The Top Easy Access Savings Discussion Area

lindos90

Thanks for quick reply Steve-xx!! good to get some reassurance before I go ahead, Im trying to be more 'savvy' with my money, but sometimes lack confidence in my own decisions.

If A&L is one of the best at the mo, i'll go for that one, as Im already a customer there and like to be able to see my money online without having to learn a new online banking system/password/codes etc.

Steve_xx

lindos90 wrote: »

Thanks for quick reply Steve-xx!! good to get some reassurance before I go ahead, Im trying to be more 'savvy' with my money, but sometimes lack confidence in my own decisions.

If A&L is one of the best at the mo, i'll go for that one, as Im already a customer there and like to be able to see my money online without having to learn a new online banking system/password/codes etc.

I would also refer to to these though they're bonds, you're not tied in beyond 90 days and the interest rates are to die for at the minute, but if you decide to go you'll need to look sharp:

I would consider the Newcastle Building Society - 5 year ISA, fixed rate of 5% - but not actually tied in for more than 90 days:

http://www.newcastle.co.uk/savings/5yearfixedrateisa


For the remainder I would consider the Newcastle Building Society - 5 year Bond, fixed rate of 5% - but not actually tied for more than 90 days:

http://www.newcastle.co.uk/savings/5yearbond

You ought to act fast in case they withdraw these accounts.

eathcliff

I would consider the Newcastle Building Society - 5 year ISA,

Steve-xx. Just looking at this ISA now.
The interest is calculated daily, and added annually to the account.
So, no interest on the interest. Am I reading that correctly?

regards Dave

Steve_xx

eathcliff wrote: »

I would consider the Newcastle Building Society - 5 year ISA,

Steve-xx. Just looking at this ISA now.
The interest is calculated daily, and added annually to the account.
So, no interest on the interest. Am I reading that correctly?

regards Dave

Well yes and no I guess! The interest will accrue on a daily basis, and of course when they add the interest to the balance at each year end it would accrue over the following year.

Mr._H_2

eathcliff wrote: »

I would consider the Newcastle Building Society - 5 year ISA,

Steve-xx. Just looking at this ISA now.
The interest is calculated daily, and added annually to the account.
So, no interest on the interest. Am I reading that correctly?

regards Dave

The quoted rate is 5% AER, so whilst you don't earn interest on interest, you'll still earn £5 interest for every £100 deposited for a year.

If the interest were added daily, the gross rate would still be 5%, but the AER would be higher to reflect the effect of compound interest.

The upshot of this is: when comparing savings accounts, always compare the AER rates. The higher the AER, the more interest you will earn.

JimmyTheWig

The Newcastle 5% rate has finished.

Nessie23

lindos90 wrote: »

Just seen the A&L online saver variable 3.15% with bonus, is that about the best around? If you are already a customer can you apply online?

Cant find anything good with TSB or Halifax. (Banks Ive had reg savers/bonds with in the past)

Any help much appreciated!

Hi I have recently also applied for the A&L account. I already had an account with them and it took just under 1 week to get all the paperwork (you might be able to see the account online a bit earlier than that!)

You can link your A&L Online saver either to your A&L account or to an account outside A&L. Not 100% sure, but I think faster payments are limited to £250 per day anything higher than that will go via BACS. However from past experience with other A&L online savers bear in mind that sometimes they will not allow you to change the linked bank account, so make sure that the account you used is still going to remain open for a little while.... :cool2:

HELS

I applied and managed to open the 5 year fixed rate account with Newcastle B.S(still to fund it) but didn't manage to read the terms and conditions as every time I attempted to open them, the site crashed. Has anybody got a working link to them as there is no longer anything on Newcastle's site.:mad:

Thanks

Steve_xx

HELS wrote: »

I applied and managed to open the 5 year fixed rate account with Newcastle B.S(still to fund it) but didn't manage to read the terms and conditions as every time I attempted to open them, the site crashed. Has anybody got a working link to them as there is no longer anything on Newcastle's site.:mad:

Thanks

Summary Box Key Product Information for our Savings Account Account NameFive Year Bond (Issue 1)Interest Rates Annually (Fixed)Monthly (Fixed) £5,000 - £500,0005.00% Gross*/AER**4.75% Gross*/4.85%AER**Tax StatusInterest will be paid after the deduction of income tax at the appropriate rate unless you request otherwise.Conditions for bonus paymentNo bonus is applicable.Withdrawal arrangementsWithdrawals are permitted subject to 90 days notice without penaltyAccessBy Post Additional Important InformationMaturity Date31st July 2014Interest PaymentAnnually Monthly 31st July 2010, 2011, 2012, 2013 and on MaturityLast business dayMinimum Balance£5,000Maximum Balance£500,000

Product Terms and Conditions


The Newcastle's General Investment Terms & Conditions will apply unless they are inconsistent with these Special Conditions, effective from the date of the account opening.

1. The account is a fixed rate account.
2. The account can be applied for online and operated by post.
3. The minimum investment in the account is £5,000, and the maximum is £500,000.
4. The account can be held in a single or joint names.
5. After placing your Investment in the account you may make further deposits while the account is a current issue. The account is a limited issue and may be withdrawn at any time.
6. Withdrawals are permitted subject to 90 days notice without penalty. Withdrawal requests must be made in writing.
7. On maturity the account will automatically transfer to the Newcastle's designated maturity account. We will write to you prior to maturity to advise you of any amendments to the Terms & Conditions of your account. Following the day of maturity you have 28 days in which to withdraw funds penalty free, thereafter the maturity account Terms & Conditions will apply.
8. Interest is calculated daily and is credited to the account annually or monthly.
9. Monthly interest is available. Should the final day of a calendar month be a business day then any monthly interest paid to a third party will be paid on that day. Otherwise it will be paid on the following business day. Any final monthly interest due on maturity will be credited to the account.
10. Interest can be paid to your account, to another account with the Newcastle or to a third party bank or building society account.
11. Details are correct as at 29/06/2009.

G_M

lindos90 wrote: »

Since becoming a member of this forum Ive learnt alot, and started to save, doing a couple of regular savers and bonds here and there, in the last couple of months each have matured, and Ive got myself into a bit of a mess (all be it a possitive one) Ive lost track of my money, transfering it here and there, and found ive got more than I thought!

Current situation is:

2.5K in my recently upgraded premier direct current account with A&L (6%)

two 'vantage' current accounts at TSB, almost at 7k each (4%)

Somehow Ive ended up with another 6K, which is currently in one of the Vantages, and therefore earning a pittance (anything over 7K get 0.1%?)

Anyway, just realised this today, so want to move it ASAP, Ive had a quick look around the site in a panic this morning.

I would like to be able to add money at any time, and have instant access to this money as we plan to move soon and may need it in a hurry, (so not tempted by a bond or additional reg saver this time).

So would a basic online savings account be the best thing? Ive never been tempted in the past as I generally thought the rates were not as good as other products.

Just seen the A&L online saver variable 3.15% with bonus, is that about the best around? If you are already a customer can you apply online?

Cant find anything good with TSB or Halifax. (Banks Ive had reg savers/bonds with in the past)

Any help much appreciated!

Why not just open another (3rd) Vantage a/c - 4% instant access. And presumably you already have on-line access. Branches sometimes say 2 is the max but they'll happily open it for you on their phone lines!