setting up easy access savings

tiger135

currently with nationwide and over 100k in the instant access saver paying 3%. access to this is instant with no questions.

if i opened a sainsburys 4.53 or leeds 4 account, would there be any more complications?

i would want to transfer up to 85k into one and the rest in the other. 

is this just as easy as using nationwide when i want to transfer the money back? are all the checks needed done on account opening? just dont want any issues when i need to use the money in a few months (for property).

jaypers

I don’t have Sainsbury’s or Leeds but everything should be straight forward. You would need to double check whether they have immediate Faster Payments facilities (sure someone here can confirm). All of the big banks do, including Chase plus I can confirm Investec, Marcus, Atom, Zopa, Cynergy will all give you pretty much immediate access. CHIP also do, but this works slightly differently as they use Open Banking. 

Most savings institutions do basic identity checks on account opening, all via the web and/or app. Pretty much all banks will do a full credit check. 

Albermarle

Some smaller banks can take up to one working day to send money.

Most savings institutions do basic identity checks on account opening, all via the web and/or app. Pretty much all banks will do a full credit check. 

A basic identity check is done automatically, but if anything is highlighted they may ask for more concrete identification ( passport etc ). A credit check will not be done when opening a savings account, as you are not asking for credit.

grumbler

Why do you even consider 4% when 4.5%+ are available? - https://forums.moneysavingexpert.com/discussion/6392978/top-easy-access-acs-ranked-top-of-the-pots-no-chat/p1

And do you pay income tax? If yes, consider opening a cash ISA as well for £20K:

What is the personal savings allowance?

dealyboy

From what you have said you are looking short term to maximise cash for a property purchase (deposit).

As @grumbler has said review the market and the one bit of advice I would give is to keep the banks informed of your intentions and purposes in advance of any new big transfers.

It is easy enough to find payment/transfer limits online e.g. https://www.nationwide.co.uk/help/payments/transfer-limits-and-timescales/ but you may be best advised to go into a branch to perform the transaction(s).

Miser1964

There may be daily limits, from memory Nationwide has a daily transfer out limit of £25,000, but otherwise should be straightforward. As always, test the water with an initial £99 transfer to check everything is OK.

ForumUser7

tiger135 said:

currently with nationwide and over 100k in the instant access saver paying 3%. access to this is instant with no questions.

if i opened a sainsburys 4.53 or leeds 4 account, would there be any more complications?

i would want to transfer up to 85k into one and the rest in the other. 

is this just as easy as using nationwide when i want to transfer the money back? are all the checks needed done on account opening? just dont want any issues when i need to use the money in a few months (for property).

Leeds does not offer instant faster payments. They told me this when I opened accounts with them earlier this year. I’ve only ever made one and this was on a Saturday. It arrived on Tuesday with Bank Holiday Monday.

Don’t put 85k in any - put less to leave headroom to account for the interest that will be accrued over the year. This’ll be covered by the FSCS if you leave space.

Any organisation can query and hold withdrawals if they think it is fraud, or you are being scammed etc.

fabsaver

If you know you won't need the money for at least 3 months you could consider a notice account.

Dudley BS currently have rates of 5.45% for 120 day and 5.35% for 90 day.

You'd need to give notice online shortly after opening to access the money for a property in a few months time.

Bigwheels1111

My options would be in order of ease and interest.

1 Chip

2 + 3 Tandem and Atom.

Chip is instant deposits and withdrawls via open banking, plus easy to open.

Never put 85k into a savings account, 85k is protected but interest is not.

At 6% you are risking £5.1k.

Its up to you as you are risking 15k today plus 3k interest.

I know Chip is not near the top today but if things go the way they have in the last 3 month, thay soon will be.

Select rate order.

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

tiger135

I guess I feel more comfortable with big names on the high street like nationwide sainsburys virgin etc than chip or atom. 

Bigwheels1111

Why, As long as the bank is FSCS protected your safe.
Until recently only the new challenger banks offered decent interest.
In the past 3 years I’ve had easy access and fixed savings with just about all the new banks.
At least 30 of them.
The biggest issue I had was with Kent Reliance,  over 3 months to transfer isa in, the a month to get it out again at the end of term.