Savings account help needed

reheat

I need an easy access savings account that can transfer about £14k into and then a two or three hundred per month thereafter. It has to be available for instant withdrawal in case of emergency. Cannot be Nationwide or anything it owns.

Any ideas please. There seem to be a lot of accounts now that only add interest annually, so not sure if they are so good or not.

Any help welcome. Thanks.

refluxer

Atom have the highest paying easy access savings account at the moment and I think they pay interest monthly.

RG2015

Virgin Money.

Market leading easy access from 1st March plus 2% on current account balances up to £1,000.

Current account interest paid monthly and savings account interest paid quarterly.

Plus opening incentives including 3% bonus on the current account paid after one year.

 https://uk.virginmoney.com/current-accounts/brighter-money-bundle/

eskbanker

reheat said:

There seem to be a lot of accounts now that only add interest annually, so not sure if they are so good or not.

They'll all calculate interest based on the balance every day, so unless you're relying on interest income being received monthly, you don't lose out if it's paid annually, as it'll all ultimately equate to the same thing, for a given interest rate and deposit/withdrawal pattern....

reheat

eskbanker said:

reheat said:

There seem to be a lot of accounts now that only add interest annually, so not sure if they are so good or not.

They'll all calculate interest based on the balance every day, so unless you're relying on interest income being received monthly, you don't lose out if it's paid annually, as it'll all ultimately equate to the same thing, for a given interest rate and deposit/withdrawal pattern....

When interest is paid annually, do you lose all the interest on money that is not in for the full year? Or is it calculated to account for daily balances throughout the year, albeit only paid out annually?

Daliah

reheat said:

eskbanker said:

reheat said:

There seem to be a lot of accounts now that only add interest annually, so not sure if they are so good or not.

They'll all calculate interest based on the balance every day, so unless you're relying on interest income being received monthly, you don't lose out if it's paid annually, as it'll all ultimately equate to the same thing, for a given interest rate and deposit/withdrawal pattern....

When interest is paid annually, do you lose all the interest on money that is not in for the full year? Or is it calculated to account for daily balances throughout the year, albeit only paid out annually?

Yes, your second option is how it works.

Also, if you close an instant access account at any stage, you will receive any and all outstanding interest up to the date of closure, on the same basis.