Unable to Open Savings Account without Current Account in Same Bank

Rob5342

I recently opened a Marcus one, I'm happy with the rate but transfers can be extremely slow (over 9 hours when I moved some money out last weekend).

RG2015

Rob5342 said:

I recently opened a Marcus one, I'm happy with the rate but transfers can be extremely slow (over 9 hours when I moved some money out last weekend).

I agree that weekends can be slow, however 9-5 during the working week for me has always been instantaneous. 

Daliah

Tandem and Chase are much faster, with as least as good / better rates than Marcus. I haven't had more than £1 in Marcus for many moons now, as they have long dropped from the top rates.

RG2015

Daliah said:

Tandem and Chase are much faster, with as least as good / better rates than Marcus. I haven't had more than £1 in Marcus for many moons now, as they have long dropped from the top rates.

The OP initially was looking at a high street bank, but later said they would be fine with an online bank.

Chase and Tandem are app only and the Chase savings account requires that a Chase current account is also opened. The OP's initial concern was that they would prefer not to open another current account.

I will admit to second guessing the OP's other preferences, but Marcus did appear to be a better fit.

I do agree that Chase is faster than Marcus at weekends (I have no experience of Tandem) but don't imagine that the OP has that high on their wish list.

I also do apologise if I am coming across as a bit bossy here, but I like to present a balanced case.

badger09

RG2015 said:

Daliah said:

Tandem and Chase are much faster, with as least as good / better rates than Marcus. I haven't had more than £1 in Marcus for many moons now, as they have long dropped from the top rates.

The OP initially was looking at a high street bank, but later said they would be fine with an online bank.

Chase and Tandem are app only and the Chase savings account requires that a Chase current account is also opened. The OP's initial concern was that they would prefer not to open another current account.

I will admit to second guessing the OP's other preferences, but Marcus did appear to be a better fit.

I do agree that Chase is faster than Marcus at weekends (I have no experience of Tandem) but don't imagine that the OP has that high on their wish list.

I also do apologise if I am coming across as a bit bossy here, but I like to present a balanced case.

FWIW I don’t think you have any need to apologise. 

@OP I also think it’s a good idea to have another current account with a different provider. 

anotheruser

Just open a current account and use that as a savings account.
The interest rates are not what they were (and haven't been for many, many years), so a specialised savings account is near on worthless.

Daliah

anotheruser said:

Just open a current account and use that as a savings account.
The interest rates are not what they were (and haven't been for many, many years), so a specialised savings account is near on worthless.

That's really bad advice as most current accounts don't pay interest, and the few that do only pay it on very low balances. It's not possible to protect savings from inflationary loss these days, but you can reduce your losses by using savings accounts.

Molehusband

Daliah said:

anotheruser said:

Just open a current account and use that as a savings account.
The interest rates are not what they were (and haven't been for many, many years), so a specialised savings account is near on worthless.

That's really bad advice as most current accounts don't pay interest, and the few that do only pay it on very low balances. It's not possible to protect savings from inflationary loss these days, but you can reduce your losses by using savings accounts.

I agree with you. There are many more savings accounts available by financial organisations such as Building Societies which do not need customers to open a current account. They are all conveniently listed here (as we have both previously mentioned in this thread):

https://moneyfacts.co.uk/

For each of the dozens of savings accounts listed it displays both "Opening Account" and "Managing Account" detailed information. So it's made very clear about how the account can be opened and managed, such as whether by branch, telephone, post as well as online/app. I suggest the OP looks at moneyfacts as it could save them a lot of time in deciding which to go for.

anotheruser

Daliah said:

anotheruser said:

Just open a current account and use that as a savings account.
The interest rates are not what they were (and haven't been for many, many years), so a specialised savings account is near on worthless.

That's really bad advice as most current accounts don't pay interest, and the few that do only pay it on very low balances. It's not possible to protect savings from inflationary loss these days, but you can reduce your losses by using savings accounts.

Really bad advice?  Getting the person to burn all their money is REALLY bad advice.
Remember, most people here don't have £50,000 (or more) in savings so that 2.5% in interest is barely worth the effort.  AND the person hasn't particularly listed how much they need to move.

Even at £15,000, the 1.5% top easy access account is £225 a year.  But another account to keep tabs on.  Some people would be happy with less interest but a simpler banking life without having to remember about this or that account.  It's how and why there's millions possibly billions of pounds in dormant accounts.

I suppose in this example the person may gain a bit but come on, let's not be scrabbling around for a tiny amount of extra money.  But then I can't be bothered to mess about moving my savings for an extra £60 a year - that's just me.

Daliah

Yes, really bad advice, coming from a supposed Money Saving Expert.