The New Top Easy Access Savings Discussion Area

Thomas_Crown

https://forums.moneysavingexpert.com/discussion/comment/82087643#Comment_82087643

Saga haven't been taken over. Saga savings accounts were previously provided by Goldman Sachs. The basic easy access savings account, was just a Marcus account bearing the Saga name. All new savings accounts are provided by NatWest.

Barney1954

https://forums.moneysavingexpert.com/discussion/comment/82088068#Comment_82088068

Thanks for the information, it will be £500k. I've opened Zopa, Cahoot, Ulster & Saga accounts in preparation, but I now need to reconsider whether to do this or just put the proceeeds into one of them.

1spiral

If you've already opened the other accounts anyway, I'd be inclined to use them. Not sure whether the higher limit has ever been tested with a bank failure but there'd definitely be additional delays over and above that for a standard FSCS limit. Also for normal use, you mitigate against the banks website being down for any length of time.

CuparLad

The FSCS temporary high balance protection is at the discretion of the scheme, whereas the £120K protection is a standard part of the scheme and compensation is automatic. For the higher coverage, you have to make a claim and wait for it to be assessed, during which time you won't have access to the money and run the risk that it won't pay out.

So, if you are super cautious, keep below the £120K per license. That said, if we get to a situation where NatWest (or similarly Lloyds or Barclays) become insolvent and the scheme needs to kick in, we will all have way bigger problems to worry about!

Barney1954

https://forums.moneysavingexpert.com/discussion/comment/82089729#Comment_82089729

https://forums.moneysavingexpert.com/discussion/comment/82089799#Comment_82089799

Thanks for the replies, I think I will use the other accounts up to 120K for each and maybe open a PO account. I did open the Lemfi 5% account when it first appeared, but I'm taking a cautious approach as I will need the funds in September for the house purchase.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82089819#Comment_82089819

I wouldn't go near the PO savings accounts. They appear to be nothing but trouble.

Consider Tembo and Oxbury instead.

CuparLad

https://forums.moneysavingexpert.com/discussion/comment/82089819#Comment_82089819

I did something similar for a house purchase nearly two years ago. I would share the following:

1. Remember transactional and daily limits to/from accounts will vary, so with some accounts it may take more than a week to transfer everything. Plan ahead.
2. Different financial institutions have different fraud triggers. if you start moving chunks of cash about they might get trigger happy and you find your plans get delayed while they "protect you as a customer".
3. Open an "assembly savings account" with the same financial institution from where you will ultimate pay out the house purchase moneys and move the funds into that over the preceeding couple of weeks. It might not be the best interest rate, but as internal transfers to a current account for a CHAPS payment are usually instant, you have the assurance you can make the payment when you need to.

Record all of this in detail for the "proof of funds" that your solicitor will require. Perhaps over the top, but I ended up building a flow chart with every transaction, and supporting bank statements, to demonstrate where the money had come from. It ticked the box nicely.

Money_Stitch

https://forums.moneysavingexpert.com/discussion/comment/82090036#Comment_82090036

Interesting idea for the flow chart. Did you use any particular program for that?

Barney1954

https://forums.moneysavingexpert.com/discussion/comment/82089882#Comment_82089882

Unfortunately, I'm not a new customer for Oxbury and Tembo is £20k max and I will not bother with the PO as after 45 years at this address they asked for ID!

CuparLad

https://forums.moneysavingexpert.com/discussion/comment/82090170#Comment_82090170

I just used PowerPoint. It helped to explain money going in and out of a single current account (my "linked account"). I thought just sending a pile of statements would be utterly confusing for the solicitor and ultimately result in delays and questions. The flow chart allowed them to more easily tie everything together.