Savings accounts for beginners

valuepack

Hi all

I'm looking at setting up an instant access savings account and just wondered, is it the case that when setting up the account I input some bank details, for example my current account, then pay into my savings from this and when the time comes to withdraw I simply select the amount and it is put back in my current account?

Kim_13

valuepack said:

Hi all

I'm looking at setting up an instant access savings account and just wondered, is it the case that when setting up the account I input some bank details, for example my current account, then pay into my savings from this and when the time comes to withdraw I simply select the amount and it is put back in my current account?

Correct. Some accounts will insist that you add a bank account when you open the account and this is the only one you can pay to (or another account you subsequently provide to replace it if you switch), others will ask later when you come to make a withdrawal. For example, Skipton allow two bank accounts to be set up per savings account.

CliveOfIndia

You shouldn't need to enter any other bank details for most bog-standard savings accounts, though some do ask you to nominate an account - it depends who you're banking with.  But usually, once the account is opened, you can simply transfer money into it from any other account you choose - using online banking is probably the simplest way to do this.  It doesn't matter which account the money comes from.

Likewise, when you come to make a withdrawal, the simplest is to just use online banking to transfer a sum into another account of your choosing.

Or you could even go really old-school - pay in and withdraw money in cash at a branch 

valuepack

Thanks folks.

I will start looking at the list of savings accounts posted on the forum.

Beddie

valuepack said:

Thanks folks.

I will start looking at the list of savings accounts posted on the forum.

Another good place to look is Moneyfacts:

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

allegro120

Beddie said:

valuepack said:

Thanks folks.

I will start looking at the list of savings accounts posted on the forum.

Another good place to look is Moneyfacts:

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Chase is missing from the list, may be because it's for new customers only? https://www.chase.co.uk/gb/en/saver-boosted/

wmb194

allegro120 said:

Beddie said:

valuepack said:

Thanks folks.

I will start looking at the list of savings accounts posted on the forum.

Another good place to look is Moneyfacts:

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Chase is missing from the list, may be because it's for new customers only? https://www.chase.co.uk/gb/en/saver-boosted/

It is on there but you need to click on 'Rate' in the sort filter. By default Moneyfacts initially shows you its paid links. It has good data but it's sneaky.