The Top Easy Access Savings Discussion Area

Moggles_2

Mr._H wrote: »

At the moment that would have to be ICEsave, Kaupthing, ICICI (although I personally wouldn't touch them again with a barge-pole, too many occurrences of "oops, forgot to pay you the correct amount of interest" for my liking).

I agree. If you want easy access, Icesave and Kaupthing Edge are hard to beat. I've had savings a/cs almost since launch. Customer service has been excellent and their easy access a/cs, which pay 6.3% AER/monthly 6.13% gross and 6.55% AER/monthly 6.36% gross respectively, have valuable interest rate guarantees

I only wish I could say the same about ICICI. Interest rates are consistent but customer service is appalling.

I also have Bradford & Bingley's Internet Saver 3. This has good customer service, but lacks the valuable interest rate guarantees of the others mentioned.

Patr100

Mr._H wrote: »

That's true, but how much do you have in ICEsave? Are you sure the difference would be worth your time?

ICEsave pay 6.3% whilst Kaupthing pay 6.55%. For a basic-rate tax payer this works out at 5.04% and 5.24% after tax, a difference of 0.2%. so, with £10,000, the difference in interest you'd receive over a year is £20 (10,000 * 0.002).

So, you need to figure how much do you have deposited and is it really worth the effort?

The only other difference to consider is that Kaupthing are full members of the UK FSC compensation scheme while Icesave are on the "passport" option so in the even of disaster I would have to claim, as an Icesave saver, intially via the non Uk source. Which is why, in these uncertain times, I am consdering switching to Kaupthing once I learn to pronounce it.

http://blog.moneysavingexpert.com/2008/04/01/icesave-how-safe-are-your-savings-facts-and-myths/

gfrdl

I have distributed money into various banks because of the 35K guarantee - especially in these financially chaotic times. I already have a Birmingham Midshires, ICICI and Kaupthing Edge instant access accounts. I was in the process of opening a Bradford and Bingley account and am naturally cautious until everything is 100% clear about their future. I want to be able to manage the account online.

So what are everyones recommendations for an instant access account with online management that is as protected as possible ?
?Icesave

Thanks for your help

MrsGrey

I have distributed money into various banks because of the 35K guarantee - especially in these financially chaotic times. I already have a Birmingham Midshires, ICICI and Kaupthing Edge instant access accounts. I was in the process of opening a Bradford and Bingley account and am naturally cautious until everything is 100% clear about their future. I want to be able to manage the account online.

So what are everyones recommendations for an instant access account with online management that is as protected as possible ?
?Icesave

I'm in the process of doing the same spreading around. The article recommends AA instant access. I say watch out with this one. It gives a healthy 6.28% Gross, 6.46% AER. BUT here is a quote from the AA site:

Interest is calculated daily and credited to your nominated account monthly on the first day of each month. Interest can be paid away to your linked account or to another AA savings account It cannot be paid back into your AA Internet Saver (Issue 1).

So how would you GET the AER rate??

of the others-- have a look at the article, in the piece on spreading around. Post office is not too bad, at 5.75%, although not "clean", 1.5% of that is an introductory bonus for 1 yr. That is backed by the Irish bank that covers you for up to 80k if it fails too.
I say IceSave is a good bet. Currently 6.30% and the website is easy to use. You will probably have to do ID docs though. I had to, though not with Kaupthing.
Have fun...

theloft

MrsGrey wrote: »

So what are everyones recommendations for an instant access account with online management that is as protected as possible ?
?Icesave

You have the same problem as everyone else at present, where to put your money, knowing it is safe AND get the maximum return with Instant Access !! I believe you have apparaised the situation very well. All deposits up to £35K are now guaranteed, but how long would it take to get your money if they go belly-up ? If anyone has a really sound strategy we would love to hear it. I have just moved money away from Icesave & ICICI, for this reason but now do not know where to put it; it is currently achieving a poor return with Lloyds TSB.

JimmyTheWig

astral_dolphins wrote: »

- I've got just under £10'000 to save/transfer from my Sainsbury's Bank Savings Account.
- I can save approx. £100-£200 per month.

You can generally get better returns from regular savings accounts than ordinary ones. So if you could guarantee to save, say, £100 a month for 12 months this would probably give you the best return on this money.
But this, for you, is small change compared to the £10k you have to save - it is more important to get the best rate possible on this money rather than the monthly money.

murphydavid

I hear from the radio that Bradford and B savers are being sold to a Spanish Bank (Santandare it sounded like). I also here that they have bought or are buying Alliance and Leicester. I also hear that it does not matter if you exceeded the £35k - no saver is going to loose anything because the UK gov is backing any amounts. I also hear that the insurance company or banks that cover the g'tee for the 35k may themselves run out of money (ie go bankrupt). Putting 2 and 2 together this sounds like the 35k g'tee is useless and putting more than 35k in a UK bank is fine because the gov will cover it all.
So is a UK subsidiary of a foreign bank (Santandare, ICICI, Kaupthing etc) going to be treated as a UK bank and get the same treatment as B & B or will they be held to the 35k rule and can the 35k rule fail by virtue of it going bankrupt as well?
Anyway be careful that after all the mergers you don’t end up with more than 35k in a foreign bank (even though it does operate under a number of well known names).
Also I would be interested to know if Martin now thinks it might be safer to put our savings (those of you with more than 35k) all into one UK bank rather than use a foreign subsidiary bank. We have not seen a test case for one of these and don’t know what our gov will do.
And just on a moral question. Is it fair that a poor indebted UK tax payer will now be subsidising a wealthy guy that was stupid enough to put more than 35k in one nest?
Also anyone know about A&L are they Spanish or not and do they have to tell us if they do become Spanish?

dee100

Martin says place lump sum into intant access, than standing order into several regular savers. I called west brom and scarborough today. neither allow standing orders. Where shall I put my lump sum? I have regular saver with halifax and chorley santa saver, who else should i consider??

AlbertoBalsam

Hi,

I recently closed my Abbey monthly saver account with a balance of £4500. I put £3600 in Barclays tax haven isa and planned to put the remaining £900 into B&B e saver account.

I have opened the e saver account and it currently has £5 in it as an opening deposit. I don't know if I should put the £900 into this account now given todays events. I've no doubts the money will be safe, but will the new owners abide to current rates or will they shake all the savings accounts up?

Should I avoid the hassle and open an account with Kaupthing Edge instead?

In addition to my balance I intend to put £250 a month into the account. I know monthly saving accounts provide better rates but do any let you open them with £900 for example. Or do they all require you to start saving from zero?

Thanks

Lokolo

Your money is safe.

Who knows about the rate, do what you like. Its a variable rate, Kaupthing could just lower their rate as soon as you moved your money to them.