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  • ses6jwg
    ses6jwg Posts: 5,381 Forumite
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    DragonQ wrote: »
    Two caveats with that 3.25% account:

    1) Initial deposit is by cheque only (WHY do banks still do this?).
    2) You can only make one withdrawal per day, which must be between £10 and £100,000.

    Probably not big issues for most people but worth mentioning. The fact that I've never had a chequebook means I can't get it. :(

    Counter cheque from a building society?
  • rob_2512
    rob_2512 Posts: 35 Forumite
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    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.

    In the past, I have managed to do multiple transfers of £10,000 each to the same recipient on the same day - but maybe they have stopped this?

    Also, I believe the banks reserve the right to stop individual payments if they think the activity is suspicious, so might stop multiple consecutive payments.
  • Willeh
    Willeh Posts: 167 Forumite
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    Just had a look at the list again, apologies if this is really obvious but why was the Santander esaver issue 4 taken off from the list?
    September £5 a Day Challenge

    £143.59 / £150
  • rob_2512
    rob_2512 Posts: 35 Forumite
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    tasty_snacks wrote: »
    Not sure if it's been mentioned before, but it would be useful to know whether each account accepts faster payments in and out. Given that I move my money around so frequently, it works out better for me to have a lower rate instant access account with FP than an instant access acount which relies solely on BACS.

    G_M wrote: »
    Info in threads here.

    And here.

    Though may not be fully up to date.

    OK, I have now tracked through all the best savings accounts against these 2 lists, and none of them are shown as sending Faster Payments lists.

    Where do I go from here to find the best rates for an account that does send Faster Payments?
  • psychic_teabag
    psychic_teabag Posts: 2,865 Forumite
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    rob_2512 wrote: »
    OK, I have now tracked through all the best savings accounts against these 2 lists, and none of them are shown as sending Faster Payments lists.

    Where do I go from here to find the best rates for an account that does send Faster Payments?

    I believe tesco offers 2.9% and has faster payments in and out (max £10k out per day)

    Halifax probably has a websaver offering round about there : may not be able to do faster payments itself, but you could also have a reward current account which does claim to support FP but I find it rather unreliable, and as often as not falls back to BACS.

    Don't forget that the rules are changing, and all payments will soon have to arrive by no later than next day. End of the year or start of next year or something.
  • channi3
    channi3 Posts: 4 Newbie
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    Hi all,

    I'm just trying to get my head around the savings to make sure I get the most out of it.

    I'm interested in signing up to the Nationwide 3.12% MySave Online Plus account. But what Im confused is about the monthly interest ... Is the interest paid each month going to be 3.12% for the total amount of money you have in the account? ie. with an initial deposit of £5000 in the account, would I be getting £156 a month? :S (Seems too good to be true).

    Thanks in advance.
  • Steve_xx
    Steve_xx Posts: 6,976 Forumite
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    channi3 wrote: »
    Hi all,

    I'm just trying to get my head around the savings to make sure I get the most out of it.

    I'm interested in signing up to the Nationwide 3.12% MySave Online Plus account. But what Im confused is about the monthly interest ... Is the interest paid each month going to be 3.12% for the total amount of money you have in the account? ie. with an initial deposit of £5000 in the account, would I be getting £156 a month? :S (Seems too good to be true).

    Thanks in advance.

    Yes it is too good to be true. The interest rate you quote is per annum. In any case you would be better with Derbyshire Building Society's 3.25% offer because that allows you to make unlimited withdrawals without penalty. Whereas the Nationwide will punish you if you make more than one withdrawal per year.
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    channi3 wrote: »
    Is the interest paid each month going to be 3.12% for the total amount of money you have in the account? ie. with an initial deposit of £5000 in the account, would I be getting £156 a month? :S (Seems too good to be true)

    1) Welcome to the MSE forums.
    2) Pass the joint, it must be good 5h1t!

    :D
    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.
  • channi3
    channi3 Posts: 4 Newbie
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    gadgetmind wrote: »
    1) Welcome to the MSE forums.
    2) Pass the joint, it must be good 5h1t!

    :D
    Thanks LOL
    Steve_xx wrote: »
    Yes it is too good to be true. The interest rate you quote is per annum. In any case you would be better with Derbyshire Building Society's 3.25% offer because that allows you to make unlimited withdrawals without penalty. Whereas the Nationwide will punish you if you make more than one withdrawal per year.

    I don't mind about the one withdrawal per year, I can save that withdrawal for later because I will have some use for it soon. In the ideal case, if I dont have any need for it, I'll keep it there for the year just to get the bonus.

    For the Derbyshire B/S offer, its only 3.25% per annum right? for what you have at the end of the year. Whereas the Nationwide offer, you get paid that every month so 3.12% (x12months?) will work out more that the one-off interest payment at the end of the year right?

    Honestly ...I may be overthinkin' this, or am just being dumb...... :D
  • Steve_xx
    Steve_xx Posts: 6,976 Forumite
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    channi3 wrote: »
    Thanks LOL



    I don't mind about the one withdrawal per year, I can save that withdrawal for later because I will have some use for it soon. In the ideal case, if I dont have any need for it, I'll keep it there for the year just to get the bonus.

    For the Derbyshire B/S offer, its only 3.25% per annum right? for what you have at the end of the year. Whereas the Nationwide offer, you get paid that every month so 3.12% (x12months?) will work out more that the one-off interest payment at the end of the year right?

    Honestly ...I may be overthinkin' this, or am just being dumb...... :D

    Yes, you are being dumb. The Derbyshire pays more than the Nationwide. For each year that you have £1 deposited in the Nationwide you will earn 3.12 pence, whereas for each year that you have £1 deposited in The Derbyshire you would earn 3.25 pence.
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