Anyone know how long it takes to be verified for one of these accounts? I applied last Wednesday and still pending? I know it's new year but surely on a savings account which you don't have to have a credit check for I'd have thought this would be pretty automated?
Anyone know how long it takes to be verified for one of these accounts? I applied last Wednesday and still pending? I know it's new year but surely on a savings account which you don't have to have a credit check for I'd have thought this would be pretty automated?
You might do better putting/keeping the £4k into into a good instant access account, and from there drip-feeding it into a good a Regular Savings account.
I've been looking at the ladder idea but its confusing me. I've about 4000 I could use but not sure how exactly to split it up
If you open 14 pots, put £10 in each (£140), then give notice on the first. The idea is then to give notice on one pot each week, if you do that on a Monday (easy to remember) for example each pot will become available on a Friday. After the initial 95 days you will have a pot mature each week. All the money in your pots will be earning 3.26%. How much you decide to put into each pot is up to you but you mention £4,000 so if you're sure you don't need that you could put £3870 in Pot 1. Fast forward to when that pot matures and you can transfer the balance into any of your pots pot you wish dependant on when you think you might need it or if in the meantime rates have gone up and you can get a better deal elsewhere then move it there. Keep the pots going though, I think it likely that the rate you get will always be as good as (if not better) than anywhere else and you have a pot maturing weekly every Friday if you deposit Mondays. Hope that helps..
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Now I need to get my head round how to get the best out of it
You can use the MSE RS calculator to model your options.