Savings Accounts: Instant Access Discussion

bazbra

Abbey have launched a limited issue Monthly Saver account which is paying 6% fixed for 1 year on £20 to £250 a month as long as you pay in at least £1000 into a current account each month with them. There is no rule about leaving your money in the current account so in and out a day apart is fine. The account is aimed to attract new customers. Existing customers have to have met the £1000 deposit criteria for at least 2 months before opening the monthly saver or they won't let you have it. A bit sneaky as nowhere in their literature does it say this. You only find that out in the Branch! Well worth a look though.

jaykent

MY VERY SENSIBLE 16 YEAR OLD DAUGHTER HAS A PART TIME JOB AND WANTS TO GET THE BEST DEAL ON SAVING APPROXIMATELY £200 PER MONTH. SHE WANTS TO BE ABLE TO DRAW ON THIS NEXT YEAR TO BUY A CAR. INTERNET BASED ACCOUNTS SEEM TO OFFER THE BEST INTEREST BUT ARE NOT AVAILABLE TO UNDER 18 YEAR OLDS. IS THERE ANY GREAT DEAL OUT THERE THAT WE DON'T KNOW ABOUT????

Joyful_Joss

I live overseas but am paid in the UK into a UK account - I want to open up a savings account for myself and my little boy but because I am registered overseas for tax purposes, and don't have a UK address that I can use, I cannot open an account - any ideas? Many thanks

Chadsman

JK, most Building Societies will allow under 16s to open childrens saving accounts and usually pay very good rates of interest. You can compare offerings at http://www.moneyfacts.co.uk/ You can also open a cash ISA at 16.

JJ, do you have parents or other relatives whose address you can use (but check with the BSoc first on the legality of this)? If you (or your partner) are overseas because you are in the forces or do certain jobs for the crown you are still (I think) treated as though you are resident in the UK.

arleyb

Are the Halifax in trouble?? Their Web-saver account (on line only access)- access has not been available since last week. Message on screen saying they are 'working to restore service and no account information is available by telephone'

Arleyb

mary

Have no problem with viewing mine. Just seen it online now.

Dinah_Gale_2

I have been trying to open an internet savings account with Cahoot at 5.25% interest but have given up on them as they've taken so long to organise the transfer of funds from my current account where it's been waiting for transfer. When I phoned Cahoot their rep. told me that 'there is a bit of a backlog' - not good enough really. I've, instead, gone to a Halifax telephone saver which also pays 5.25% and have always proved really efficient in the past. True, this rate only lasts for 6 months but I'm happy to take another look at rates then.

I'm interested to see that the monthly rate for Bradford and Bingleywas 5.35%. Is it still? I was always under the impression that if you went for monthly interest you get less than for annual - is this right?

twhitehead

You get less monthly interest because you get it every month. The annual you have to wait until the end of the year to get it. The two rates are exactly the same if this is taken into account

Dinah_Gale_2

Thank you twhitehead - I still haven't got a grasp of the monthly v yearly interest though. I must confess I can't see how it works.

Did I say Halifax pays 5.25% in my earlier posting? Duh - it's AA bonus telephone saver of course. I switch my money around so much I have to think about just where it is at any given time!

valgee

Hi everyone, this is my first post so here goes.

I wonder if anyone can assure me that banks like Cahoot are 100% safe. Can you lose your money in any way, i.e. can they go bust. I have £50,000 to save for about 6 months, I want instant access and am a non-taxpayer. I am currently saving with Abbey National but my 6 months bonus is up and the rate is not now so good. Cahoot seem to pay the most at 5.15%, instant access, monthly interest with no penalty for withdrawals.

Is my money safe?

Thank you for any help.