5% on its FlexDirect current account on balances upto £2500. You have to pay in 1k per month and this rate only lasts for a year after opening the account. Yorkshire Banks Current account Direct is a similar product and it pays 4% AER Interest on your credit balances up to £3000 fixed until March 2015, reverting to 2% AER variable. A minimum monthly credit of £1000 (excluding internal transfers) is required.

3% is about the best you'll do at the minute, and only then will it be with current accounts like Santanders 123 account or Lloyds with Vantage added or TSB with Enhance added.

I-LOV-MONEY

sbwickes wrote: »

What is this account... have been on their website but cant find anything paying 6.3. I have 150K to invest from a house sale for a few months and can only get top 3%

Lips' post was over 6 years old. Times have changed ! :mad:

Eric_Jones

I just tried to open a Kent Reliance account having seen them on this page.
I was quickly reminded why I closed my last account with them in 2011 after they offshored the call centre and service got rapidly worse..
First the online application page made mutually exclusive statements (that your NI number is [implied: only] required if you are opening an ISA - Yet then it won't let you proceed (opening a non-ISA account) unless you enter your NI number. So on ringing the (Medway, Kent STD code) phone number I get redirected to the offshore call centre and try to explain to someone who keeps misunderstanding (5 minutes after telling them that I'm NOT opening an ISA, tells me that the NI number is required for an ISA etc etc..).

Gave up. Will look elsewhere. This may be a great account. It may be a great bank. I may have been unlucky in 2011 and today, But if you are looking for a UK based bank/building society with UK based help available, I'd recommend you do the same.

Eric_Jones

Also.
The Earl Shilton Heritage account is the first account listed under easy access spreading for safety. Yet unless I'm missing something, these accounts are only open to existing customers or locals. From their website: "Heritage Accounts may only be opened by existing customers as at 31st December 2012 or people living within the postcode areas LE, CV9-13 and DE11-15."
Am I missing something?