Savings Accounts: Instant Access Discussion

grumbler

valgee wrote:

Is my money safe?

Very small probability of any bank going burst always exists. That's why all UK banks are members of the Financial Services Compensation Scheme (FSCS). AFAIK in the wors case you get back 100% of the first £2,000 and 90% of the next £33,000. If you are over-cautious spread your savings and don't put more than £35K into any bank/BS.

valgee

Many thanks for your help. I now know exactly where I stand with regards to my savings etc.

arothwell

I've got accounts with ING and Cahoot to take advantage of the high rates but now the high rate period is over. Does anyone know what interest I'm earning now?

donnomuch

My elerly parents have 15K to invest, does anyone know if their best option is to go for an individual ISA or to inbest it into something like Cahoot?

grumbler

donnomuch wrote:

My elerly parents have 15K to invest, does anyone know if their best option is to go for an individual ISA or to inbest it into something like Cahoot?

ISA is better if both of them are taxpayers. However, they cannot invest more than 2*£3000 into cash-ISAs during a tax year. Cahoot is good for a short period as the rate includes bonuses for 6-9 months. In April they can move another £6000 into ISAs.

mharv

My husband and I are retired and have sold our second property, we have around £100,000 to invest, preferably in an instant access account so we can get to it when we need it, do you know of any high interest savings accounts or off shore accounts we can invest this one off lump sum

Any replies grateful

many thanks

RANDY_3

I have just noticed on the ING website:
From 1 January 2006 the ING Direct
savings rate will be 4.5% AER

I no longer call this a good clean account, i have suffered 2 rate drops, and only joined early summer!

Investing £735/month, i think its time to move my dosh.

Maybe the ICICI one, unless anyone has a better idea for an instant access account, and boycott ING if i can say that?

aaroncroydon

This is a copy of an email I received today (15-12-05)

We are writing to inform you that as of 1 January 2006 the ING Direct savings
rate will be 4.50% AER*. We are making this change because of less favourable
market conditions.

Decisions like these mean we can run our business in a way that will allow us to
continue to offer all our customers a consistently good savings rate - while
avoiding withdrawal penalties, or short-lived headline-grabbing rates for new
customers, as some banks do.

This rate still represents a very competitive figure in the marketplace and
applies to all ING Direct customers regardless of the balance they hold or how
many transactions they make.

We will always be transparent and consistent with our offering, making sure that
all our customers know exactly where they stand and aren't confused by small
print. We remain committed to providing a consistently good rate for everyone
with a straightforward savings account with no hassle or catches.

Yours sincerely


Lindsay Sinclair
CEO, ING Direct UK

:xmassign:

moneywaster-help

Our nearly 7 year old currently has a stash of pocket money in her piggy bank running into hundreds (too many coins to count). She has no interest in spending it, so what should we do with this to give her her own savings account. She 'earns' up to £5.00 per week (usually around £4.50) and is allowed to spend up to half of this (which she never does). Our nearly 5 year old will start to receive pocket money on 21 February when he is 5. What are the best rates for this age group with fairly instant access? Both children also have investments in the Post Office and one of their uncles saves for them instead of buying Birthday and Christmas presents.

jesc99

Hi.
Next month, I'm expecting to have access to ~£12K, stoozed from Egg as part of their anniversary 0% promotion. Any suggestions on the best place to invest it for 5 months before I need to give it back to them?
I know that Martin has sung the praises of Derbyshire's Regular Saver (5.4% gross), I can't see anything in the account's small print that prohibits investing £12K and topping it up by £10/month and I can make one withdrawal (i.e. of the initial £12K investment during the year), but does anyone know of anything better?

Thanks in advance.