Regular Savings Accounts: The Best Currently Available List!

EachPenny

Mee wrote: »

Each to their own! I find with Tesco which I favour in many ways there is delay when setting up a new payee for payment which doesn't allow me to make a same day payment.

Do you mean delays in setting up payees from one of the Tesco savings accounts, or from their current account?

For me transfers from the savings to either of my current accounts is instant, and I then FP from the Tesco current account to my 'hub' current account from where it then goes out to the RS accounts. Granted, it is an extra step in the process but it all happens 'instantly'.

I've never had a delay in setting up a new payee from the Tesco current account either, so not sure what is going wrong for you. If you don't have a Tesco current account I guess the next question is why not?

But the Ford money instant access is still useful because it allows instant transfers into the RS account. So I always keep at least £250 in there ready for the next month's payment.

Mee

A little didactic, methinks!
I do have a T c/a. My experience of setting-up new regular payments to external accounts from my T Internet Savers (my preferred option) doesn't allow me to send an instant payment.

I'm aware that we all use our accounts in different ways (horses for courses)
I prefer to have little traffic between my T c/a and external accounts, and use the T ISs for dds and fps. My FM accounts are currently used for nesting though I ocassionally move funds between accounts.

EachPenny

Mee wrote: »

A little didactic, methinks!
I do have a T c/a. My experience of setting-up new regular payments to external accounts from my T Internet Savers (my preferred option) doesn't allow me to send an instant payment.

I'm aware that we all use our accounts in different ways (horses for courses)
I prefer to have little traffic between my T c/a and external accounts, and use the T ISs for dds and fps. My FM accounts are currently used for nesting though I ocassionally move funds between accounts.

I'm not sure I get your previous point then. The Ford Money account always delays a manual external payment until next day (or later), there is apparently no way of getting round that. The Tesco IS account can be used to achieve genuine instant access. Fair enough "Each to their own" and "horses for courses", but it is slightly unfair to offer criticism of an account because of the way you choose to operate it.

Apologies if my previous post caused some offence and you felt it didactic. But this forum is about helping people solve problems and finding better ways of doing things, so it feels natural to offer advice to someone complaining that their experience of an account is not what others experience.

All of us operating multiple regular savers and 'holding' accounts are looking for ways to find better (and faster) options, sharing our experiences and tips is all part of that

Malchester

I find Tesco IS a true instant access account, never had a problem transferring money to another Tesco account, or to an account outside Tesco immediately. My only gripe with the account is that when they increase the interest rate they bring out a new account rather than increasing the rate for existing customers. I have complained and get the impression that others have done too. They will not even let existing customers know that there is an increase in the interest rate available if I open a new account. Have opened 5 new accounts this year alone and closed previous ones because of this but you have to keep your eyes open on their website.

Speculator

adindas wrote: »

I am not quite sure if you area talking about FPI or FPO. If it is an FPI to Ford money, there is, Try this

Transfer it about 00:30 (it might be working anytime after 00:00 but have not tried it so can not say).

After 12:00 midday the same day (might be later) you will notice the money is already on your account for eSaver.

I have not tried it with FPO from ford money, but it should be working in the same way with FPI, someone needs to try it.

I have been doing this for several months to feed my ISA RSA with ford money.I am not doing this for the sake of a few pennies but it normally fits to time where I normally go to bed so to me there is not any extra work at all. But you might want to reconsider the benefit of this if you are going to bed earlier.

See post #6422

adindas

Malchester wrote: »

I find Tesco IS a true instant access account, never had a problem transferring money to another Tesco account, or to an account outside Tesco immediately. My only gripe with the account is that when they increase the interest rate they bring out a new account rather than increasing the rate for existing customers. I have complained and get the impression that others have done too. They will not even let existing customers know that there is an increase in the interest rate available if I open a new account. Have opened 5 new accounts this year alone and closed previous ones because of this but you have to keep your eyes open on their website.

And it is only for one year.

I already have six of them including Instant Access saver. How easy it is to close account ? What process involved could we do it online ??

ColdIron

adindas wrote: »

And it is only for one year.

I already have six of them including Instant Access saver. How easy it is to close account ? What process involved could we do it online ??

Easy peasy, give them a ring, takes about 3 minutes. I'm pretty sure you can't do it online

EachPenny

mhoc wrote: »

I went and had a look and one of my two Tescos is paying just 0.25% instead of 1.2% so this is a job I need to do tomorrow - get it closed and then re open a new one

The most annoying bit is having to re do the direct debits - I've made a note of the account numbers etc

As far as I can tell there is no reason to close the existing accounts, Tesco allow you to open new ones and keep the existing running.

So rather than disturbing existing DD arrangements I opened a new account to receive my holding money and scrape the funds from the old ones into the new on a regular basis.

When the rate on the new one drops after 12 months I'll repeat the process. Because I am keeping it a relatively 'clean' account (only one DD in) it will be less hassle to close it down.

ColdIron

mhoc wrote: »

The most annoying bit is having to re do the direct debits - I've made a note of the account numbers etc

I've had 8 Internet Savers but I've kept the first 2 open for Direct Debits so I never have to set anything back up, obviously I don't keep much cash in these. As a new one becomes available I close the oldest one (apart from 1 and 2) and stick the interest in the new account. I usually keep the newest and the previous one to avoid any problems with the 48 hour period where you can't make payments and don't transfer all the cash until I can. One thing I do like about Tesco is that your list of payees are shared across all accounts so you don't have to re-do these for new accounts

ColdIron

EachPenny wrote: »

As far as I can tell there is no reason to close the existing accounts, Tesco allow you to open new ones and keep the existing running.

There's a limit of 6 which isn't hard to hit if, like me, you open them at the drop of a hat to chase their best rates