The Top Easy Access Savings Discussion Area

TeddyG

National Savings do not provide the top 3 Easy Access Savings Accounts. Even with their latest reduction Marcus are still offering 1.05%

eskbanker

TeddyG said:

National Savings do not provide the top 3 Easy Access Savings Accounts. Even with their latest reduction Marcus are still offering 1.05%

Marcus's rate is somewhat irrelevant when they aren't accepting new applications, since six weeks ago....

https://forums.moneysavingexpert.com/discussion/6154724/marcus-easy-access-no-longer-accepting-applications/p1

Daccord

Good morning all, Just looking at the piece about NS&I, Income bonds.  If I already have £50k in premium bonds, does that limit me to £35k if I want to stay within the £85k max or is it a totally different product?  Secondly, does the advice in the piece advise that this account is so safe, you can put more than £85k in because it would be very, very unlikely to go belly up? Cheers in anticipation of a reply.

lhsecons

Daccord said:

Good morning all, Just looking at the piece about NS&I, Income bonds.  If I already have £50k in premium bonds, does that limit me to £35k if I want to stay within the £85k max or is it a totally different product?  Secondly, does the advice in the piece advise that this account is so safe, you can put more than £85k in because it would be very, very unlikely to go belly up? Cheers in anticipation of a reply.

Yes since NS&I is owned by the government you don’t need to worry about the £85k protection as all of your savings are fully protected. 

Steve_xx

Daccord said:

Good morning all, Just looking at the piece about NS&I, Income bonds.  If I already have £50k in premium bonds, does that limit me to £35k if I want to stay within the £85k max or is it a totally different product?  Secondly, does the advice in the piece advise that this account is so safe, you can put more than £85k in because it would be very, very unlikely to go belly up? Cheers in anticipation of a reply.

The 85k limit does not apply to NSI products. All monies with NSI enjoy full protection, as they are goverment backed.

eskbanker

Daccord said:

Good morning all, Just looking at the piece about NS&I, Income bonds.  If I already have £50k in premium bonds, does that limit me to £35k if I want to stay within the £85k max or is it a totally different product?  Secondly, does the advice in the piece advise that this account is so safe, you can put more than £85k in because it would be very, very unlikely to go belly up? Cheers in anticipation of a reply.

The FSCS £85K limit doesn't apply to NS&I as they're Treasury-backed so your money is protected by the government up to seven figures, as explained in the article:

Remember, cash in all the accounts above is protected up to £85,000 per person, per financial institution (except NS&I where your cash is 100% backed by HM Treasury). Other than in NS&I, if you've more than £85,000 it's best to spread savings across several different banks just in case one gets into difficulty.

83705628

With NS&I you can get £4.05m fully backed by the Treasury: £50k premium bonds, £1m income bonds, £2m direct saver, £1m investment account. I don't know why some people keep more than £85k in their bank accounts.

SaverRate

Can I open a joint easy access 1% account with NS&I or are they single accounts only?

Steve_xx

It is possible to open a joint account.
Our Direct Saver is for customers aged 16 or over. You can open an account in your own name or jointly with one other person. You  can: •  apply for, and manage, a Direct Saver online or by phone only •    open an account with at least £1, paid by a debit card in your own name, issued by a UK bank •  hold up to a total of £2 million per person in Direct Saver accounts If you want to switch to a Direct Saver from another NS&I account or investment, download a switching form from  nsandi.com/forms  or call us.

TeddyG

eskbanker said:

TeddyG said:

National Savings do not provide the top 3 Easy Access Savings Accounts. Even with their latest reduction Marcus are still offering 1.05%

Marcus's rate is somewhat irrelevant when they aren't accepting new applications, since six weeks ago....

https://forums.moneysavingexpert.com/discussion/6154724/marcus-easy-access-no-longer-accepting-applications/p1

Having a Marcus account which was opened some time ago, that vital point had escaped me!