The Top Easy Access Savings Discussion Area

Options
1…178179181183184…1978

Comments

  • Mr._H_2
    Mr._H_2 Posts: 488 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    methodicalmadness wrote: »
    I am thinking about opening a current account with first direct just to take advantage of the 8% interest rate in the savings account. But is it possible to still keep my other current account at all? Cheers :)

    Yes, that is possible. Don't forget that the savings account is a regular saver; you can only deposit £300 max per month and can't access the money until maturity without losing all the interest. It's still a good deal though, and you get £100 if you use their current-account switching service (even if you "switch", you can still keep your old current account open).
  • murphydavid
    murphydavid Posts: 832 Forumite
    Name Dropper First Anniversary First Post
    Options
    I usually give regular savers a miss because even with a high interest they still gross a relatively small amount. In the case of 8% with max 300 a month for 12 months i work out the gross interest comes to £154.93 in total. So if you are not with First Direct and get net interest this amounts to a payment of £120 for opening a current account with them. I would not open a new current account for that but however I already bank with F D which just might make it worth the effort so thanks for bringing this to my attention.
  • methodicalmadness
    methodicalmadness Posts: 96 Forumite
    Options
    Been doing a little more research. First 6 months is free to new customers, after that its £10 per month to bank with them. There are things you can do to avoid that charge though, including opening an ISA with them. So....open a current account and switch, +£100. Open an ISA if you dont already have one (or you could transfer), and open the savings account? Thats my current thinking anyways.
    Anything unrelated to elephants is irrelephant...
  • Mr._H_2
    Mr._H_2 Posts: 488 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    methodicalmadness wrote: »
    Been doing a little more research. First 6 months is free to new customers, after that its £10 per month to bank with them.

    The fee is waived if you deposit at least £1500 a month (e.g. your salary) into the current account. FD supports faster payments in and out so if you want to keep your "real" current account elsewhere, you can transfer £1500 to FD and back again in a matter of seconds once each month (assuming your present current account supports faster payments out).
  • methodicalmadness
    methodicalmadness Posts: 96 Forumite
    Options
    Mr._H wrote: »
    The fee is waived if you deposit at least £1500 a month (e.g. your salary) into the current account.

    Hmm....Sadly I am a student and as such dont really have the funds to push £1500 in and out of an account every month. Hence why i was thinking about the ISA. I am putting money away to help set myself up after i graduate which is why I am looking for good saving accounts.

    Kinda brings me to my other concern, I know they have pretty high criteria...what are the chances they will give a student a current account do you think?!
    Anything unrelated to elephants is irrelephant...
  • adindas
    adindas Posts: 6,815 Forumite
    First Anniversary Name Dropper First Post
    Options
    If you have say GBP500 in an a/c you could bouncxe it forward and backward three times to reach GBP1500. FP from first direct is reliable and will normally arrive to other a/c within minutes.

    In the theory you could even do it for 6x250 but it is not adivisable to do so as this might be tagged as irregular transaction and your account might get blocked pending investigation.

    methodicalmadness wrote: »
    Hmm....Sadly I am a student and as such dont really have the funds to push £1500 in and out of an account every month. Hence why i was thinking about the ISA. I am putting money away to help set myself up after i graduate which is why I am looking for good saving accounts.

    Kinda brings me to my other concern, I know they have pretty high criteria...what are the chances they will give a student a current account do you think?!
  • RobStaffs
    RobStaffs Posts: 308 Forumite
    First Anniversary Combo Breaker First Post
    Options
    I see the Post Office is offering 3.01% for its easy access account.Do I need to go through the exercise of applying or can I just ask them to switch my current savings account(offer expires on 15thNov) over to the new account?
  • alanq
    alanq Posts: 4,216 Forumite
    Combo Breaker First Post
    edited 11 November 2011 at 1:12PM
    Options
    Coventry BS Poppy Online Saver (2). 3.15% AER variable (including 1.15% fixed bonus for the first year). 4 penalty free withdrawals per year. 50-day penalty for further withdrawals.
    http://www.coventrybuildingsociety.co.uk/savings-and-investments/poppy/poppy.aspx
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    First Anniversary First Post Combo Breaker
    Options
    alanq wrote: »
    Coventry BS Poppy Online Saver (2).

    It's great to see that one back, but be quick folks as they had a big advert for it in the Telegraph money section today and it will sell out quickly.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • now3d
    now3d Posts: 89 Forumite
    First Post First Anniversary Combo Breaker
    Options
    gadgetmind wrote: »
    It's great to see that one back, but be quick folks as they had a big advert for it in the Telegraph money section today and it will sell out quickly.


    The link takes me to "Poppy bond". Rather than "Poppy Saver" so perhaps this offer has finished already?

    "3.55% AER*/ gross p.a. fixed rate of interest until 30.04.2013"

    "No withdrawals or early closure". yuk
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.5K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.6K Work, Benefits & Business
  • 608.6K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards