Old fashioned girl

refluxer

SINDYGIRL said:

Hey I would value opinions...I want to open a savings account with £20000... I looked on MSE and Cynergie was mentioned...I've never heard of it?...I'm stuck in a thing about just puting money into a 'normal' bank...Nationwide...Halifax...Santander etc...also and apologies if I sound mad...is it easier for my children to deal with ISA's and savings when I've died if I have them in accounts with passbooks so amounts are obvious as opposed to them having to deal with online accounts passcodes pin numbers etc...am I just being silly as rates seem better with online accounts...
Thanks for listening 

No, you're not being silly and you're right to be cautious with your finances.

Yes, you have to be prepared to look beyond the high-street banks and building societies to get the best rates these days. If you stick with the MSE top tables to start with, then you can be sure of getting the correct links to the better products and also be reassured that the companies are properly regulated and your money is FSCS-protected. You can also do your own checking by visiting the FSCS and FCA websites and searching for the companies in question. Once you've found an account that meets your needs, then it's always worth having a look on this forum to gauge customers' experiences with the relevant bank or post a specific question, just like you're doing now.

In terms of others dealing with your finances after you die, then a passbook is no more use than a bank statement or any other evidence of a bank account they might find. Very few accounts issue passbooks these days anyway. You could help others by having an up-to-date list of all your accounts and keep it somewhere safe - this would simplify the amount of 'digging' they would have to do.

SINDYGIRL

Thank you... I will take a look...I opened an online ISA with Cynergy yesterday after seeing it on MSE...I didn't state on the application that I wanted to transfer in an old ISA with Sainsburys so after completing the process not having put any money in it I realised it was too late so rang them to ask if I should close account and reapply including the transfer details from Sainsbury but they have told me today they're too busy to talk although they were talking and that u would have to download authenticator app and try to cancel account or wait 35 days or just apply again...so not overly impressed although my initial mistake...maybe I'll look for a similar easy access ISA with better interest than Sainsbury as all I'm getting is 0.7%

Albermarle

SINDYGIRL said:

Thank you... I will take a look...I opened an online ISA with Cynergy yesterday after seeing it on MSE...I didn't state on the application that I wanted to transfer in an old ISA with Sainsburys so after completing the process not having put any money in it I realised it was too late so rang them to ask if I should close account and reapply including the transfer details from Sainsbury but they have told me today they're too busy to talk although they were talking and that u would have to download authenticator app and try to cancel account or wait 35 days or just apply again...so not overly impressed although my initial mistake...maybe I'll look for a similar easy access ISA with better interest than Sainsbury as all I'm getting is 0.7%

No need to cancel it as such. As long as you have not put any money in it you can just open a new one elsewhere.

SINDYGIRL

Thanks again...I'll look for another easy access ISA with a better interest rate than I'm getting...

ANGLICANPAT

Aldermore do an easy access isa at 1.10%  or 1.15%  if  you are prepared to give 30dy notice. 

canaldumidi

SINDYGIRL said:

.........is it easier for my children to deal with ISA's and savings when I've died if I have them in accounts with passbooks so amounts are obvious as opposed to them having to deal with online accounts passcodes pin numbers etc.........

And what if they can't or don't find the passbooks?

Far better is to create an A4 page listing all your accounts with a/c numbers (and phone number?) and keep it with your will.

Include your mortgage lender (and aprox balance), credit card issuers, insurers, NI number, list of investments/broker, and any other key people or assets you have.

Don't forget the contact details of the skipper you keep on retainer to look after your yacht in St Tropez.......

The exact balances don't matter and don't need keeping up to date as once your children contact the company/bank/etc with a copy of your death certificate/will, they will provide an up-to-date balance for probate purposes.

(assuming your children are your Executors of course!).

But giving your children /Executors a list of everything in one place will make life a bit easier for them than scrabbling around your desk drawers looking for passbooks which they may not even know exist.......

masonic

Things that you find when rooting through the drawers to make your heart sink

1) Old passbooks

2) Old paper share certificates

Unnecessary hassle in document form.

SINDYGIRL

canaldumidi said:

SINDYGIRL said:

.........is it easier for my children to deal with ISA's and savings when I've died if I have them in accounts with passbooks so amounts are obvious as opposed to them having to deal with online accounts passcodes pin numbers etc.........

And what if they can't or don't find the passbooks?

Far better is to create an A4 page listing all your accounts with a/c numbers (and phone number?) and keep it with your will.

Include your mortgage lender (and aprox balance), credit card issuers, insurers, NI number, list of investments/broker, and any other key people or assets you have.

Don't forget the contact details of the skipper you keep on retainer to look after your yacht in St Tropez.......

The exact balances don't matter and don't need keeping up to date as once your children contact the company/bank/etc with a copy of your death certificate/will, they will provide an up-to-date balance for probate purposes.

(assuming your children are your Executors of course!).

But giving your children /Executors a list of everything in one place will make life a bit easier for them than scrabbling around your desk drawers looking for passbooks which they may not even know exist.......

Wise words...I'll make an effort to get into this century...thank you

ChilliBob

I found Cynergy a bit of a pain tbh so I sacked it off in the end, not worth the hassle. 

SINDYGIRL

Yes that's what I'm learning...I'm looking for an alternative...