The New Top Easy Access Savings Discussion Area

dosh37

flaneurs_lobster said:

dosh37 said:

masonic said:

dosh37 said:

refluxer said:

BACKTOBACK said:

I am lucky to have an old NLA account with West Brom that still pays 4.31%. I have just over £100k with them which is protected for six months fscs due to a personal injury payout.
West Brom customer service is good but i am concerned that all you can see is around 5 transactions in the online portal. There is no way to get a statement from them. You cant print a transaction list, balance, or statement.
If there is a problem with the online portal, or West Brom go down it could be a problem.
Also i will need to provide proof of funds for a future property purchase just makes things difficult.
I am grateful for the higher rate, but think its odd to not offer any type of statement?

That doesn't sound great - I've not personally come across an easy access savings account that didn't come with some form of regular statements. Statements for few of mine are issued annually rather than monthly, but you can view plenty of previous transactions in online banking or print/save off your own bespoke statements if needed.

There are a number of easy access accounts currently paying more than 4.31% so, as you're not vastly over the £85k FSCS limit, you could open a couple and split your savings between them so that the temporary high balance thing is no longer an issue. A boosted Chase Saver (currently 4.75%) would be a good option for the bulk of it if you've not held an account with them before and (if you want to avoid the likes of Chip or Revolut) Cahoot (owned by Santander) would be fine for the remainder. I wouldn't imagine you'd have the statement or transaction visibility issues you're having with West Brom, with either of those.

It's worth noting there's actually a proposal to increase the standard FSCS limit to £110k - the outcome of the consultation is due in November and it could potentially kick in as early as December.

The increase in the FSCS limit is long overdue. My Excel savings spreadsheet now has over 20 different providers! I am constantly juggling and moving cash around to get the best rates (saving to buy a house) while trying to avoid exceeding the £85K limit (unless it's a reasonably safe large organisation such as Santander).

If you need to split between 20 providers, it raises the question how many millions are you planning to save before you pull the trigger?

Take a look at property prices in the South East. To buy a detached house with decent garden & double garage, you need around £650K minimum.

The 3-up,3-down terrace in E10 my old man bought early 70's for £4k recently sold for £950k.

It is pointless looking back in time. My dad bought our 2 up 2 down brick & flint cottage (part of the Liberty estate in the Chiltern Hills) for £200. It had no damp course. He spent his whole life renovating it. When my dad died it was sold for £400K. I didn't do him any good at all.

flaneurs_lobster

dosh37 said:

flaneurs_lobster said:

dosh37 said:

masonic said:

dosh37 said:

refluxer said:

BACKTOBACK said:

I am lucky to have an old NLA account with West Brom that still pays 4.31%. I have just over £100k with them which is protected for six months fscs due to a personal injury payout.
West Brom customer service is good but i am concerned that all you can see is around 5 transactions in the online portal. There is no way to get a statement from them. You cant print a transaction list, balance, or statement.
If there is a problem with the online portal, or West Brom go down it could be a problem.
Also i will need to provide proof of funds for a future property purchase just makes things difficult.
I am grateful for the higher rate, but think its odd to not offer any type of statement?

That doesn't sound great - I've not personally come across an easy access savings account that didn't come with some form of regular statements. Statements for few of mine are issued annually rather than monthly, but you can view plenty of previous transactions in online banking or print/save off your own bespoke statements if needed.

There are a number of easy access accounts currently paying more than 4.31% so, as you're not vastly over the £85k FSCS limit, you could open a couple and split your savings between them so that the temporary high balance thing is no longer an issue. A boosted Chase Saver (currently 4.75%) would be a good option for the bulk of it if you've not held an account with them before and (if you want to avoid the likes of Chip or Revolut) Cahoot (owned by Santander) would be fine for the remainder. I wouldn't imagine you'd have the statement or transaction visibility issues you're having with West Brom, with either of those.

It's worth noting there's actually a proposal to increase the standard FSCS limit to £110k - the outcome of the consultation is due in November and it could potentially kick in as early as December.

The increase in the FSCS limit is long overdue. My Excel savings spreadsheet now has over 20 different providers! I am constantly juggling and moving cash around to get the best rates (saving to buy a house) while trying to avoid exceeding the £85K limit (unless it's a reasonably safe large organisation such as Santander).

If you need to split between 20 providers, it raises the question how many millions are you planning to save before you pull the trigger?

Take a look at property prices in the South East. To buy a detached house with decent garden & double garage, you need around £650K minimum.

The 3-up,3-down terrace in E10 my old man bought early 70's for £4k recently sold for £950k.

It is pointless looking back in time. My dad bought our 2 up 2 down brick & flint cottage (part of the Liberty estate in the Chiltern Hills) for £200. It had no damp course. He spent his whole life renovating it. When my dad died it was sold for £400K. I didn't do him any good at all.

Oh I agree, utterly pointless. Just making the point that finding anything detached w/ double garage and garden in SE for c £650k would be a tad difficult.

dosh37

flaneurs_lobster said:

dosh37 said:

flaneurs_lobster said:

dosh37 said:

masonic said:

dosh37 said:

refluxer said:

BACKTOBACK said:

I am lucky to have an old NLA account with West Brom that still pays 4.31%. I have just over £100k with them which is protected for six months fscs due to a personal injury payout.
West Brom customer service is good but i am concerned that all you can see is around 5 transactions in the online portal. There is no way to get a statement from them. You cant print a transaction list, balance, or statement.
If there is a problem with the online portal, or West Brom go down it could be a problem.
Also i will need to provide proof of funds for a future property purchase just makes things difficult.
I am grateful for the higher rate, but think its odd to not offer any type of statement?

That doesn't sound great - I've not personally come across an easy access savings account that didn't come with some form of regular statements. Statements for few of mine are issued annually rather than monthly, but you can view plenty of previous transactions in online banking or print/save off your own bespoke statements if needed.

There are a number of easy access accounts currently paying more than 4.31% so, as you're not vastly over the £85k FSCS limit, you could open a couple and split your savings between them so that the temporary high balance thing is no longer an issue. A boosted Chase Saver (currently 4.75%) would be a good option for the bulk of it if you've not held an account with them before and (if you want to avoid the likes of Chip or Revolut) Cahoot (owned by Santander) would be fine for the remainder. I wouldn't imagine you'd have the statement or transaction visibility issues you're having with West Brom, with either of those.

It's worth noting there's actually a proposal to increase the standard FSCS limit to £110k - the outcome of the consultation is due in November and it could potentially kick in as early as December.

The increase in the FSCS limit is long overdue. My Excel savings spreadsheet now has over 20 different providers! I am constantly juggling and moving cash around to get the best rates (saving to buy a house) while trying to avoid exceeding the £85K limit (unless it's a reasonably safe large organisation such as Santander).

If you need to split between 20 providers, it raises the question how many millions are you planning to save before you pull the trigger?

Take a look at property prices in the South East. To buy a detached house with decent garden & double garage, you need around £650K minimum.

The 3-up,3-down terrace in E10 my old man bought early 70's for £4k recently sold for £950k.

It is pointless looking back in time. My dad bought our 2 up 2 down brick & flint cottage (part of the Liberty estate in the Chiltern Hills) for £200. It had no damp course. He spent his whole life renovating it. When my dad died it was sold for £400K. I didn't do him any good at all.

Oh I agree, utterly pointless. Just making the point that finding anything detached w/ double garage and garden in SE for c £650k would be a tad difficult.

I agree. That's why I currently have so much cash sitting in multiple savings acounts earning a pathetic interest rate. After tax, I am losing money. I have reached the conclusion that house prices in the south east are far too high. Instead I am now looking at Shropshire. There you can buy a decent detached house with around an acre of land for around £600K.

masonic

It's not just the loss of savings to conventional inflation that needs to be considered. A house worth £650k+ is likely to rise in price by tens of thousands per year. Unless you are saving at a phenomenal rate, it is usually best to buy with a mortgage at the earliest opportunity, i.e. once you have a 10% deposit or the difference between the price and what you can borrow.

dosh37

masonic said:

It's not just the loss of savings to conventional inflation that needs to be considered. A house worth £650k+ is likely to rise in price by tens of thousands per year. Unless you are saving at a phenomenal rate, it is usually best to buy with a mortgage at the earliest opportunity, i.e. once you have a 10% deposit or the difference between the price and what you can borrow.

I am retired, so rely on pension + savings income. A mortgage would make no sense.

dosh37

The idea of saving to buy a house is a con.

House price inflation in the UK has always been way above savings interest rates.

The tax man and government love it. They make it worse by taxing savings interest.

Then, when you do eventually buy your house, they screw you with stamp duty. A tax that was introduced in 1694 to pay for the war against France!

friolento

dosh37 said:

masonic said:

dosh37 said:

refluxer said:

BACKTOBACK said:

I am lucky to have an old NLA account with West Brom that still pays 4.31%. I have just over £100k with them which is protected for six months fscs due to a personal injury payout.
West Brom customer service is good but i am concerned that all you can see is around 5 transactions in the online portal. There is no way to get a statement from them. You cant print a transaction list, balance, or statement.
If there is a problem with the online portal, or West Brom go down it could be a problem.
Also i will need to provide proof of funds for a future property purchase just makes things difficult.
I am grateful for the higher rate, but think its odd to not offer any type of statement?

That doesn't sound great - I've not personally come across an easy access savings account that didn't come with some form of regular statements. Statements for few of mine are issued annually rather than monthly, but you can view plenty of previous transactions in online banking or print/save off your own bespoke statements if needed.

There are a number of easy access accounts currently paying more than 4.31% so, as you're not vastly over the £85k FSCS limit, you could open a couple and split your savings between them so that the temporary high balance thing is no longer an issue. A boosted Chase Saver (currently 4.75%) would be a good option for the bulk of it if you've not held an account with them before and (if you want to avoid the likes of Chip or Revolut) Cahoot (owned by Santander) would be fine for the remainder. I wouldn't imagine you'd have the statement or transaction visibility issues you're having with West Brom, with either of those.

It's worth noting there's actually a proposal to increase the standard FSCS limit to £110k - the outcome of the consultation is due in November and it could potentially kick in as early as December.

The increase in the FSCS limit is long overdue. My Excel savings spreadsheet now has over 20 different providers! I am constantly juggling and moving cash around to get the best rates (saving to buy a house) while trying to avoid exceeding the £85K limit (unless it's a reasonably safe large organisation such as Santander).

If you need to split between 20 providers, it raises the question how many millions are you planning to save before you pull the trigger?

Take a look at property prices in the South East. To buy a detached house with decent garden & double garage, you need around £650K minimum. From past experience with bad neighbours, I would NEVER EVER buy a semi detached again.

650 / 85 is less than 8. And you probably don’t want to pay 100% cash?

dosh37

What? Quoting meaningless numbers is not helpful!

masonic

dosh37 said:

The idea of saving to buy a house is a con.

It absolutely is if you have to save cash to the full value of a house before buying. Very few people can save at a rate that would allow them to achieve that in a lifetime.

dosh37

masonic said:

dosh37 said:

The idea of saving to buy a house is a con.

It absolutely is if you have to save cash to the full value of a house before buying. Very few people can save at a rate that would allow them to achieve that in a lifetime.

So what is the answer?