The Top Easy Access Savings Discussion Area

badger09

BooJewels said:

Band7 said:

BooJewels said:

Many thanks @badger09 - I've been looking at the Zopa accounts linked earlier and was erring towards a 1 year fix with them, but Atom's rate is a fraction higher (Zopa is 4.25%).  What I think that I might do, is take a 1 year fix (I was toying with a notice account, but think I've talked myself out of that now), as I already have a 2 year fixed ISA and a 3 year fix.  Then when my 1 year is up, I'll replace it with either a 1 or 2 year, so that I have ongoing rolling maturity dates. 

I'd got panicky at the idea of locking too much away, but being realistic, I can't imagine any emergency that would necessitate needing to get at it all.   I've enough in easy access accounts, to cover most eventualities.

Money you have in an ISA will be accessible in an emergency in any case. It would cost you loss of a certain number of days interest but you can liquidise most, if not all of your capital if required. This is quite different to money in a fixed term no-ISA account, which you cannot normally access before maturity.

……  I also talked it over with my son and he gave me the plausibility check I needed - even after I'd told him what a task I was leaving for him to unravel if I were to pop off in the foreseeable and that he couldn't spend it without probate.   

This definitely strikes a chord. I’ve spent a while ‘simplifying’ my finances with my Executors in mind but inflation & the recent rate rises mean I’ve started complicating them again. Hopefully my comprehensive spreadsheet will be enough but that assumes my son will still be around as husband wouldn’t have a clue how to access it😳. 

Or I could just stop chasing rates. There’ll still be plenty left. 

liamcov

badger09 said:

BooJewels said:

Band7 said:

BooJewels said:

Many thanks @badger09 - I've been looking at the Zopa accounts linked earlier and was erring towards a 1 year fix with them, but Atom's rate is a fraction higher (Zopa is 4.25%).  What I think that I might do, is take a 1 year fix (I was toying with a notice account, but think I've talked myself out of that now), as I already have a 2 year fixed ISA and a 3 year fix.  Then when my 1 year is up, I'll replace it with either a 1 or 2 year, so that I have ongoing rolling maturity dates. 

I'd got panicky at the idea of locking too much away, but being realistic, I can't imagine any emergency that would necessitate needing to get at it all.   I've enough in easy access accounts, to cover most eventualities.

Money you have in an ISA will be accessible in an emergency in any case. It would cost you loss of a certain number of days interest but you can liquidise most, if not all of your capital if required. This is quite different to money in a fixed term no-ISA account, which you cannot normally access before maturity.

……  I also talked it over with my son and he gave me the plausibility check I needed - even after I'd told him what a task I was leaving for him to unravel if I were to pop off in the foreseeable and that he couldn't spend it without probate.   

This definitely strikes a chord. I’ve spent a while ‘simplifying’ my finances with my Executors in mind but inflation & the recent rate rises mean I’ve started complicating them again. Hopefully my comprehensive spreadsheet will be enough but that assumes my son will still be around as husband wouldn’t have a clue how to access it😳. 

Or I could just stop chasing rates. There’ll still be plenty left. 

In my recent experience, the only essential information needed is the name of the institution (not just savings/accounts, but also investments, pensions, any type of contractual relationship you have eg insurance/telecoms etc).

BooJewels

badger09 said:

BooJewels said:

Band7 said:

BooJewels said:

Many thanks @badger09 - I've been looking at the Zopa accounts linked earlier and was erring towards a 1 year fix with them, but Atom's rate is a fraction higher (Zopa is 4.25%).  What I think that I might do, is take a 1 year fix (I was toying with a notice account, but think I've talked myself out of that now), as I already have a 2 year fixed ISA and a 3 year fix.  Then when my 1 year is up, I'll replace it with either a 1 or 2 year, so that I have ongoing rolling maturity dates. 

I'd got panicky at the idea of locking too much away, but being realistic, I can't imagine any emergency that would necessitate needing to get at it all.   I've enough in easy access accounts, to cover most eventualities.

Money you have in an ISA will be accessible in an emergency in any case. It would cost you loss of a certain number of days interest but you can liquidise most, if not all of your capital if required. This is quite different to money in a fixed term no-ISA account, which you cannot normally access before maturity.

……  I also talked it over with my son and he gave me the plausibility check I needed - even after I'd told him what a task I was leaving for him to unravel if I were to pop off in the foreseeable and that he couldn't spend it without probate.   

This definitely strikes a chord. I’ve spent a while ‘simplifying’ my finances with my Executors in mind but inflation & the recent rate rises mean I’ve started complicating them again. Hopefully my comprehensive spreadsheet will be enough but that assumes my son will still be around as husband wouldn’t have a clue how to access it😳. 

Or I could just stop chasing rates. There’ll still be plenty left. 

I too have a detailed spreadsheet, plus a written document that I keep updated with all the account details and notes on each one and leave it in my safe.  Having just unpicked a very messy estate, I don't want to leave the same sort of mess myself.  My idea is to take advantage of better rates just now and then hone it down again as I spend through it over time.  Assuming that my good intentions continue as age sets in - I'm hoping that I remain tech savvy enough to keep up with this stuff.

mebu60

BooJewels said:

  Assuming that my good intentions continue as age sets in - I'm hoping that I remain tech savvy enough to keep up with this stuff.

This!!!! :-) 

I-LOV-MONEY

BooJewels said:

I'd got panicky at the idea of locking too much away, but being realistic, I can't imagine any emergency that would necessitate needing to get at it all.   I've enough in easy access accounts, to cover most eventualities.

I realise I am speaking to the 'converted' !   My concern is locking away money for a fixed term, and then finding interest rates go up and I am stuck in a relatively low paying account.

Any suggestions?

I already have Instant Access accounts and stocks and shares ISAs.

Patr100

I-LOV-MONEY said:

BooJewels said:

I'd got panicky at the idea of locking too much away, but being realistic, I can't imagine any emergency that would necessitate needing to get at it all.   I've enough in easy access accounts, to cover most eventualities.

I realise I am speaking to the 'converted' !   My concern is locking away money for a fixed term, and then finding interest rates go up and I am stuck in a relatively low paying account.

Any suggestions?

I already have Instant Access accounts and stocks and shares ISAs.

Suggestion for what? You're already on Easy access and this is the easy access discussion. I suggest you look at the fixed and notice  account listings and threads.  

My concern is locking away money for a fixed term, and then finding interest rates go up and I am stuck in a relatively low paying account.

Join the club! No one has a crystal ball -  but due to the recession long term rates are much less likely to rise and may even  eventally fall. 

CheekyMikey

patpalloon said:

I am a big fan of Atom. I tried Zopa but didn't like the app at all so closed the account.

It’s funny isn’t it…I find Zopa really easy to use and love playing their boosted pots system. 

kaMelo

I-LOV-MONEY said:

BooJewels said:

I'd got panicky at the idea of locking too much away, but being realistic, I can't imagine any emergency that would necessitate needing to get at it all.   I've enough in easy access accounts, to cover most eventualities.

I realise I am speaking to the 'converted' !   My concern is locking away money for a fixed term, and then finding interest rates go up and I am stuck in a relatively low paying account.

Any suggestions?

I already have Instant Access accounts and stocks and shares ISAs.

It doesn't have to be an all or nothing approach, put smaller amounts into a fixed account each month. You may not have the top rate on some accounts but they will all be earning more interest than you are getting by leaving it in an easy access account whilst you wait.
Don't think "if only I'd waited I'd be getting this much" rather "by fixing I've been getting x% more each month than my easy access saver".

jaypers

kaMelo said:

I-LOV-MONEY said:

BooJewels said:

I'd got panicky at the idea of locking too much away, but being realistic, I can't imagine any emergency that would necessitate needing to get at it all.   I've enough in easy access accounts, to cover most eventualities.

I realise I am speaking to the 'converted' !   My concern is locking away money for a fixed term, and then finding interest rates go up and I am stuck in a relatively low paying account.

Any suggestions?

I already have Instant Access accounts and stocks and shares ISAs.

It doesn't have to be an all or nothing approach, put smaller amounts into a fixed account each month. You may not have the top rate on some accounts but they will all be earning more interest than you are getting by leaving it in an easy access account whilst you wait.
Don't think "if only I'd waited I'd be getting this much" rather "by fixing I've been getting x% more each month than my easy access saver".

Exactly what I’ve done, but everyone has unique circumstances. It’s difficult to predict what you might need access to in anger so it’s best to have a decent amount in Easy Access. 

I-LOV-MONEY

jaypers said:

Exactly what I’ve done, but everyone has unique circumstances. It’s difficult to predict what you might need access to in anger so it’s best to have a decent amount in Easy Access. 

Yes.  I always think "what if the house fell down?".   The insurance company then refer me to a clause that I missed "..in the event of your house falling down ... tough luck, we don't pay out !! "