The Top Easy Access Savings Discussion Area

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  • natdeamer
    natdeamer Posts: 3 Newbie
    Reading the "Top Savings Accounts" article it says "There is a trick in that the rules allow you to open three, giving you 3% on £15,000."

    What is the 'trick'? Do I need to do anything special? Or just open up 3 accounts in my name/address?

    Thanks
  • eskbanker
    eskbanker Posts: 30,920 Forumite
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    natdeamer wrote: »
    Bank of England "Trick"
    Firstly it'll be worth understanding that there's a big difference between the Bank of England and the Bank of Scotland! :)
    natdeamer wrote: »
    What is the 'trick'?
    Some MSE journalistic licence....
    natdeamer wrote: »
    Do I need to do anything special?
    No.
    natdeamer wrote: »
    Or just open up 3 accounts in my name/address?
    Yes.
  • adindas
    adindas Posts: 6,813 Forumite
    First Anniversary Name Dropper First Post
    edited 24 January 2017 at 2:15PM
    ColdIron wrote: »
    Tesco current accounts also have a faster payments limit of £10,000 with online banking but you may be able to achieve this with telephone banking from your current account

    I think this is still achievable with online banking for people who have multiple accounts with Tesco.
    I have 2 current accounts and three internet saver accounts. So this will give me 5 x £10,000 = £50,000 daily transfer limit.

    The flexibility to be able to move large sum of money instantly using FPI / FPO at anytime is one of the the key to optimize the interest.

    I do not know how easy it is to close your internet saver and open a new one to start the bonus again ?. Could it be done online or you will need to call them ??
  • ColdIron
    ColdIron Posts: 9,012 Forumite
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    adindas wrote: »
    I do not know how easy it is to close your internet saver and open a new one to start the bonus again ?. Could it be done online or you will need to call them ??
    You don't need to close them just open another one online. I have 4, the first two have no bonus anymore but are used for DDs, the third is redundant now as I opened the fourth to get the 1% while it was on offer
  • adindas
    adindas Posts: 6,813 Forumite
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    edited 24 January 2017 at 3:05PM
    ColdIron wrote: »
    You don't need to close them just open another one online. I have 4, the first two have no bonus anymore but are used for DDs, the third is redundant now as I opened the fourth to get the 1% while it was on offer

    Thanks for sharing good practice.
    Just open a new one a few minutes ago. It took only about 5 minutes to open.
    Now I have a have temporary home for cash.
  • schiff
    schiff Posts: 20,099 Forumite
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    schiff wrote: »
    Faster payment to Nottingham BS at about 18.15 this evening wasn't immediate but I only monitored it for about 15 minutes. But it's there now with today's date! That'll do me.

    Payments to The Nottingham may be relatively quick but payments out are next working day I have just found out. Disappointing. Faster Payments just got slower.
  • adindas
    adindas Posts: 6,813 Forumite
    First Anniversary Name Dropper First Post
    schiff wrote: »
    Payments to The Nottingham may be relatively quick but payments out are next working day I have just found out. Disappointing. Faster Payments just got slower.

    If you are just using it for temporary container, it will save your time if you just to open Tesco Internet Saver @ 0.96% pa. See above post.

    After one year elapse open a new one and close or use the old one as a source for DD. If you already have account with them it will only takes about 5 minutes to open a new one.
  • colsten
    colsten Posts: 17,597 Forumite
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    adindas wrote: »
    Could it be done online or you will need to call them ??
    You need to call them to close and account. I have just closed one - it's quick and painless if you call from the app.
  • Jo_Blogs
    Jo_Blogs Posts: 753 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    adindas wrote: »
    Nottinghma BS has eSaver i6 with interest of 1.02%pa instant access, unlimited withdrawals, for the balance of £1,000 - £250,000 (e.g minimum operating balance of £1000)

    https://www.thenottingham.com/savings/products/esaver-istant-issue-6/

    The Nottingham BS eSaver i6 is no longer available :o
    Saved Nitty Gritty £7440.75 [149%] / £5000-[Sep] £58.44:starmod: for the 'Save 12k in 2017' #157
    2017 Womble #35 £3463.27 ;)Sept NSDs 4/15:staradminCCCChl 9/12 months:D    Sept PPChl#002 Pts 71
  • schiff
    schiff Posts: 20,099 Forumite
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    edited 27 January 2017 at 11:08AM
    Jo_Blogs wrote: »
    The Nottingham BS eSaver i6 is no longer available :o

    Mine has only been open for 10 days but I was proposing to close it anyway after the Jan 31st interest goes in because of IPOs not reaching my designated account the same day. Switching to a Tesco Internet Saver as suggested by adindas.

    PS: now realised I don't need it doh - or won't after the February RSs
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