The Top Easy Access Savings Discussion Area

disney_cjd

veronica46 wrote: »

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?

if you keep the savings under 35k does it matter if they are in debt as long as they are signed up?

veronica46_2

It may matter- the FSCS have the ability to "cap" the amount of compensation they will offer , this is either ambiguous, or it may be that I misunderstand. Also it would take months to get your money out.....
Why put your money somewhere where it might cause complications?

disney_cjd

veronica46 wrote: »

It may matter- the FSCS have the ability to "cap" the amount of compensation they will offer , this is either ambiguous, or it may be that I misunderstand. Also it would take months to get your money out.....
Why put your money somewhere where it might cause complications?

fair point

question is though who is safe then?

All the banks have suffered huge hits and have massive debts.

If only my mattress gave me 6.5%

veronica46_2

lol
mattresses are a safe option and also keep your cash flat.

xx

Vectra

I have been there done it etc My cash is in K/edge my Isa's are Icesave none better. AND stick to the safe limits
which Fsa guarantee, latest on this being goverment will
top up the pot if any shortfall in funds.
With Kaupthing your monthly interest is shown on your acct the first of the month whereupon you can make a simple withdrawal of the amount into your linked acct which appears in your bank 3 days later.
Icesave automatically pay your monthly interest into your linked acct if you have requested so.

murphydavid

veronica46 wrote: »

lol
mattresses are a safe option and also keep your cash flat.

xx

No no no not mattresses or biscuit tin or under loose floorboards (he looks there first) unless you have bars on your windows. I thought I heard Gordon say that he was considering changing the £35k to £50k and adding to the legislation that on collapse the savers money must be available within 7 days. Lets hope its done soon.

JimmyTheWig

murphydavid wrote: »

I thought I heard Gordon say that he was considering changing the £35k to £50k and adding to the legislation that on collapse the savers money must be available within 7 days. Lets hope its done soon.

7 days? That would be brilliant. That change would help so many more people than increasing the limit to 50k (or even having no upper limit at all, as Dr David Quo (sp?) suggested on the radio last week).

JimmyTheWig

veronica46 wrote: »

It may matter- the FSCS have the ability to "cap" the amount of compensation they will offer , this is either ambiguous, or it may be that I misunderstand. Also it would take months to get your money out.....
Why put your money somewhere where it might cause complications?

The government wouldn't risk the fall-out of people not getting their 35k.

The only problem I see is the issue with getting your money out.

But how big a risk do you think a bank has?
Unless you've got something particularly urgent that you need your savings for in the next couple of months I wouldn't worry about it.
If you do need your savings for something and don't want to take the risk then put them in Northern Rock or NS&I and you're safe. You won't get as much interest, but you'll be withdrawing the money soon so it doesn't matter as much.

But if you're just talking about your emergency fund, what are the chances of the bank going belly up _and_, say, your boiler breaking down within a couple of months of each other?
I guess you could always split your savings into two banks. then, at least, you'd always have half your money while you waited a few months for the other half.

money54

Hi Dan,

I want to invest money for my 2 year old daughter to build up a fund for when she is older (say 18). However, I want to retain control over the money so she doesn't spend it all on something inappropriate. Can you suggest what the best options might be?

Many thanks

Adrian

veronica46_2

Now some of you guys will think this is a dumb question, but I am no mathematician (lol!) as many of my friends will know, and so I will ask your worthy excellencies, the moneylords , the following:
Is it better to have a savings account which pays the interest monthly
or one that pays interest yearly?
I am not understanding something.... and it is this.....
If the interest is paid monthly on a savings account does that mean I get greater compound interest ( if i do not touch my savings) than if it is paid yearly?
Or is it all levelled out in some arcane gnostic way ....?
Help! i die.....
:EasterBun