The Top Easy Access Savings Discussion Area

MissMCav

Hello, I'm a newbie,  I have 20k (from inheritance) to put somewhere, cash ISA at Lloyds have virtually no interest but I know are tax free. Would I be better off putting in a one year fixed bond? Savings account? Gilt? I realise those options are subject to tax. Thank you (definitely not putting in my pension)

Sg28

MissMCav said:

Hello, I'm a newbie,  I have 20k (from inheritance) to put somewhere, cash ISA at Lloyds have virtually no interest but I know are tax free. Would I be better off putting in a one year fixed bond? Savings account? Gilt? I realise those options are subject to tax. Thank you (definitely not putting in my pension)

Assuming you're a basic rate tax payer earning over 18k a year. You have 1k year tax free savings allowance.

20k in a top 1 year fix at 4% (slightly higher now maybe?) Would pay £800 per year. So unless you have taxable savings elsewhere ISAs are not necessary. 

eskbanker

MissMCav said:

Hello, I'm a newbie,  I have 20k (from inheritance) to put somewhere, cash ISA at Lloyds have virtually no interest but I know are tax free. Would I be better off putting in a one year fixed bond? Savings account? Gilt? I realise those options are subject to tax. Thank you (definitely not putting in my pension)

Welcome to the forum, but worth familiarising yourself with the etiquette - this thread is really for discussion of the features of the easy access accounts available on the market, so if you have a specific question about what type of account might be suitable for your own personal circumstances then it would be better to start your own thread.

soulsaver

Aldermore  Double Access Account Up to 2.15% AER* thnx @southone

Added in ToTP.

Thumbs_Up

callum9999 said:

Many people just leave their savings in their current account earning 0%. I think people on here often vastly overestimate the financial knowledge of the average person!

There will certainly be an outflow, but a large proportion won't be monitoring competing rates at all, let alone try chasing them.

Well, well, well, will wonders never cease. Got my brother at the very last few hours to go to open up the Santander 2.75% account. He had a current account with them, so took less then 5 minutes to open and transfer 85k.

So, from earning next to nothing, he now should get £2337 a year in interest. Next job is to get him to move 100k from Cahoot earning 0.1 % to a decent annual fixed bond from a different bank!

 

Sg28

Thumbs_Up said:

callum9999 said:

Many people just leave their savings in their current account earning 0%. I think people on here often vastly overestimate the financial knowledge of the average person!

There will certainly be an outflow, but a large proportion won't be monitoring competing rates at all, let alone try chasing them.

Well, well, well, will wonders never cease. Got my brother at the very last few hours to go to open up the Santander 2.75% account. He had a current account with them, so took less then 5 minutes to open and transfer 85k.

So, from earning next to nothing, he now should get £2337 a year in interest. Next job is to get him to move 100k from Cahoot earning 0.1 % to a decent annual fixed bond from a different bank!

 

It does always suprise me how people with so much money can be so financially illiterate. 

My boss is paying £700 per month nore than necessary on 2 mortgages because he is on the svrs and has been for over 15 years.

Yorkie006

Sg28 said:

It does always suprise me how people with so much money can be so financially illiterate. 

People with a lot of money don't notice if they don't get a few hundred £ of interest (it's pocket change to them). People with little money count every penny.
That's the only explanation I can think of. I'm trying to get the most out of the money I have but with the % rates changing so often lately, it's hard to keep up. But I still change accounts every few months to the best one available at the time (I stick to easy access only as it's my 'emergency' fund).
I recently opened Cynergy acc. at 2.75%, still waiting for the log in details before I move the money there though.

k_man

k_man said:

AndyTh_2 said:

k_man said:

How quick are payments made into Cynergy Easy Access shown in the account?

I made 2 payments (both small) over the weekend via faster payments, and neither are showing.

I know savings accounts often take longer to show deposits, but the details from Cynergy state:

If your Bank uses the 'Faster Payment' service your payment should arrive within minutes.

suggesting there isn't the usual saving account clearing delay.
Note: this is a newly opened account.

I'm also expecting a payment I made on the weekend as well. This is abnormal as worst case for them is 11am the next working day. I was wondering how much patience I have before I call them. Otherwise I was thinking the source bank is holding it back, but since you've also mentioned this I'm more expecting it a Cynergy issue

Email confirmation of deposits received at around 3pm today, and now showing online (as an aside, what a faff to login if you usually use just a mobile phone for both apps and online banking!)

So looks like delays at their side, maybe inundated with new accounts.
I did see a message on one of the banks websites about delays to payments due to maintenance, but can't find it again now, so may have been for Barclays instead.

Update:
Subsequent payments cleared within a couple of hours.
Also using the website is much easier once the Authenticator is setup, and clicking on the image actually launches the authenticator app.
No need for 2 devices each time I need to access the account 👍

I-LOV-MONEY

Finally got my security details from Santander (a week after registering).   I am now able to transfer money from my bank account.   However, when I went to fill in the details I put the payee name as Santander, but my bank said that it is wrong.   I can't get through to them on the phone - some awful 'hold' music!    What has everybody else put for the payee name?   As for my reference, I have used my real name (I-LOV-MONEY)!!!

So many problems in trying to set up an account (never happened before!).

Marmaduke123

I-LOV-MONEY said:

Finally got my security details from Santander (a week after registering).   I am now able to transfer money from my bank account.   However, when I went to fill in the details I put the payee name as Santander, but my bank said that it is wrong.   I can't get through to them on the phone - some awful 'hold' music!    What has everybody else put for the payee name?   As for my reference, I have used my real name (I-LOV-MONEY)!!!

So many problems in trying to set up an account (never happened before!).

You need to put your own Santander account name as the payee name, then the sort code and account number you have been given for the account. Your bank will recognise that and declare a match!