Recommend an easy access online saver please

Katiehound

Too long to get into title but I am looking to replace my Tesco online easy saver which up until now has paid a reasonable rate of interest. It is either about to drop or has dropped to paltry interest.

I use it to keep funds which I then send as monthly payments to different RS a/cs. It has been so easy to set up the payments in advance and is therefore not linked to just one a/c

Suggestions gratefully received.
Many thanks

typistretired

Marcus is the best easy access but probably not for you as you can only withdrawn payments to one nominated account.

[Deleted User]

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Katiehound

newbinvestor wrote: »

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

From the top 2 instant access quoted:
Coventry clearly states that it has limited withdrawals per year- I need 24 a year!
Marcus has only one nominated account.

hence why I asked for folk's own recommendations!

I can see I might have to indulge in 2 accounts instead of the existing one!and there I am trying to reduce accounts

typistretired

Shame a lot of them are restricting how many withdrawals you make a year.

badger09

Katiehound wrote: »

Too long to get into title but I am looking to replace my Tesco online easy saver which up until now has paid a reasonable rate of interest. It is either about to drop or has dropped to paltry interest.

I use it to keep funds which I then send as monthly payments to different RS a/cs. It has been so easy to set up the payments in advance and is therefore not linked to just one a/c

Suggestions gratefully received.
Many thanks

Open another Tesco Internet Saver account?

Not exactly earth shattering @ 1.16%, but not bad considering the convenience factor;)

soulsaver

Don't you have to set up the future payments manually from the saver?

I wouldn't call that 'convenient' for regular savers.

Or maybe you send a lump to your Tesco current ac and SO them from there?

You've just missed the Al Rayan 1.6% saver with current ac functionality.

You haven't said what £££s are involved so don't know whether TSB is an option? Or Nationwide if you've not had one before?


Then, IIRC get's you down to 1.2 percenters; but, as Badger says if you're happy with Tescos and for convenience, there's not much better than 1.16 & staying where you are already happy.

ColdIron

badger09 wrote: »

Open another Tesco Internet Saver account?

Not exactly earth shattering @ 1.16%, but not bad considering the convenience factor;)

The Tesco current account and Internet Saver was the best combination for Standing Orders for me, especially when the current accounts paid 3% as there was always enough there. I haven't found a good replacement that works as well yet. I keep a tenner or so in the current account and set a future dated SO to move cash into it from the Internet Saver on the last day of the month (most of my SOs are on the first). You can't automate the SOs from the Internet Saver so it's still a manual step but you have all month to set it up. It costs me a three or four quid a year over, say, Marcus but as you say, what price convenience

movingon

So, Why can't you move an amount from Marcus say, into your nominated current account manually each month, and then have SOs from there , just like ColdIron describes above, but with Marcus. (Though I appreciate that some banks require the SO for their RS comes from their own current account directly)

ColdIron

The nice (and unique AFAIK) feature of Tesco is that the SOs fire on the day you set them to go so no uncertainty with holidays or weekends. With some Regular Savers you can 'win' (or at least not lose) a few days higher interest without having to wait for Monday or worse. This is MSE after all

NB you can't future date payments from Marcus so you would need to be on the ball

movingon

Being on the Ball, is my dilemma between 1.16% and 1.45% in the feeder