Help with Office Xmas Saving - Which account to put it in?

molocash_2

Can someone advise me please. In January my collegues all start to put £10 a month into an envelope to get back in December for our Xmas outing. I have been given task to look after the money this year and would rather put it into a savings account to earn a bit of interest on it over the months and also so it is safer then in my desk.

Can I have some advise please on an account to put it in which will allow instant access at the end of the year to take it all out, but that will give us some good interest over the months is accumilates?
thanks is advance

leylie

What a shame you haven't had a reply - I was looking through the forum with exactly the same question. Have you found anything yourself?
A long (long!) time ago, when I worked for one of the big banks I vaguely remember that (I think) we used to open an account each year and then close it around end November to make sure that the interest went through when we required it.
I'm still thinking of going along the route of using one of the 'big clearing' banks as I think they may be better organised for this type of account - even if the interest rate isn't the best.
I will also be setting it up to require 2 out of 3 signatures for closing the account (or any withdrawals) - it just makes sure that everything is 'above board', but also in the event of a problem/accident with one person, it ensures that everyone else can get to their money (another reason for using a High St Bank - if necessary 2 people can walk in and hopefully get any problems sorted!).

I know this doesn't answer your query, but thought I'd put down my ideas anyway in case they're useful to you - or anyone else with a similar query.

Primrose

I have read that following the Farepak Christmas hamper collapse, the Post Office have set up an account which allows monthly Christmas saving until November, at which time it can be withdrawn. If I can find the details I'll post it here, but if you Google Post Office Christmas Saving Scheme it might flag it up. Don't know what the interest rate was though.

sheslookinhot

molocash wrote: »

Can someone advise me please. In January my collegues all start to put £10 a month into an envelope to get back in December for our Xmas outing. I have been given task to look after the money this year and would rather put it into a savings account to earn a bit of interest on it over the months and also so it is safer then in my desk.

Can I have some advise please on an account to put it in which will allow instant access at the end of the year to take it all out, but that will give us some good interest over the months is accumilates?
thanks is advance

Open an Icesave account

LittleVoice

Skipton Building Society Christmas Saver. Matures on 25 November. You can pay in bewtween £10 and £250/month and this can be in more than one instalment if you want (as long as there is at least one payment each month and the total in any month does not exceed £250). Currently paying 7.13% AER (It's 7.05% gross but higher AER because of maturity in less than one year.)

leylie

Primrose wrote: »

I have read that following the Farepak Christmas hamper collapse, the Post Office have set up an account which allows monthly Christmas saving until November, at which time it can be withdrawn. If I can find the details I'll post it here, but if you Google Post Office Christmas Saving Scheme it might flag it up. Don't know what the interest rate was though.

I had a look at this, but feel it's not really suitable for our Office Savings a/c - at the end of the sheme you get the money back in vouchers for shops