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So really only any good if you don't need any of the money and you leave enough "room" to constantly add £50 per month.
Pretty niche market?!
Originally posted by Sea Shell
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Marcus has made the Savings Builder account a bit redundant, unless you are looking to have more than £85k saved at 1.5% (or don't like online/phone only banks)...
...but you have misunderstood the T&Cs of the account and how it works. The whole balance can be withdrawn on an instant access basis at any time,
except for the crucial 'second last working day' when they check whether the balance is £50 more than it was the previous month.
If managed strategically, you will have enough 'room' to add £50 per month for over
16 years before the balance needs to exceed the £10,000 interest threshold.
Or with the new £10,000 threshold and £50/month increase a less strategic management approach still means you can run the account for some time before the £50 top ups drag the average rate down to the level of some other instant access accounts.
The account is discussed at some length in this thread.
https://forums.moneysavingexpert.com/showthread.php?t=5800316
My post #4 explains how the 16 year thing works - except you need to substitute £10,000 for £5000 for the balance, and £50 for £100 for the monthly increment.
"In the future, everyone will be rich for 15 minutes"