Best savings account

Bridlington1

PoGee said:

Bridlington1 said:

First of all I wouldn't bother with the Santander Edge Up account. The interest rate is only 3.5%, which is pretty poor compared to other easy access accounts (several pay over 5%). If you're going to upgrade your Santander account you'd be better off going for the Santander Edge current account which still gives you the cashback on bills etc but also gives you access to the Santander Edge Saver which pays 7% on balances of £4k or less.

A few links that would probably be of use (remember to click rate order when using these links):
For a list of the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

For a list of the top easy access cash ISAs see:
https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
 

I used their 'calculator'. With putting 4k in the 7% account + cashbacks, the amount was £350 but putting £25k in the edge up account, it came to £750 in interest and cashbacks. I've a lot of DDs and a bit lazy when it comes to setting up account/s with another bank. The £350 v £750 is with taking off the monthly fees. Have I missed something or am I correct with - by putting a higher amount in a lower interest account, I'll receive more in interest?

But you'd earn significantly more in interest if you put £4k in the Edge Saver and the remaining £21k in an account that pays a decent rate of interest.

Being ``a bit lazy when it comes to setting up account/s with another bank" can be pretty costly. Assuming a decent EA account pays 5% for a year and you put the £21k in there instead of in the Edge Up account you'd stand to earn over £300 more in interest on the £21k than you would if you just left it in the Edge Up account.

This is before you take into account the fees you could save by not bothering with the Edge Up account and the extra interest you could earn on the remaining £4k in the 7% Edge Saver.

Bridlington1

PoGee said:

allegro120 said:

PoGee said:

Bridlington1 said:

First of all I wouldn't bother with the Santander Edge Up account. The interest rate is only 3.5%, which is pretty poor compared to other easy access accounts (several pay over 5%). If you're going to upgrade your Santander account you'd be better off going for the Santander Edge current account which still gives you the cashback on bills etc but also gives you access to the Santander Edge Saver which pays 7% on balances of £4k or less.

A few links that would probably be of use (remember to click rate order when using these links):
For a list of the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

For a list of the top easy access cash ISAs see:
https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
 

I used their 'calculator'. With putting 4k in the 7% account + cashbacks, the amount was £350 but putting £25k in the edge up account, it came to £750 in interest and cashbacks. I've a lot of DDs and a bit lazy when it comes to setting up account/s with another bank. The £350 v £750 is with taking off the monthly fees. Have I missed something or am I correct with - by putting a higher amount in a lower interest account, I'll receive more in interest?

You will get more interest if you put 4k in 7% and 21k in Edge Up.
I personally wouldn't put anything in Edge Up, 3.5% is way too low. 

The 7% account is a savings account linked with the santander edge account. I don't think customers with the edge up account can get that savings (7%) account.

You can have both the Edge Up and the Edge current accounts simultaneously though.

PoGee said:

allegro120 said:

PoGee said:

Bridlington1 said:

First of all I wouldn't bother with the Santander Edge Up account. The interest rate is only 3.5%, which is pretty poor compared to other easy access accounts (several pay over 5%). If you're going to upgrade your Santander account you'd be better off going for the Santander Edge current account which still gives you the cashback on bills etc but also gives you access to the Santander Edge Saver which pays 7% on balances of £4k or less.

A few links that would probably be of use (remember to click rate order when using these links):
For a list of the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

For a list of the top easy access cash ISAs see:
https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
 

I used their 'calculator'. With putting 4k in the 7% account + cashbacks, the amount was £350 but putting £25k in the edge up account, it came to £750 in interest and cashbacks. I've a lot of DDs and a bit lazy when it comes to setting up account/s with another bank. The £350 v £750 is with taking off the monthly fees. Have I missed something or am I correct with - by putting a higher amount in a lower interest account, I'll receive more in interest?

You will get more interest if you put 4k in 7% and 21k in Edge Up.
I personally wouldn't put anything in Edge Up, 3.5% is way too low. 

I'm now looking at the Skipton one as it offers 4.8% on balances over 20k without need to open a current account like you need to with the Virgin easy access cash ISA. Need to get a move on before the April 2024 tax year end.

Better but you can still get higher rates elsewhere. Plum Cash ISA pays 5.15% and also doesn't need a current account.

PoGee

I saw the Plum one, Bridlington1 but that's an app one and only allows 3 withdrawals. There's the Charter bank one also but with Skipton, you can still pop into a branch if there's any problems. I'm still a bit wary of banking apps.

allegro120

Bridlington1 said:

PoGee said:

allegro120 said:

PoGee said:

Bridlington1 said:

First of all I wouldn't bother with the Santander Edge Up account. The interest rate is only 3.5%, which is pretty poor compared to other easy access accounts (several pay over 5%). If you're going to upgrade your Santander account you'd be better off going for the Santander Edge current account which still gives you the cashback on bills etc but also gives you access to the Santander Edge Saver which pays 7% on balances of £4k or less.

A few links that would probably be of use (remember to click rate order when using these links):
For a list of the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

For a list of the top easy access cash ISAs see:
https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
 

I used their 'calculator'. With putting 4k in the 7% account + cashbacks, the amount was £350 but putting £25k in the edge up account, it came to £750 in interest and cashbacks. I've a lot of DDs and a bit lazy when it comes to setting up account/s with another bank. The £350 v £750 is with taking off the monthly fees. Have I missed something or am I correct with - by putting a higher amount in a lower interest account, I'll receive more in interest?

You will get more interest if you put 4k in 7% and 21k in Edge Up.
I personally wouldn't put anything in Edge Up, 3.5% is way too low. 

The 7% account is a savings account linked with the santander edge account. I don't think customers with the edge up account can get that savings (7%) account.

You can have both the Edge Up and the Edge current accounts simultaneously though.

PoGee said:

allegro120 said:

PoGee said:

Bridlington1 said:

First of all I wouldn't bother with the Santander Edge Up account. The interest rate is only 3.5%, which is pretty poor compared to other easy access accounts (several pay over 5%). If you're going to upgrade your Santander account you'd be better off going for the Santander Edge current account which still gives you the cashback on bills etc but also gives you access to the Santander Edge Saver which pays 7% on balances of £4k or less.

A few links that would probably be of use (remember to click rate order when using these links):
For a list of the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

For a list of the top easy access cash ISAs see:
https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
 

I used their 'calculator'. With putting 4k in the 7% account + cashbacks, the amount was £350 but putting £25k in the edge up account, it came to £750 in interest and cashbacks. I've a lot of DDs and a bit lazy when it comes to setting up account/s with another bank. The £350 v £750 is with taking off the monthly fees. Have I missed something or am I correct with - by putting a higher amount in a lower interest account, I'll receive more in interest?

You will get more interest if you put 4k in 7% and 21k in Edge Up.
I personally wouldn't put anything in Edge Up, 3.5% is way too low. 

I'm now looking at the Skipton one as it offers 4.8% on balances over 20k without need to open a current account like you need to with the Virgin easy access cash ISA. Need to get a move on before the April 2024 tax year end.

Better but you can still get higher rates elsewhere. Plum Cash ISA pays 5.15% and also doesn't need a current account.

It's probably still worth trying Virgin.  They said that opening current account can take up to a week, but that doesn't mean they can't open it quicker.  After that, opening ISA takes about 2 minutes and can be funded immediately.  Even if it takes 1 week to open current current account, there is still plenty of time to meet 5th April deadline.  If that fails, it is still good to have 5.25% ISA for the next financial year.  Good to get it before Virgin stops selling issue 11, I doubt we will see offers like this any time soon.

Plum's ISA is of course the second best offer at the moment.

PoGee

Didn't think about having both an edge and edge up account. Do you need to set up direct debits or put in an x amount each month, with the Virgin current account, allegro120?

Bridlington1

PoGee said:

Didn't think about having both an edge and edge up account. Do you need to set up direct debits or put in an x amount each month, with the Virgin current account, allegro120?

No DDs or minimum pay ins are required for Virgin.

allegro120

PoGee said:

Didn't think about having both an edge and edge up account. Do you need to set up direct debits or put in an x amount each month, with the Virgin current account, allegro120?

No, you don't have to do any of that with the Virgin current account.  It is just an ordinary current account. 

Bridlington1

allegro120 said:

Bridlington1 said:

PoGee said:

allegro120 said:

PoGee said:

Bridlington1 said:

First of all I wouldn't bother with the Santander Edge Up account. The interest rate is only 3.5%, which is pretty poor compared to other easy access accounts (several pay over 5%). If you're going to upgrade your Santander account you'd be better off going for the Santander Edge current account which still gives you the cashback on bills etc but also gives you access to the Santander Edge Saver which pays 7% on balances of £4k or less.

A few links that would probably be of use (remember to click rate order when using these links):
For a list of the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

For a list of the top easy access cash ISAs see:
https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
 

I used their 'calculator'. With putting 4k in the 7% account + cashbacks, the amount was £350 but putting £25k in the edge up account, it came to £750 in interest and cashbacks. I've a lot of DDs and a bit lazy when it comes to setting up account/s with another bank. The £350 v £750 is with taking off the monthly fees. Have I missed something or am I correct with - by putting a higher amount in a lower interest account, I'll receive more in interest?

You will get more interest if you put 4k in 7% and 21k in Edge Up.
I personally wouldn't put anything in Edge Up, 3.5% is way too low. 

The 7% account is a savings account linked with the santander edge account. I don't think customers with the edge up account can get that savings (7%) account.

You can have both the Edge Up and the Edge current accounts simultaneously though.

PoGee said:

allegro120 said:

PoGee said:

Bridlington1 said:

First of all I wouldn't bother with the Santander Edge Up account. The interest rate is only 3.5%, which is pretty poor compared to other easy access accounts (several pay over 5%). If you're going to upgrade your Santander account you'd be better off going for the Santander Edge current account which still gives you the cashback on bills etc but also gives you access to the Santander Edge Saver which pays 7% on balances of £4k or less.

A few links that would probably be of use (remember to click rate order when using these links):
For a list of the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

For a list of the top easy access cash ISAs see:
https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
 

I used their 'calculator'. With putting 4k in the 7% account + cashbacks, the amount was £350 but putting £25k in the edge up account, it came to £750 in interest and cashbacks. I've a lot of DDs and a bit lazy when it comes to setting up account/s with another bank. The £350 v £750 is with taking off the monthly fees. Have I missed something or am I correct with - by putting a higher amount in a lower interest account, I'll receive more in interest?

You will get more interest if you put 4k in 7% and 21k in Edge Up.
I personally wouldn't put anything in Edge Up, 3.5% is way too low. 

I'm now looking at the Skipton one as it offers 4.8% on balances over 20k without need to open a current account like you need to with the Virgin easy access cash ISA. Need to get a move on before the April 2024 tax year end.

Better but you can still get higher rates elsewhere. Plum Cash ISA pays 5.15% and also doesn't need a current account.

It's probably still worth trying Virgin.  They said that opening current account can take up to a week, but that doesn't mean they can't open it quicker.  After that, opening ISA takes about 2 minutes and can be funded immediately.  Even if it takes 1 week to open current current account, there is still plenty of time to meet 5th April deadline.  If that fails, it is still good to have 5.25% ISA for the next financial year.  Good to get it before Virgin stops selling issue 11, I doubt we will see offers like this any time soon.

Plum's ISA is of course the second best offer at the moment.

I'd interpreted the title post as the OP wanting to access the money without penalty if necessary and the Virgin 5.25% ISA comes with a penalty of 60 days interest for withdrawals before the end of the term.

If the OP is happy not to access the funds for a year then I'd agree that Virgin's 5.25% offering would be worth going for.

PoGee

Thanks for advice. I've narrowed it to Virgin current acc with ISA v the 2 Santander edge accounts v the Skipton ISA. I think I might be able to keep it to just 3 withdrawals each year.

allegro120

Bridlington1 said:

allegro120 said:

Bridlington1 said:

PoGee said:

allegro120 said:

PoGee said:

Bridlington1 said:

First of all I wouldn't bother with the Santander Edge Up account. The interest rate is only 3.5%, which is pretty poor compared to other easy access accounts (several pay over 5%). If you're going to upgrade your Santander account you'd be better off going for the Santander Edge current account which still gives you the cashback on bills etc but also gives you access to the Santander Edge Saver which pays 7% on balances of £4k or less.

A few links that would probably be of use (remember to click rate order when using these links):
For a list of the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

For a list of the top easy access cash ISAs see:
https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
 

I used their 'calculator'. With putting 4k in the 7% account + cashbacks, the amount was £350 but putting £25k in the edge up account, it came to £750 in interest and cashbacks. I've a lot of DDs and a bit lazy when it comes to setting up account/s with another bank. The £350 v £750 is with taking off the monthly fees. Have I missed something or am I correct with - by putting a higher amount in a lower interest account, I'll receive more in interest?

You will get more interest if you put 4k in 7% and 21k in Edge Up.
I personally wouldn't put anything in Edge Up, 3.5% is way too low. 

The 7% account is a savings account linked with the santander edge account. I don't think customers with the edge up account can get that savings (7%) account.

You can have both the Edge Up and the Edge current accounts simultaneously though.

PoGee said:

allegro120 said:

PoGee said:

Bridlington1 said:

First of all I wouldn't bother with the Santander Edge Up account. The interest rate is only 3.5%, which is pretty poor compared to other easy access accounts (several pay over 5%). If you're going to upgrade your Santander account you'd be better off going for the Santander Edge current account which still gives you the cashback on bills etc but also gives you access to the Santander Edge Saver which pays 7% on balances of £4k or less.

A few links that would probably be of use (remember to click rate order when using these links):
For a list of the top easy access accounts see:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

For a list of the top easy access cash ISAs see:
https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false
 

I used their 'calculator'. With putting 4k in the 7% account + cashbacks, the amount was £350 but putting £25k in the edge up account, it came to £750 in interest and cashbacks. I've a lot of DDs and a bit lazy when it comes to setting up account/s with another bank. The £350 v £750 is with taking off the monthly fees. Have I missed something or am I correct with - by putting a higher amount in a lower interest account, I'll receive more in interest?

You will get more interest if you put 4k in 7% and 21k in Edge Up.
I personally wouldn't put anything in Edge Up, 3.5% is way too low. 

I'm now looking at the Skipton one as it offers 4.8% on balances over 20k without need to open a current account like you need to with the Virgin easy access cash ISA. Need to get a move on before the April 2024 tax year end.

Better but you can still get higher rates elsewhere. Plum Cash ISA pays 5.15% and also doesn't need a current account.

It's probably still worth trying Virgin.  They said that opening current account can take up to a week, but that doesn't mean they can't open it quicker.  After that, opening ISA takes about 2 minutes and can be funded immediately.  Even if it takes 1 week to open current current account, there is still plenty of time to meet 5th April deadline.  If that fails, it is still good to have 5.25% ISA for the next financial year.  Good to get it before Virgin stops selling issue 11, I doubt we will see offers like this any time soon.

Plum's ISA is of course the second best offer at the moment.

I'd interpreted the title post as the OP wanting to access the money without penalty if necessary and the Virgin 5.25% ISA comes with a penalty of 60 days notice for withdrawals before the end of the term.

If the OP is happy not to access the funds for a year then I'd agree that Virgin's 5.25% offering would be worth going for.

There's no notice needed, but you'll be charged 60 days' interest on the amount taken out during the fixed term (the same charge applies to closure). It's a good point though.  This account is for those who are unlikely to be in need of accessing this money until 31st March 2025, but want to have this option for emergencies. Also according to t&c the process of withdrawals is not a simple, it has to be a request made by post or visiting a branch.  If I wanted to use my ISA account in the same way I use easy access accounts, I wouldn't go for it.