Bank Current A/c with Feeder Savings A/c

Silverfox1954

Hello All,
A friend of mine has asked me if I am aware of any Bank Current A/c that is possible to have with a Feeder Savings A/c paying a 'decent ' rate of interest. It needs to be a bank that has High Street branches as my friend does not entertain 'online banking'. Barclays Premier A/c is only paying 0.5% :mad: on what I would classify as an 'Exceedingly High Savings Balance'. Any ideas? She already has a Santander 123 A/c.

Neil_Jones

current accounts with "decent" interest vanished ages ago, think its only TSB at 3% on up to £1500 around now. The Santander 123 "classic" account (with the £5 fee) is probably the other real example except from an interest point of view you have to keep £20k in it to get the highest interest from it, and even at that point it's only 1.2% net after your fee - the advertised 1.5% rate is a gross figure - and the net figure goes down the less you have in it.

The best rates are mostly online so if your friend won't go online then they will be missing out unfortunately.

abz88

NationWide FlexDirect pays 5% on the first £2,500 for 1 year (but then it drops to 1%). Your friend would be better off moving to online banking, opening a Marcus account and move money from that to a linked current account and into their regular savers. Also worth noting that all the high interest regular savers (at 5%) require you to have the linked current account, so they will need to open these up as well.

eskbanker

Silverfox1954 wrote: »

It needs to be a bank that has High Street branches as my friend does not entertain 'online banking'.

abz88 wrote: »

NationWide FlexDirect pays 5% on the first £2,500 for 1 year (but then it drops to 1%).

https://www.nationwide.co.uk/products/current-accounts/our-current-accounts/overview:

FlexDirect

Our free, online account

FlexDirect could suit you if:

[...]

You’re happy to do most of your banking online, using our app and Internet Bank.

polymaff

Silverfox1954 wrote: »

Hello All,
A friend of mine has asked me if I am aware of any Bank Current A/c that is possible to have with a Feeder Savings A/c paying a 'decent ' rate of interest. It needs to be a bank that has High Street branches as my friend does not entertain 'online banking'. Barclays Premier A/c is only paying 0.5% :mad: on what I would classify as an 'Exceedingly High Savings Balance'. Any ideas? She already has a Santander 123 A/c.

If you are looking for what used to be called a "Sweeper" account, they are very few and far between nowdays. First Direct used to do something like this, but the interest rates were abysmal. RBS has something called Safety Net - but the rate of interest on RBS savings accounts are pretty poor - and there aren't too many branches of RBS nowadays.

I guess that you already know the real answer is that you have to make some effort to get a return on your money nowadays - so a refusal to "entertain online banking" says it all.

What is an 'Exceedingly High Savings Balance'.?

Ellie78

Having an HSBC Advance account can get her 5% on their regular saver. Can pay in max £250 per month into the savings account (if you don't pay in the max per month you can carry over to following months).

eskbanker

polymaff wrote: »

What is an 'Exceedingly High Savings Balance'.?

I don't know but I bet Mr Kipling has one....

polymaff

Crumbs, I asked for that one....:)

Ben8282

Is this question being asked the right way round?
Do you want to feed the current account from the savings account or the savings account from the current account?

Katiehound

As already mentioned HSBC has 5% regular saver if you have an Advanced a/c . This is for 12 month period, max pay in £250 per month.

M&S also have similar deal but iI wouldn't call that a 'High Street' bank, and if I remember rightly you need to jump thro the odd hoop :have switched etc etc

Does FirstDirect have same deal? Yes, not a high street bank but certainly telephone banking and you can use HSBC for paying in cash.

18cc

There are no high st banks that offer savings accounts as such with a good rate of interest.

If your friend does not want to operate the savings account by internet then perhaps a telephone-operated savings account would do? Google to find some but eg RCI pays 1.35% and she can feed her current account by calling them when she wants to make a transfer. I am sure other are available (Aldermore?)