The Top Easy Access Savings Discussion Area

CarolB

I'm also looking for a regular but variable amount saver, which I can do in branch, in cash (internet security problematic ) and not as a SO or DD. I have only found the Abbey Instant Access =0.1% if under £1000 and 3% over £1000. Any suggestions? Until I get over £2000, when a bond seems the best idea; the rates are rubbish!

ahai1

G_M thanks. I have looked at them and the best deal around for me seems to be the Alliance and Leicester at 3.10%. http://www.alliance-leicester.co.uk/savings/esaver.aspx?urlgen=y&exp=30&cm_mmc=moneyexpe-_-ptr-_-ec01095000274893esaver-_-partner_4 It is the best deal for me as I don't plan to take out the money for the forseeable future. The others with a better deal require a lot of money and the closed one with a low amount is the ICICI at 2.95% which is not that good.

I have been hearing that the Abbey which is part of the same banking group has a rubbish computer system which is not up to it. I was wondering is the A&L any good before I put my money into it?

CarolB you are not likely to get a good account if you want to pay cash in branch on a irregular bassis. The best accounts are done online, via phone or post and they only accept money by bank transfer or cheque. I have not come across one that does it by cash. What is your concern about internet security? I have a number of internet accounts and I tend to find no problems. The reason why they offer the best rates is that they are cheaper to run for the banks.

ahai1

They may have specific articles and discussion forums but the main article on instant access covers all of those.

bashful

Naive question coming up!

Looking at Martin's page on Instant Acces accounts it says "The savings account from Egg* pays 3.35% AER, with 2.1% of this a bonus lasting for 12 months. This rate applies for new Egg customers with balances from £1 to £100,000. "

It looked good to me as my Ing account was only giving 3.51% gross/2.53% AER even with introductory bonus (I was an existing KE customer).

So I opened an Egg account and tranferred some cash in. When I finished I saw on screen that it says "3.35% gross/AER variable" so it is paying less than my Ing Account

Have I misunderstood or has Martin got it wrong?

thegolfingdog

bashful wrote: »

Naive question coming up!

Looking at Martin's page on Instant Acces accounts it says "The savings account from Egg* pays 3.35% AER, with 2.1% of this a bonus lasting for 12 months. This rate applies for new Egg customers with balances from £1 to £100,000. "

It looked good to me as my Ing account was only giving 3.51% gross/2.53% AER even with introductory bonus (I was an existing KE customer).

So I opened an Egg account and tranferred some cash in. When I finished I saw on screen that it says "3.35% gross/AER variable" so it is paying less than my Ing Account

Have I misunderstood or has Martin got it wrong?

does that mean EGG are saying for 1st year you get 3.35% and then after your years up it drops to 1.25 ?

Dan29

thegolfingdog wrote: »

does that mean EGG are saying for 1st year you get 3.35% and then after your years up it drops to 1.25 ?

Yes that's how I read it, although it's variable so can go up or down during the first year too. The rate shouldn't fall below 2.1% at the lowest in the first year though because of the bonus.

bashful

That is what I believe as well but my point is that Ing is actually a lot better performer and I should have put my money in there rather than the poorer performing Egg account. I think Martin needs to amend his page asap!

Dan29

bashful wrote: »

That is what I believe as well but my point is that Ing is actually a lot better performer and I should have put my money in there rather than the poorer performing Egg account. I think Martin needs to amend his page asap!

I think you've misunderstood. You say the page says "The savings account from Egg* pays 3.35% AER, with 2.1% of this a bonus lasting for 12 months", which seems to me to be correct.

For example if I say "I have 3 apples, 2 of which are red", I have 3 apples, not 5.

bashful

Dan29 wrote: »

I think you've misunderstood. You say the page says "The savings account from Egg* pays 3.35% AER, with 2.1% of this a bonus lasting for 12 months", which seems to me to be correct.

For example if I say "I have 3 apples, 2 of which are red", I have 3 apples, not 5.

But but but... surely 3.35% AER (which is what Martin's facts say) isn't the same as 3.35% gross (which is what Egg say)

My understanding is that 3.35% gross would be nearly 1% less in AER terms - but am happy to be corrected

nig0609

bashful wrote: »

But but but... surely 3.35% AER (which is what Martin's facts say) isn't the same as 3.35% gross (which is what Egg say)

My understanding is that 3.35% gross would be nearly 1% less in AER terms - but am happy to be corrected

AER would be only slightly higher as it incorportates the interest earned on the monthly interest received to show what interest would be if it was paid annually