The Top Easy Access Savings Discussion Area

alanji

ahai1 wrote: »

I am not sure about the bank but I thought that some people maybe interested. United Bank Limited are offering a 3 months notice gold account at 3.5%. I have contacted them and I will let you know what they tell me. http://www.unbankltd.com/assets/pdf/UNB%20BankAccount%20Rates.pdf

Only problem is that there is no guarantee on the rate. So, the bank could drop the rate and you would still have to give 3 months notice.

ahai1

I agree on that I am not even sure what the application process is for it. Though in the current climate I would say that this is a good account.

There is a 3% no notice account from AK Bank. http://www.akbank.co.uk/html/ak_savings_account.htm. I am going on the assumption it is 3% as that is what it said on the FSA tables.

I have read that with interest rates staying the same it maybe a good time now to start looking around for the best rates.

murphydavid

A quick warning to those who have been using the Egg money credit card as a savings account. The 4% AER gross for positive balances ends on 24th April and worse than that. After 15th May they are going to charge you a massive 3% fee to transfer out your positive balance. That’s equivalent to a 7% drop in a single month. Obviously they don’t want you to have a positive balance any more. So you need to transfer out very soon.

Baldur

murphydavid wrote: »

After 15th May they are going to charge you a massive 3% fee to transfer out your positive balance.

Suggest that you read this thread, especially posts #7 & #8

Losinmoney

Suck, slap and flog naming

Abbey - treating a saver who's been with them only 4 months like a sucker!

I've got an e Saver Direct, opened on 8/12/2008. The eSaver Direct "is designed to reward dedicated savers but you can access your money at any time" (Abbey's words). My account pays 2% variable, at present, if no withdrawals are made in the first year, ie til 8/12/09. If one withdrawal is made, the rate is 1.84%. Not great, but not totally appalling for instant access, you might think, in today's climate. But read on...

Abbey have now introduced the eSaver Direct Issue 2, and of course the terms are better- 2.5% variable for no withdrawals and 2.3% if you make one withdrawal. BUT you can't open this new account if you have an eSaver Direct already, or even if you had one in the previous 12 months! This is unfair. Other providers let existing savers move into their better accounts

Abbey have also introduced a branch based Instant Access Saver Issue 3, paying 2.5% with no withdrawal restrictions on balances of at least £1000. SO I can move into this. It's not an internet account, so more hassle for me, going into the branch, but it's an option if I want to put myself out. And what's the betting this headline-grabbing rate will soon drop....?

It's like going over a cattle grid, dodging the drops between the bars, to keep track of the interest rates and keep a not wholly unreasonable return. I've only been with Abbey 4 months and already they're treating me like a sucker!

murphydavid

Losinmoney wrote: »

Suck, slap and flog naming

Abbey - treating a saver who's been with them only 4 months like a sucker!

Other providers let existing savers move into their better accounts

I wish !!!!

Put "A few" in front of this and its possibly correct but I don't know any.

G_M

Suck, slap and flog naming

Abbey - treating a saver who's been with them only 4 months like a sucker!

You're right, it's a rip-off. But let's face it, the banks are there to make money. They'll offer good rates only 'cos they need cash and want to entice savers. If they can pay lower rates, they will. Hence bonds and fixed rate deals: tie customers in so their cash is safely in the bank vault for a year, 2 years etc.

This is a varient: you can access the cash, but only at a cost to you. And you're tied to that rate for a year by not being allowed to open a new account.

Keeping ahead of the game (and it is like a game of wits) means reading the small print and anticipating what might happen during the period you are tied in.

I tend to stick with instant access/no penalty accounts. This means moving cash around, which is a pain, but is the only way to take advantage of new offers. Occassionally you find high rates, fixed/guaranteed and with no-penalty limited withdrawals allowed, but these are few and far between.

"is designed to reward dedicated savers but you can access your money at any time"

Pinch of salt! Banks never 'reward' you. They offer what the must to entice you, either via the rate, the 'fix', or the marketing.

Losinmoney

Moving cash is a pain, yes. And while it's in transit, it's not earning anything. Thank goodness for the new faster transfers.

alanji

Yes, the new faster transfers cannot come quick enough. I have just transferred money from an account which has dropped to 2.34% and is due to reduce further to one paying 3% and reckon it will take 28 days to make up for the lost interest:
3 days to get money to current acc (transfers from most internet saving accounts can usually only be made to a current account because of money laundering regs)
3 days in currenet account paying 1% (not worth losing a weekends interest, so leave from Friday to Monday)
3 days to transfer to new account

murphydavid

Yes and the list of things to do each time gets longer. Open new account. Prove you are who you say you are. Make sure that it is not a subsidiary of a bank you already have money with so you don't exceed the £50000 limit. Check they take part in the g'tee scheme. Check they are reasonably unlikely to go broke in the next few weeks. Set up an R85. Read the small print for any new or old tricks that punish or limit your withdraws. Oh yes and make sure you have fully closed the old account so you can participate in any future bonus offers (only open to new savers).