Recommend an easy access online saver please

Katiehound

Ah ha, hadn't realised there was a new Tesco a/c paying 1.16%- somehow I read it as all their accounts were going to pay less than a peanut! I shall therefore open a new a/c and transfer the spondoolies over... which is what I have done in the past.

The other bonus with Tesco is that you can sweep money in and out from several different accounts not just the one nomination: ie my TSB interest goes in and my remaining 5% x 2 RS go out.

oh, and often I am away so manually moving cash is more difficult.

Very many thanks to everyone who posted- much appreciated:T

d63

Katiehound wrote: »

Ah ha, hadn't realised there was a new Tesco a/c paying 1.16%- somehow I read it as all their accounts were going to pay less than a peanut! I shall therefore open a new a/c and transfer the spondoolies over... which is what I have done in the past.

The other bonus with Tesco is that you can sweep money in and out from several different accounts not just the one nomination: ie my TSB interest goes in and my remaining 5% x 2 RS go out.

oh, and often I am away so manually moving cash is more difficult.

Very many thanks to everyone who posted- much appreciated:T

i hadnt realised it either! had in fact quite given up on them ever offering any halfway decent saver accounts ever again after they stopped offering any new bonus accounts back in august as was discussed here -

https://forums.moneysavingexpert.com/discussion/6034981/tesco-internet-saver-rates-reduction

so my thanks as well to badger09 for pointing this out!

Katiehound

New account duly opened.
I see the existing one is still paying 1.25% but that's due to reduce before the end of the month so for once I am organised.

Bobblehat

Glad you got it sorted!

For anyone interested in an example of what was quoted above regarding one automatic payment out of the holding savings account to an account allowing SO's to the RS's ….

I use Charter Savings Bank Easy Access at 1.39% (currently 1.35%) as the holding savings account as they allow a regular automatic payment out (i.e. like SO) to the nominated account (TSB). I don't have to remember to do one off manual payments each month. The TSB account has SO's set up for the RS's, and the top-up from the CSB keeps the TSB up near the £1500 when the RS SO's go out, maxing the TSB in-credit interest (3%) with no DD's required.

Most RS's require the monthly payment to come out of its associated CA, so the TSB SO's feed the appropriate CA. Sounds a little complicated, but it all works by itself once set up, and in my case feeds 5 RS's in 5 banks.

YMMV!

OceanSound

I'm trialing the booblehat system to feed 2 RS accounts (HSBC and Halifax) to begin with. Then gradually introducing the remaining RS's also. Perhaps even extend it to feed CA's that I have DD's setup to pay CC's.

BTW, When I was setting up the automatic regular transfers at Charter Savings bank (CSB). i.e. transfer out from CSB to TSB, happen to notice that the transfer out reaches the destination by the end of the working day following date of transaction. If one doesn't account for this, one could lose out on a few days interest on the TSB CA. e.g. TSB CA Feeder SO pays out on Friday 06 December, CSB auto regular transfer out is also set for Friday 06 December, which of course is paid out on Monday 09 December. If you always have exactly have £1500 in the TSB CA, and the latest feeder SO has bought the balance down to £1250 then one would lose £250 interest at 3% for 2-3 days.

Nitpicking probably. But it is MSe, where every penny counts.

colsten

OceanSound wrote: »

..... then one would lose £250 interest at 3% for 2-3 days.

I think you were meant to say that you would lose 3% AER interest on £250 for 2-3 days. In other words, 2p a day.

OceanSound

colsten wrote: »

I think you were meant to say that you would lose 3% AER interest on £250 for 2-3 days. In other words, 2p a day.

It's pretty clear from the context.

colsten

OceanSound wrote: »

It's pretty clear from the context.

It's also pretty clear that it is worded incorrectly.

Bobblehat

OceanSound wrote: »

I'm trialing the booblehat system ……..

As is the quote for the "system" ….. I prefer my Bobblehat handle to the one above …. for some reason

OceanSound

Bobblehat wrote: »

As is the quote for the "system" ….. I prefer my Bobblehat handle to the one above …. for some reason

Suddenly, we are all hung-up on facts! spelling police officer numbers have clearly increased