The Top Easy Access Savings Discussion Area

LillieFlower

Just to warn everyone, have just been informed by Tesco technical support that they can't process any applications for the Instant Saver after 10pm as that's when the credit reference agency closes for business.

Couldn't see anything on the Tesco website about this, but looks like I've missed out on the 7th Jan rates as a result!:mad:

I got part way through my application then got an error message at 10pm which said that I would have to restart my application.

Vikki_74

Well that'll teach me to be greedy - I was going to apply for the Tesco Internet Saver about 45 minutes ago but thought I'd check first that I couldn't get any cashback etc anywhere else.

Now when I try and open an account the Tesco website just says

"Savings Account Applications are currently unavailable. Please try again later."

At least now I know why, but I'm annoyed I've missed out on the rate bonus :mad:

alanji

LillieFlower wrote: »

Just to warn everyone, have just been informed by Tesco technical support that they can't process any applications for the Instant Saver after 10pm as that's when the credit reference agency closes for business.

Couldn't see anything on the Tesco website about this, but looks like I've missed out on the 7th Jan rates as a result!:mad:

I got part way through my application then got an error message at 10pm which said that I would have to restart my application.

Just to confirm the bonus has now been withdrawn. If it is any consolation, I think you had to return the signed application (sent to you once you had filled out the online application) by 7 Jan, so you probably would not have got in anyway.

missile

It takes quite a while to get the paperwork back from Tesco. i got mine today. Rate seems to be 3.60% for their Instant Savings Account.

luv_my_brass

I managed to open up two account with Tesco before the deadline, and whilst I don't want to put too many of my eggs in one basket, I am wondering about putting in my isa's which are languishing in Barclays savings account at the moment whilst I make up my mind who to transfer them to. But because it is highly unlikely that I will exceed my tax allowance anyway, I am wondering if I should put them into a savings account instead. I assume that I will get the introductory rate for any money put in during the first year?

luv_my_brass

alanfp wrote: »

ING upset me by offering better rates to 'brand new customers only'.
However, there's nothing to stop me closing my old a/c and applying for a new one, they tell me.

Their instant access rate of 5% advertised in yeaterday's press (I know that includes a bonus for the 1st year only) seems fairly good (and better than the 'best buys' on the MSE website, as far as I can see). What I do like about ING is how easy they are to deal with, so I am tempted.

Any comments?????

I have emptied my ING account and wondering how I go about actually cancelling it, as would then be elegible to open a new one and share the £25/£25 with someone.
I'm so glad I adopted a policy of always keeping the info from closed/emptied accounts for a year, as I recently got a letter from ING which showed there had been more interest due before I withdrew the final amount. That has now been transferred into my bank account, luckily I had kept all the info to allow access to my online account. :-)

JimmyTheWig

luv_my_brass wrote: »

I am wondering about putting in my isa's which are languishing in Barclays savings account at the moment whilst I make up my mind who to transfer them to. But because it is highly unlikely that I will exceed my tax allowance anyway, I am wondering if I should put them into a savings account instead.

Probably better off asking on the ISA page, but in general it depends on how much you are putting into savings each year and when (if ever) you may start paying income tax.
The thing is with ISA limits is that once the financial year has finished the ISA allowance is lost.
If, for example, you are able to save £3600 a year and in three years time will start full-time employment then you are best off maxing out your cash ISAs now so that you will never pay tax on that interest.
But if you are saving £500 a year then go for the best rate regardless of wrapper as you can always move it into an ISA in a few years if your tax position changes.

margaretlouise

I too tried on 7th to open an account. I managed on line but the paperwork came through today and yes it is now 3.6%. I haven't sent my written application away. Is this the best deal for £10k? Any offers?

catlou

margaretlouise wrote: »

I too tried on 7th to open an account. I managed on line but the paperwork came through today and yes it is now 3.6%. I haven't sent my written application away. Is this the best deal for £10k? Any offers?

Not sure if you are aware but if you managed to open the account on or before 7/1 you get a 1.5% bonus on top of their regular interest amount for a year so their current rate is 3.6% so you would get 5.1% at the moment.

I phoned Tesco up to confirm this earlier as I also opened the account and received the paperwork today!.....and was wondering the same!?!?!

JimmyTheWig

margaretlouise wrote: »

it is now 3.6%. Is this the best deal for £10k?

Have you thought about a fixed rate savings aco!!!!? See http://www.moneysavingexpert.com/savings/fixed-rate-savings.
If you don't need your £10k for a year then one of these is probably a good bet.

Alternatively, have you got a mortgage? Can you make overpayments on it? Depending on your mortgage interest rate and tax position this is probably the best thing you can do if you don't need the money in the short term.

Obviously with both of the above you can lock away some of your money and keep the rest in instant access.
The instant access article (http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#instant) implies that top rates will shortly be dropping to around 4%.

If you (and your spouse, if you have one) haven't used all of your cash ISA allowance for the year then this (http://www.moneysavingexpert.com/savings/best-cash-isa) should probably be your first port of call.