The Top Easy Access Savings Discussion Area

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  • DragonQ
    DragonQ Posts: 2,193 Forumite
    First Anniversary First Post
    Even if they do, you could withdraw it all minus a penny, which would just count as one of the four allowed penalty-free instant withdrawals.
  • thenudeone
    thenudeone Posts: 4,462 Forumite
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    Mibbly24 wrote: »
    I have £30,000 to put into a savings account, I've already used my ISA allowance for the year, any recommendations?

    If you can give 30 days notice this one is slightly better at 3.25%:
    http://www.hrbs.co.uk/pages/investments.php?content_id=485&parent_id=568
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  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    thenudeone wrote: »
    If you can give 30 days notice this one is slightly better at 3.25%:
    http://www.hrbs.co.uk/pages/investments.php?content_id=485&parent_id=568
    Attractive rate, but exclusively postal. And deposits by cheque only. OK if you use it rarely and don't mind the hastle of paperwork, post, cheque-clearance, delay etc.

    A small BS not yet in the C21st, but compensating with the rate.
  • pigeonpie
    pigeonpie Posts: 1,216 Forumite
    How long does it take to open these easy access savings accounts and transfer money in please? If we decide to buy a house with the money during the first year, how long does it take on 'instant access' accounts to actually have instant access to your money? Are there any institutions which make this more difficult?
  • Mr._H_2
    Mr._H_2 Posts: 488 Forumite
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    pigeonpie wrote: »
    How long does it take to open these easy access savings accounts and transfer money in please?

    It varies from institution to institution. Some savings accounts I've applied for have been available instantly, if I already have other types of accounts with the same bank. Once you've got an account number and sort code, you can deposit money. If your sending account supports Faster Payments out it'll probably be instant as the vast majority of accounts support Faster Payments in.

    pigeonpie wrote: »
    If we decide to buy a house with the money during the first year, how long does it take on 'instant access' accounts to actually have instant access to your money? Are there any institutions which make this more difficult?

    If the account supports Faster Payments out, you will usually have your money literally instantly, and at most two hours after initiating the transfer. If it's by BACS (the default alternative to Faster Payments), it'll take 3 working days. Most accounts that don't have Faster Payments will offer a CHAPS service (in addition to BACS) which clears the same working day, but this costs from about £25 per transaction.

    Another thing to bear in mind is that many instant-access accounts impose a £10,000 daily limit on withdrawals, so to access e.g. £50,000 with Faster Payments or CHAPS would take 5 days, or 8 days with BACS.
  • rb10
    rb10 Posts: 6,334 Forumite
    Mr._H wrote: »
    Another thing to bear in mind is that many instant-access accounts impose a £10,000 daily limit on withdrawals, so to access e.g. £50,000 with Faster Payments or CHAPS would take 5 days, or 8 days with BACS.

    I have never seen a bank that imposes a limit on CHAPS, you can normally do as much as you like with this.

    The only restriction is that most banks insist on you going into a branch to initiate CHAPS (or sometimes phoning up).
  • pigeonpie
    pigeonpie Posts: 1,216 Forumite
    thanks. another question just to check. If it's a joint account, do you get up to £170 000 in govt protection if the bank fails? (£85k each).
  • Mr._H_2
    Mr._H_2 Posts: 488 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    pigeonpie wrote: »
    thanks. another question just to check. If it's a joint account, do you get up to £170 000 in govt protection if the bank fails? (£85k each).

    If the institution is signed up to the FSCS and you don't have any other accounts with them, yes.

    Note that some brands share one licence, e.g. Bank of Scotland and Birmingham Midshires. See Martin's article for further info.
  • pigeonpie
    pigeonpie Posts: 1,216 Forumite
    can't see any guide on here unless I am mistaken, but is there any guidance to best euro savings accounts? Or other forex accounts? I suppose they are all offshore. I googled but could only see Lloyds TSB international which is sterling only and ING likewise. thanks.
  • pigeonpie
    pigeonpie Posts: 1,216 Forumite
    another question sorry: does anybody do free certification of photocopied documents please? The doctors, police and PO all used to but now say they don't and they don't know who does apart from paying a solicitor. Apologies if this info is available elsewhere on this site but the internet is full of how police stations do it.....they don't. I need it to open a new online savings account. thanks
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