The New Top Easy Access Savings Discussion Area

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/82088014#Comment_82088014

I know it's likely to be large sum and u will want to maximise interest, BUT given u say it's only for one month then maybe the govt backed NS&I would be less hassle/ easier albeit at the expense of a poorer interst rate.

NS&I Direct Saver: 3.45% AER (variable), is easy access and up to 2 Million.

Barney1954

https://forums.moneysavingexpert.com/discussion/comment/82090233#Comment_82090233

That's certainly an option, but how easy would it be to transfer 500k from NS&I to my solicitor when the funds are required?

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/82090254#Comment_82090254

500k is a lot to lose any interest on ..even for a month so maybe mix and match with the 120k limit better accounts elsewhere....

This is from Chatgpt so I would suggest that you confirm with NS&I to ensure it's accurate!

Up to £50,000 in total withdrawals in one day: the money will normally reach your nominated bank account by the end of the next banking day if you submit the request before 8pm. �
NS&I
More than £50,000 in total withdrawals in one day: NS&I will still process the withdrawal, but it typically takes longer—normally 2–4 banking days (for phone requests) or around 2 banking days (online). �
NS&I
So, for example:
Withdraw £20,000 today → usually arrives the next banking day.
Withdraw £250,000 today → allowed, but expect a longer processing time.
The only balance rule is that you must leave at least £1 in the account to keep it open, unless you are withdrawing everything and closing the account. �

castle96

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

My son's solicitor messed me around for hours and hours and hours ! 'fulfilling' his money laundering regs. Like others on here, I had maturities of RS, amounts going between 30 odd accounts, ins/outs, etc. over the last 6 mths, almost daily

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/82090300#Comment_82090300

I'll give another tip that with Nationwide if you "groom" account payees by sending small amounts every day , eventually worstcase £25k limits per nationwide account per day become generous £100k limits. Combine that with, in my case, a legacy flex basic account, a flex direct account, a wife's account and a joint account, and I could shift £400k per day with no sweat and it never triggered fraud checks. My flex accounts were a very useful funnel for rate hopping between institutions while spending a year renting.

Their payee descriptions with nicknames are also excellently implemented. Contrast that with Lloyds, where half the time I'm not entirely sure who I'm paying….

janusd

https://forums.moneysavingexpert.com/discussion/comment/82087720#Comment_82087720

Re: Cahoot - yes I have had interest take a couple of days… vaguely recall I once upgraded on a Friday or Saturday (last year) and I got the interest on the Monday.

the_seer

@soulsaver Cahoot Simple Saver (Issue 18) 4.52% AER variable available from today.

BreakingGlass

https://forums.moneysavingexpert.com/discussion/comment/82091103#Comment_82091103

Thanks - I see that you can chose to have interest paid annually and that it is paid on the anniversary of opening - useful for those of use wanting to shift interest to the next tax year!

InvesterJones

https://forums.moneysavingexpert.com/discussion/comment/82091139#Comment_82091139

When the increased tax rates on interest come in.. ;)

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/82091201#Comment_82091201

The beauty of anniversary interest is that you can choose to close the account early, towards the end of the tax year, crystallising the interest early. Or let it roll on, depenidng on your personal circumstances and current usage of allowance.

It is worth everyone with accounts paying interest next tax year to makie a judgment call late in March to check whether early closure will benefit them though versus a slightly higher tax rate next year.

Note that cahoot can take a little time to close an account and pay interest, so it's better to act a week or so before the deadline. Up-/down-grading tends to be slightly faster than closure.