The Top Easy Access Savings Discussion Area

Mr._H_2

disney_cjd wrote: »

I see First Direct have dropped their e-saving rate to 4.9 percent gross and still with a months penalty interest if you withdraw. That sucks. Time ro read the posts above and find a good place for my savings.....

I want instant access and gross rate for my wife as its all hers.

Thanks

I've been with ICEsave for quite a while now and think they're jolly good; in fact they've just upped their rate by 0.25%, so it's back at 6.30% AER. Seems that for now at least, they're wanting to stay near the top of the best-buy tables.

disney_cjd

Mr._H wrote: »

I've been with ICEsave for quite a while now and think they're jolly good; in fact they've just upped their rate by 0.25%, so it's back at 6.30% AER. Seems that for now at least, they're wanting to stay near the top of the best-buy tables.

Thanks for that. I will check them out.

Cheers

Bowsey

I have £215000 to invest but will be using the interest to pay rent on a house. Currently in RBS at 4.89% I sure I could get a better deal but do need unlimited access.

disney_cjd

be careful sticking this all in one place unless its the northern Rock. Id hate for RBS to go bust and you only get 35k of it back!

Bowsey wrote: »

I have £215000 to invest but will be using the interest to pay rent on a house. Currently in RBS at 4.89% I sure I could get a better deal but do need unlimited access.

Mr._H_2

Bowsey wrote: »

I have £215000 to invest but will be using the interest to pay rent on a house. Currently in RBS at 4.89% I sure I could get a better deal but do need unlimited access.

Do you really mean "invest"? I think you mean "save"; invest implies some sort of stocks/shares exposure and therefore higher risk, "save" means put it into a savings account and therefore is minimum risk.

With such a lot to save, it would make sense to split the money between institutions to minimise the risk even further. Your deposits are guaranteed up to £35,000 in each institution that is signed up to the Financial Compensation Scheme.

You should consider:

• ICEsave (6.3% AER)
• Kaupthing Edge (6.5% AER)
• Birmingham Midshires e-saver Account (6.52% AER)
• Bradford and Bingley Internet Saver 3 (6.51% AER note: B&B have a habit of bringing out new accounts and then reducing the rate on the old ones; however they do allow you to call them and switch penalty-free to the new account - you just have to keep your eyes on the rate you're getting)
• Capital One Savings Easy Access Savings Account (Issue 5) (6.5% AER including 1% bonus for 12 months)
• ING direct (6% AER including 1.19% bonus for first 12 months)

All the above accounts have options to pay interest monthly and allow unlimited penalty-free withdrawals. I wouldn't touch ICICI with a barge-pole as they seem to frequently stuff-up interest calculations.

I'm guessing that you are a sell-to-renter? And at one point you will need access to this money to purchase a house? If that's likely to be more than a year away (and with the current state of the market, that seems highly likely), also consider one year bonds as some of them pay interest monthly and allow the interest to be paid into a different account, e.g. ICEsave's 12 month bond pays 7.06% AER.

Vectra

Mr H is right lump your cash into 35K a time. AND kaupthing edge is better than icesave currently @6.5% and is English Bank with better protection for you disney_cjd

JimmyTheWig

Bowsey wrote: »

I have £215000 to invest but will be using the interest to pay rent on a house. Currently in RBS at 4.89% I sure I could get a better deal but do need unlimited access.

Have you looked at NS&I?
It's guaranteed, so you wouldn't need to mess around with different accounts, and especially good for higher rate tax payers, if that applies to you.

Remember that if you are married, you and your spouse each have a 35k limit per institution.

Bowsey

Thanks for all the advice.
Yes I am married so can I put £70k into each account. Also I am using the interest to pay rent on a house in Ireland and will eventually buy after a year which is why I need unlimited access. The plan is to move the money over hopefully when the exchange rate picks up.

mersey

Anglo Irish Bank,issue 2 now paying 6.40%. Been with them two years now no problems and always pay a decent rate,just phoned to ask for a new pack to transfer to better rate. Would rather run by phone,can,t rate them highly enough.

veronica46_2

You may wish to know that BM e-saver pays all interest into your CURRENT account. There is no option to have the interest compounding in youe e-saver account. Personally, I think this is pants- a way of keeping down the compound interest you might receive unless you keep transferring it back.
I do not fancy Bradford and Bingley, they may die shortly as might Kaupthing Edge. Both are heavily in debt.
See: "this is money". ( another website)
Help!
I am dying of boredom trying to find a decent account with no hidden catches, withdrawal penalties, etc etc.
I currently have ING and I do not think the interest rate is too special but at least it is hitch-free.
Any suggestions please?