Best savings acc - new to this so bear with....

Fifi4 Forumite Posts: 2
Fourth Anniversary Combo Breaker First Post
Hi, I currently have 8500 in S123Lite - I pay more in my monthly fee of £1 than I get in cashback (pennies) as I only have my mobile DD linked to it... I’m happy with my bills cashback from my joint NatWest account. I know I’m not talking big money savings like most but 8500 is hard come by for me.... I’d like to earn interest on it ... any suggestions where I can move to? I’m new to this but wanted to ask someone who might know... I’ve looked at NS&I but can I pay out of it to people if needs be?? Will I get a visa debit card for example? Any help, in layman’s terms, much appreciated thanks


  • colsten
    colsten Forumite Posts: 17,597
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    edited 31 July 2020 at 6:50PM
    No VISA or other debit card with NS&I - savings accounts rarely have cards. You cannot pay other people directly from NS&I (and most other savings accounts) either. You have to withdraw to your 'nominated' account, which is a current account in your name, and then pay from there. Note minimum withdrawal from NS&I Income Bonds is £500. No minimum account for NS&I Direct Saver.

    The 123 Lite looks of no use to you - other than perhaps to switch it. Halifax are rumoured to have a switch offer from August 4.
  • Fifi4
    Fifi4 Forumite Posts: 2
    Fourth Anniversary Combo Breaker First Post
    Many thanks! I’ll hang fire and see what Halifax have to offer 🤞 Thanks for your help ☺️
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