Savings Accounts: Instant Access Discussion

Milarky

Mr B,

Does the Birmingham MIdshires account work like ING direct then? OR does it also allow you to make BACS payments to 'third party' accounts? If the latter then that would be the best way to credit Egg [just quote their sort code and your a/c number with them]

gerry323

I belong to ING Direct who guarantee a rate of 5.0%.
**EDITED BY ISASMURF: Referals are not allowed on the main board. Please post them in the Referrers board**
The account is telephone and internet only but can be opened with a £1 balance. It has no conditions on deposit/withdrawal.

**EDITED BY ISASMURF: Details removed**

armaster

hi,

i was just wondering if anyone could help? I have recently sold my house and have 250K. i would like to place this money in a savings account with a high interest rate could any one reccomend a bank?

eastofeden

Sorry if this has been discussed, but what happens to my account opened in Nov 04 for 6 months at 5.5%. Is it honoured, or does it revert to the new lower rate?

twhitehead

Watch out for Alliance & Leicester cash back when you open an account offer. I am still waiting two months after I opened my account to get the cash offer.
I shall not let it drop though.
It will cost them more in their time to fob me off than just paying me what I am entitled to.

mary

eastofeden wrote:

Sorry if this has been discussed, but what happens to my account opened in Nov 04 for 6 months at 5.5%. Is it honoured, or does it revert to the new lower rate?

Your account will automatically revert to the lower rate of 4.75%. They will add your interest up to that point. That's what happened to me.

page

help !!! we have £7ooo set aside to clear our halifax loan but they wanted 2 mouths interest ( £261 ). we would like to put the money into a savings acc which pays interest mouthly. and will allow us to take out a fixed amount each mouth to cover our loan repayments. thank you

grumbler

page wrote:

help !!! we have £7ooo set aside to clear our halifax loan but they wanted 2 mouths interest ( £261 ). we would like to put the money into a savings acc which pays interest mouthly. and will allow us to take out a fixed amount each mouth to cover our loan repayments. thank you

There is no difference for you between monthly and yearly interest!
Monthly or Annual Interest ??? thread...
The best instant access account is A&L online saver with 5.35%. You can also consider Halifax regular saver (7%) in addition to A&L and tax-free cash ISAs if you do not have them.
For better advice it is worth giving more information on your loan and early repayment charges.

page

sorry let me start again. we have a outstanding loan with the halifax for £7000 which we where going to clear but we where told we would have to pay 2 mouths intrest as there was a clause for early repayment settlement. so we came up with the idea of putting the money in a savings account which would allow us to transfer the £450 amouth to our account with halifax for our repayments. and if possible get the interest payed mouthly so we could use that money towards household bills. once again thank you.

grumbler

The information I meant is:
-loan APR?
-loan term?
-T&C for early repayment charges?

It could be (?) less expensive to repay loan now or later (ahead of schedule) and pay £261 (?) charge than keep on paying interest on loan for years.