The Top Easy Access Savings Discussion Area

ahai1

I personally try to avoid bonus rates and go for consistant high rates or vairables as they tell you the real picture. The thing to consider is the government going to give your money? Looking at the Icelandic banks I would Alistair will give you back all of it.

gmang

sussextight wrote: »

Have never used this facility but I have wondered if anyone had. Effectively Egg Money (the credit card that i think might be closed to new people) has got a 4% interest on positive balances. This seems to be instantly accessible and therefore must be the best instant access rate available anywhere. Has anyone used this and are there any hidden catches i am missing. It seems to be too good to be true. However it could be that so few people use this they have just never changed the rate.

Any ideas?

I have been thinking about this for a while. On my Egg Money I am still getting a credit rate of 7% and a savings rate of 4%! A few people have reported their credit rate getting hiked up to the late-teens but I think the 4% savings rate is unchanged.

I think you're right - so few people put money onto their Egg Money account that it's just not such a big deal. I'm still too worried that someone would steal my credit card and spend my life savings on fraud!

sussextight

That is a really good point. I would have to cut up the cards I think to give me any real sense of protection. However I have been using them for a while and therefore you can never be totally sure the numbers are not out there waiting to haunt me!

Thanks for that. There is always a catch

alanji

re posts above, just to point out the egg bonus is variable so they could reduce it at any time. In my opinion it makes the bonus being a bit meaningless - and misleading.

nig0609

alanji wrote: »

re posts above, just to point out the egg bonus is variable so they could reduce it at any time. In my opinion it makes the bonus being a bit meaningless - and misleading.

Personally, I have never seen a variable bonus, but it is almost always added to a variable interest rate.

ctmoneyman

Question- Can I split and transfer an existing ISA into two or even three seperate ISA's in different names ? basically I want to open new isa's with new providers (better rates) for me and my wife and also deposit some cash out of mine and my wifes into my daughters ISA.

ahai1

The article is wrong on one point. Conventry does not have the 2 year bond listed on it's site instead it has the 1 year bond at 3.25 and the 3 year bond at 3.75. It would be nice if they checked the article as this has been the case for something like one week. http://www.coventrybuildingsociety.co.uk/savings/fixedbonds.aspx

alanji

nig0609 wrote: »

Personally, I have never seen a variable bonus, but it is almost always added to a variable interest rate.

I see you edited your post to make it read right but I am still unsure what you mean. Most bonuses are fixed for a certain period of time - eg Martin's best buy Ulster Bank pays 3.94%, including a 0.5% bonus lasting six months. The underlying rate is variable but the bonus is fixed (for 6 months).
If you look at the Egg account you will see a variable rate bonus added to a variable interest rate. So what is the point of a bonus which could be reduced to 0.1% tomorrow? It is simply an account paying a variable rate of 3.35% with the certainty that it will be a lot less in 12 months.
I would also point out the Citibank account also has a variable bonus.

EDIT: The new Sainsbury account is a 'proper' bonus guaranteeing 2% over base for 12 months

murphydavid

ctmoneyman wrote: »

Question- Can I split and transfer an existing ISA into two or even three seperate ISA's in different names ? basically I want to open new isa's with new providers (better rates) for me and my wife and also deposit some cash out of mine and my wifes into my daughters ISA.

You can split an instant access existing ISA into 3 other ones.
You can't change an existing account holder ie move money from an existing ISA in one name to an existing ISA in another name.
You can move money from an existing ISA in one name to a new ISA in another name provided the new ISA holder has not opened another ISA this tax year and has not exceeded thier annual ISA limit.
By the way you might be better posting this in the ISA thread not this one (Instant access savings)

Lewis_Gerolemou

ING Direct have just offered me 3.5% on instant access no penalties including 1.96% bonus fixed for one year, how safe are they, does uk bank guarantee apply to them?