setting up easy access savings

VNX

tiger135 said:

people appear concerned over this 85k thing, is there any cases in the past where a bank has got in trouble and savers have lost money?

Unlikely to ever be an issue but why risk it?

tiger135

so would it be sensible to move most of the 174k from nationwide into:
cahoot 4.6% 50k
shawbrook 4.63% 50k
saffron 4.6% 50k
sainsburys 4.53% 20k
for example... 
i just want access to the money if a property comes up in the next 6-12 months 

VNX

tiger135 said:

so would it be sensible to move most of the 174k from nationwide into:
cahoot 4.6% 50k
shawbrook 4.63% 50k
saffron 4.6% 50k
sainsburys 4.53% 20k
for example... 
i just want access to the money if a property comes up in the next 6-12 months 

Sounds sensible if you need all monies in easy access, I know very unlikely you’ll need the FSCS but there is no point risking it in my view 

fabsaver

tiger135 said:

so would it be sensible to move most of the 174k from nationwide into:
cahoot 4.6% 50k
shawbrook 4.63% 50k
saffron 4.6% 50k
sainsburys 4.53% 20k
for example... 
i just want access to the money if a property comes up in the next 6-12 months 

I'm not sure why you've included Sainsburys when it is already behind the leaders. Their systems are a pain when rates rise, as they don't update automatically and you need to keep opening new accounts and moving money. Why not just split the money three ways, still well within FSCS limits.

It may be worth holding off for a few days to see the full impact of the recent base rate increase. Some existing NLA easy access accounts are going up to 4.8% mid month and others may follow.

tiger135

I included sainsbury as thats the only one I had already opened. It was easy to open  didnt really need a letter in the post though. Nationwide are the same, any small change and you get a letter to confirm.

Albermarle

tiger135 said:

so would it be sensible to move most of the 174k from nationwide into:
cahoot 4.6% 50k
shawbrook 4.63% 50k
saffron 4.6% 50k
sainsburys 4.53% 20k
for example... 
i just want access to the money if a property comes up in the next 6-12 months 

You may well end up paying tax on some interest.
If you are a basic rate taxpayer and earning above £17570 pa, the first £1000 on interest is tax free. After that it will be taxed at 20%.
Any interest earned  in a cash ISA is tax free, but you can only add £20K pa.
So it will not solve the tax issue but you might as well put £20K into an easy access cash ISA. Then repeat next tax year.

Tax-free savings: check if you're eligible - Money Saving Expert

eskbanker

housebuyer143 said:

I mean the big banks are proven criminals, so not sure why people trust them more than the new less known names 🤷‍♂️

Which convictions are you thinking of, that would be widespread enough to warrant libelling an entire industry?

artyboy

housebuyer143 said:

artyboy said:

tiger135 said:

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

And that, to be blunt, is why some of the "high street" names are able to get away with being uncompetitive. I'll accept that Chip is a bit esoteric in terms of its mechanics, but there are plenty of other "newer" names with full FSCS protection and simple accounts.

And while I'm on my soapbox, MSE isn't helping matters - I just took a look at their list of top instant access accounts and under the main list they have included Sainsburys Bank as an option for an established name that people might prefer to the better rates above. 

So that's the Sainsbury's Bank that was set up in 2009 with the oh so reputable (at the time) RBS.

As opposed to Saffron Building Society, in the main list, a mutual set up in 1849. 

I can only guess that MSE think because Sainsbury sells carrots and steak, that makes them somehow a more comforting option for people looking for a savings account. Give me strength... 🙄

I mean the big banks are proven criminals, so not sure why people trust them more than the new less known names 🤷‍♂️

Wait... so I've been working for criminals all my life? Well blow me down with a feather.

At least they pay well 🤣

tiger135

have all the banks now passed on the increase or are we still waiting??

InvesterJones

tiger135 said:

have all the banks now passed on the increase or are we still waiting??

Banks don't directly pass on the increase - for example last month there was no central interest rate meeting, yet many banks still increased their rates, so yes it's likely there are more increases to come at some point.