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The Top Easy Access Savings Discussion Area
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Absolutely, put your emergency stash in the highest available easy access account first, this is for something you might need today or tomorrow.
Anything after that then a pick and mix approach works well. If you've enough spare cash to fill a dozen one year fixes then eventually you'll always have an account maturing every month to back up your emergency stash. It doesn't have to be tens of thousands in each account, one or two thousand in each if you can afford it is enough.
None of those fixes may be earning the "best" rate but they'll usually all be earning more than any easy access account.2 -
I-LOV-MONEY said: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.4
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chris_the_bee said:I-LOV-MONEY said: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.0
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BooJewels said:chris_the_bee said:I-LOV-MONEY said: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.
Can I suggest you read up about Regular Savers, and have a play with the Regular Saver calculator which illustrates the benefits of the higher rate Regular Savers. Almost all the top Regular Savers offer instant access or early closure without penalty.
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BooJewels said:chris_the_bee said:I-LOV-MONEY said: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.
The headline rate is indeed the rate you get; interest is simply calculated daily on the account balance, regardless of account type.3 -
Sensory said:BooJewels said:chris_the_bee said:I-LOV-MONEY said: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.
The headline rate is indeed the rate you get; interest is simply calculated daily on the account balance, regardless of account type.
The terms of each account will tell you which one applies.1 -
I did use the calculator you linked to check my thinking before posting. Apologies if I'm misunderstanding.
Working on the fact that many regular savers limit how much you can pay in each month, I worked on £200 per month, resulting in £2400 saved in a year, giving rise to interest of £65 @ 5%. Drip feeding it from an EA account gave £66 interest and putting £2400 into a 1 year fix @ 4.3% gave £103.20 interest.0 -
kaMelo said:Sensory said:BooJewels said:chris_the_bee said:I-LOV-MONEY said: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.
The headline rate is indeed the rate you get; interest is simply calculated daily on the account balance, regardless of account type.
The terms of each account will tell you which one applies.1 -
BooJewels said:I did use the calculator you linked to check my thinking before posting. Apologies if I'm misunderstanding.
Working on the fact that many regular savers limit how much you can pay in each month, I worked on £200 per month, resulting in £2400 saved in a year, giving rise to interest of £65 @ 5%. Drip feeding it from an EA account gave £66 interest and putting £2400 into a 1 year fix @ 4.3% gave £103.20 interest.Month 2.5% 5% 1 2200 200 2 2000 400 3 1800 600 4 1600 800
...is better than just keeping everything at 2.5%.2 -
BooJewels said:I did use the calculator you linked to check my thinking before posting. Apologies if I'm misunderstanding.
Working on the fact that many regular savers limit how much you can pay in each month, I worked on £200 per month, resulting in £2400 saved in a year, giving rise to interest of £65 @ 5%. Drip feeding it from an EA account gave £66 interest and putting £2400 into a 1 year fix @ 4.3% gave £103.20 interest.
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