The Top Easy Access Savings Discussion Area

wallyberry

FiscalFanny wrote: »

I'm currently in the process of opening an ICICI HiSave account. Filled in online, took 5 minutes. Got email straight away saying processing. Got email day after saying I was approved and gave details of sending opening amount chq off, very clear instructions.

So far...so good.

However have read that someone here on this forum paid in a chq from a joint account into the ICICI account in her name only and it wasn't accepted. I'm doing the same so hoping this isn't the case as the t&c's don't forbid that.

t&cs may not forbid it, but it won't go through. ANd what's more, they don't seem to let you know - they just keep sending cheque reminder emails. I've spent the last two days chasing up my new account after getting two reminder emails about sendng the cheque (I sent it the day after I applied), and after the first almost incomprehensible email saying they would look into it, I got one this afternoon to say that they had received the cheque but it was rejected as it was from a joint account into a single name one.

So now I'm left with a problem: where do I find a high interest online account in my name only that will take a cheque drawn on a joint account, and allow me to have multiple accounts for ' piggybanking' like ING does?

Jenni

KGCAG

I'm new here and may have missed this - Northern Rock's Tracker and Silver saver accounts have a 6.49% interest rate, but this has not been mentioned. Surely this is a good time to open one of these accounts?

wallyberry

I'm no expert on this, but I'd be wary of putting more money into Northern Rock at the moment..... I don't suppose what's in there would go bump, but if there's a takeover there's no telling what might happen to account rates etc. Someone probably knows much more about this than I do.

FiscalFanny

wallyberry wrote: »

t&cs may not forbid it, but it won't go through. ANd what's more, they don't seem to let you know - they just keep sending cheque reminder emails. I've spent the last two days chasing up my new account after getting two reminder emails about sendng the cheque (I sent it the day after I applied), and after the first almost incomprehensible email saying they would look into it, I got one this afternoon to say that they had received the cheque but it was rejected as it was from a joint account into a single name one.

So now I'm left with a problem: where do I find a high interest online account in my name only that will take a cheque drawn on a joint account, and allow me to have multiple accounts for ' piggybanking' like ING does?

Jenni

Jenni

I'm with you on that one.

Are you trying to get your joint savings into your own single account to take advantage of your tax situation? I'm looking for a place to store my (potential) stoozed cash as husband is a higher rate taxpayer and this year I will pay no tax.

Hmmm well I haven't sent the chq off to ICICI realising my mistake, but now I need to either open my own current account (not so easy when my salary just gone back to work very p/t this year will be tiny hence a raw deal on interest and options) or open the HiSave as a joint a/c and pay higher rate tax on it. What to do - I have information overload at the moment being on this site for a week or so and researching madly.

Doesn't help I'm trying to access all areas of MSE advice, kids accounts, ISA's, stoozing etc. Still got my MEAF paid!!!

KG - Northern Rock - personally I wouldn't yet, not till Branson is a definite!

KGCAG

I've now got more than £35000 in an A&L account where the interest rate has just been reduced, and there's now a new eSaver account with 6.5% interest. If I move any money I'm liable to lose 1 month's interest. Do I open an eSaver account and transfer the money to an eSaver with the same problem regarding withdrawals, or go to Northern Rock for the best interest rate without penalty for withdrawals?

charlieboycat

wallyberry wrote: »

I'm no expert on this, but I'd be wary of putting more money into Northern Rock at the moment..... I don't suppose what's in there would go bump, but if there's a takeover there's no telling what might happen to account rates etc. Someone probably knows much more about this than I do.

Other banks etc only offer £35,000 FSCS protection. Thanks to HMG's guarantee, one currently has unlimited protection at Northern Rock - and they have to give 3 months notice before withdrawing the guarantee. Seems to me therefore that NR is one of the best places around to put one's instant-access-required money - maybe even the best place if you open a 6.5% Fixed Rate Access Bond Issue 2 [which is really a fixed rate instant(ish) access account] before the issue closes following today's drop in bank rate.

tradetime

Other banks etc only offer £35,000 FSCS protection. Thanks to HMG's guarantee,

Assuming of course you trust the government, fine upstanding, never tell a lie peeps they are
But seriously, I think you're right NR have quite a unique position here.

charlieboycat

tradetime wrote: »

Assuming of course you trust the government, fine upstanding, never tell a lie peeps they are
.

Generally speaking I wouldn't trust any government - or indeed any politician of any political persuasion. But I think HMG have established over several centuries a fairly good non-default track record re (a) gilts and (b) National Savings - so I've put my money where my mouth is viz-a-viz Northern Rock (ie. FRAB issue 1 at 6.9%).

wallyberry

charlieboycat wrote: »

Other banks etc only offer £35,000 FSCS protection. Thanks to HMG's guarantee, one currently has unlimited protection at Northern Rock - and they have to give 3 months notice before withdrawing the guarantee. Seems to me therefore that NR is one of the best places around to put one's instant-access-required money - maybe even the best place if you open a 6.5% Fixed Rate Access Bond Issue 2 [which is really a fixed rate instant(ish) access account] before the issue closes following today's drop in bank rate.

Quite right, a good point well made and one which I had forgotton. Probably because I am nowhere near that kind of limit so it makes no difference to me !:rotfl:

ALways one to apologise when I make a mistake...

Jenni

wallyberry

FiscalFanny wrote: »

Jenni

I'm with you on that one.

Are you trying to get your joint savings into your own single account to take advantage of your tax situation? I'm looking for a place to store my (potential) stoozed cash as husband is a higher rate taxpayer and this year I will pay no tax.

Hmmm well I haven't sent the chq off to ICICI realising my mistake, but now I need to either open my own current account (not so easy when my salary just gone back to work very p/t this year will be tiny hence a raw deal on interest and options) or open the HiSave as a joint a/c and pay higher rate tax on it. What to do - I have information overload at the moment being on this site for a week or so and researching madly.

quote]


Such as our savings are, I want to be able to split them up so that we can add to them for hols, car repairs etc. I don't want to have to bounce any money I move through a separate account because it's too time consuming and confusing. I don't want a joint savings account mainly because my husband won't use it anyway. And I don't have an income of any sort to put into another account even if I did want one as I'm staying at home to look after the children.


Is there anyone out there who has any ideas? OR is ING still the best place for this?

Jenni:undecided