Instant access saving account for lump deposit

MasterDebator

Hello all, and apologies in advance if this has already been discussed, any repetition i make, and for the length of this post. I'm having issues navigating savings accounts external to my current banking. I have cognitive issues which don't help! I have two savings accounts already with my bank at max and don't want to change them, and I cant get another one with that bank. I JUST want a stand alone savings account external to my current bank. I was gifted £4000 and I want to put it into an external instant access account so it doesn't sit in my current account earning no interest, but I need to be able to withdraw from it every 4 weeks or so. I just want to put the £4000 into an account in one go. I don't want to regularly save. Just put the money into an account. I did consider CHIP but open banking is scary - I don't want their AI "analysing my spending", and while I do understand their autosave features can be turned off it seems very invasive and i don't want it. SO, is there anywhere I can just put 4 grand without all the other !!!!!!? I don't want a fixed term account, i dont want a new current account, I dont want a joint account,  I just want a simple stand alone instant access saving account that'll take the lump sum and that's it! Any nice constructive help appreciated. Thank you. Again, sorry for length and repetition my brain is mush.

eskbanker

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess has the other leading contenders beyond Chip.

danny13579

Santander Edge Saver. You'll get 6% AER interest on balances up to £4,000. You can move money in or out of it at anytime. You need to set up the Edge Current Account first. Then set up the Saver. You don't need to use the current account at all. You can avoid the £3 monthly fee by not setting up any direct debits on the current account.
Santander also have a £180 switch bonus for newbies to its Edge Current Account. 

P.S. If you're going for the switch bonus it requires you to set up direct debits but if you follow my guide you can get around triggering the £3 monthly fee. 

redpete

danny13579 said:

Santander Edge Saver. You'll get 6% AER interest on balances up to £4,000. You can move money in or out of it at anytime. You need to set up the Edge Current Account first. 

OP wrote "i dont want a new current account"

One of the simple easy access accounts with no minimum balance, no connected current account, no withdrawal restrictions is Skipton BS paying 4.11%, although this includes a bonus that drops after 12 months.

Albermarle

 I just want a simple stand alone instant access saving account that'll take the lump sum and that's it! 

Have a look at 

Kent Reliance
Ford Money 
Leeds BS
Conventry BS

All have straight forward easy access savings accounts with reasonably good current rates and good reputations.

danny13579

redpete said:

danny13579 said:

Santander Edge Saver. You'll get 6% AER interest on balances up to £4,000. You can move money in or out of it at anytime. You need to set up the Edge Current Account first. 

OP wrote "i dont want a new current account"

One of the simple easy access accounts with no minimum balance, no connected current account, no withdrawal restrictions is Skipton BS paying 4.11%, although this includes a bonus that drops after 12 months.

I also said they don't ever have to use it. 🙄 But if they would rather get 4.11% instead of 6% interest just so they don't have to open a current account, have it sitting there doing nothing and get a bonus for doing so, so be it. 

It's their money. If they care to follow to follow your advice rather than mine, their choice.

DRS1

danny13579 said:

redpete said:

danny13579 said:

Santander Edge Saver. You'll get 6% AER interest on balances up to £4,000. You can move money in or out of it at anytime. You need to set up the Edge Current Account first. 

OP wrote "i dont want a new current account"

One of the simple easy access accounts with no minimum balance, no connected current account, no withdrawal restrictions is Skipton BS paying 4.11%, although this includes a bonus that drops after 12 months.

I also said they don't ever have to use it. 🙄 But if they would rather get 4.11% instead of 6% interest just so they don't have to open a current account, have it sitting there doing nothing and get a bonus for doing so, so be it. 

It's their money. If they care to follow to follow your advice rather than mine, their choice.

I think the OP was looking for a KISS approach.  Bringing the £180 switch bonus (and the four easy steps to avoid triggering the £3 pm charge) into the equation probably doesn't hit the mark

It may be simpler to ignore the switch angle and just open a new Edge Current Account pay £4k into that, open the Edge Saver and transfer the £4k into that and leave the Edge Current Account alone (no DDs or payments in)

I think you say that if he wants to avoid the £3 pm charge he needs to avoid paying money into the Edge Current account after month 1 which raises a question if he wants to withdraw regularly from the Edge Saver does that withdrawal have to go via the Edge Current Account?  The initial deposit has to go via the current account but I don't see anything about withdrawals having to do so.  Or if they have to go via the Edge Current Account is it enough if they just stay under £500 per month?

Also the 6% rate includes a 2% bonus for the first 12 months.  So he'd have to look for something new in 12 months time - or do Santander just come out with a new Edge Saver every year?

danny13579

DRS1 said:

I think the OP was looking for a KISS approach.  Bringing the £180 switch bonus (and the four easy steps to avoid triggering the £3 pm charge) into the equation probably doesn't hit the mark

I added that bit on at the end as an edit just so they're aware. You're right, it is simpler not to bother going for the bonus.

DRS1 said:

It may be simpler to ignore the switch angle and just open a new Edge Current Account pay £4k into that, open the Edge Saver and transfer the £4k into that and leave the Edge Current Account alone (no DDs or payments in)

Simpler again is just to move the £4k straight into the Edge Saver.

DRS1 said:

I think you say that if he wants to avoid the £3 pm charge he needs to avoid paying money into the Edge Current account after month 1 which raises a question if he wants to withdraw regularly from the Edge Saver does that withdrawal have to go via the Edge Current Account?  The initial deposit has to go via the current account but I don't see anything about withdrawals having to do so.  Or if they have to go via the Edge Current Account is it enough if they just stay under £500 per month?

If they want to avoid the £3 fee it's enough just to not set up any direct debits. Once there are no direct debits they can lodge as much as they want into the Edge Current Account.

Deposits/withdrawals don't have to go via the current account. The Saver has its own sort code and number.

Another way is if the OP wants to set up direct debits, they can deposit less than £500 per month.

2 active direct debits and £500+ per month = £3 monthly fee.

DRS1 said:

Also the 6% rate includes a 2% bonus for the first 12 months.  So he'd have to look for something new in 12 months time - or do Santander just come out with a new Edge Saver every year?

They can just close the old Edge Saver and open a new one to get another year's bonus. Issue 3 is still available at 6% AER. 

DRS1

Thanks for the reply @danny13579.  Santander confuses me.  I thought you could only open an Edge Saver if you had an Edge Current Account

From their web page
"You must be 18 or over, live in the UK and have a Santander Edge current account."

and on deposits
"You can only pay money into your account online from your Santander Edge current account."

winkowinko

danny13579 said:

Santander Edge Saver. You'll get 6% AER interest on balances up to £4,000. You can move money in or out of it at anytime. You need to set up the Edge Current Account first. Then set up the Saver. You don't need to use the current account at all. You can avoid the £3 monthly fee by not setting up any direct debits on the current account.
Santander also have a £180 switch bonus for newbies to its Edge Current Account. 

P.S. If you're going for the switch bonus it requires you to set up direct debits but if you follow my guide you can get around triggering the £3 monthly fee. 

Worth noting, that only certain direct debits are allowed. 

£180 switch incentive Household Direct Debits list

For example, you can't use 30p direct debits, which I have used in the past for switching incentives.

danny13579

DRS1 said:

Thanks for the reply @danny13579.  Santander confuses me.  I thought you could only open an Edge Saver if you had an Edge Current Account

That's correct. You need to have the Current Account to open the Saver Account.

DRS1 said:

and on deposits
"You can only pay money into your account online from your Santander Edge current account."

I know Santander say this, but in reality you can deposit/withdraw directly into the Saver. It has its own sort code and account number.

winkowinko said:

£180 switch incentive Household Direct Debits list

For example, you can't use 30p direct debits, which I have used in the past for switching incentives.

Thanks, I wasn't aware of such a list. Is this household direct debits list a new thing? I don't remember seeing it before in their previous switch offers.