hassle-free savings account

jacggors

Hi everyone, I'm looking for a hassle-free savings account with interest if possible, instant access. I don't want a monthly fee, or the need to open a current account too, or have penalties for taking money out, or a good interest rate for 6 months that is preordained to drops to nothing afterwards, or high interest on the first £1k and nothing on the rest. I don't want to have to pay it in in £50 chunks! I don't want any frills or fancies. I know the interest will be lower for that reason, but I just want a savings account where I can move money in and out easily (online only is fine) without any rules, penalties or hurdles. Ideally by a 'well known name'. The lists on this website are great but correct me if I'm wrong, I don't think there's a list of hassle-free savings accounts.

I know I'm asking a lot...

MikeJXE

Marcus is what a lot use, easy access decent interest b

eskbanker

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false is a much more comprehensive list than this site has - there isn't an agreed definition of 'hassle-free' so you'll need to search with your own criteria....

RG2015

I like this thread as a discussion topic.

As a starter, Marcus is undoubtedly excellent but there are caveats. Some of these may be seen as favourable by some people and unfavourable by others.

• You can only use a single, verified nominated account for deposits and withdrawals.
• Good interest rate but there is a 1 year 0.25% bonus which can usually be applied at any time.
• There are some reports of slow withdrawal times at weekends.

You say you do not want ones only available if you have a current account at the same bank. At the same time you say a big name would be good.

Some of my favourite savings accounts require a current account, but if you already have a current account that would be the least hassle.

My vote using your criteria is Zopa Smart Saver.

• Good rates on basic account
• Better rates with 7, 31, and 95 day notice boosted pots (optional if you don't want the hassle)
• Very easy to set up new payees, usually instantaneous. It took a day to get Chase verified but Santander, RBS, NatWest, Nationwide, Lloyds and Virgin Money were all set up as payees immediately.)

Beddie

Chase is also good for instant access and no difficulties operating it, if you don't fancy Marcus for some reason. App only though.

Bigwheels1111

Chase, Tandem,Gatehouse bank, Al Rayan - but next day payouts.
All these are great. I have accounts with them all.

jimjames

Chip also seems to meet the criteria apart from being a well known bank but that then excludes most that pay decent interest

wmb194

If you're not bothered about the rate then usually the savings accounts with the least hassle is one with your main current account provider.

RG2015

Hassle is so subjective.

I dislike Atom Bank because I favour using an iPad in landscape and Atom only displays in portrait.

jacggors

Thanks eskbanker, accept 'hassle-free' is subjective, but that's the kind of list I was looking for.

Thanks Mike, I'd never heard of Marcus. It could be the one.

Thanks RG2015 for the info about Zopa Smart Saver and the additional info about Marcus. I do have a HSBC current account (thanks wmb194 for a point along similar lines) but I don't imagine they have much to offer by way of a good savings account... And I actually prefer to keep my money separately so it's not all available from one app on my phone!

Thanks Beddie, Bigwheels and jimjames, will check those suggestions out.

Such a helpful knowledgable crowd! Much appreciated.

jacggors

Fully appreciate the point RG! Another thing for me actually is I don't want an app-only option, I think I'd prefer not having instant access to my savings from my phone. But these options you've all provided look great, I'm definitely going to go for at least one of these.

Ethical banking isn't something I'd mentioned but reading Gatehouse's website has made me think about that which is an important consideration. I notice Gatehouse and other Shariah-compliant banks say they don't pay interest but a share of profit for the year. Does anyone know the implications of this for tax / self assessment? Do you put it down as interest or as something else? Many thanks.