"easy access savings" extinct?

[Blown2CV]

i know interest rates are at a long time low, but is there any such thing as an easy access savings account these days? It seems the only way to get a rate higher than about 0.5% is to spread money across a hundred different capped investment accounts which also come with a minimum commitment. I just need somewhere to keep cash that is coming in and then at some point not long after is to be used, not locked away forever. Does such a thing still exist or is that day long gone and we have to work harder at it?!

[33q]

Santander 123, Club Lloyds, Bank of Scotland Vantage, Tesco, Nationwide etc

Quite few current accounts pay the best instant access rates

Opening multiple accounts is pretty straightforward

[Funk]

I have a Nationwide instant access saver which allows me to pay in up to £500/mo @ 5% interest which works well enough for me at the mo.

[PositronicRay]

I keep some in a 123 account, I can't be bothered with the faff of accounts that are capped to a couple of thou, and moving money about. So the rest is spread between premium bonds (I know, I know but at least I have fun checking for my £25 winnings each month) and an instant access for the staggering rate of 0.25%

[Blown2CV]

i must not be making myself clear. I am not talking about current accounts that pay interest but charge a fee, require a load of particular behaviours such as monthly direct debits in and out etc., and have caps on the amount that you can earn interest upon... I am just talking about plain old easy access savings accounts with no strings.

[Funk]

Can't help then mate.

[33q]

Blown2CV said:

i must not be making myself clear. I am not talking about current accounts that pay interest but charge a fee, require a load of particular behaviours such as monthly direct debits in and out etc., and have caps on the amount that you can earn interest upon... I am just talking about plain old easy access savings accounts with no strings.

Tesco current account. Pays 3% guaranteed for 2 years. No DD, no min pay, no fees

Ok it's capped at £3k....have 2.....get the OH to have 2.... £12k

Am I helping.....I'm trying to......

[43034]

33q said:

Tesco current account. Pays 3% guaranteed for 2 years. No DD, no min pay, no fees

Ok it's capped at £3k....have 2.....get the OH to have 2.... £12k

Am I helping.....I'm trying to......

[williaa68]

You can get 1.25% from Ulster bank. For ease and peace of mind, National Savings income bonds - 0.75%, instant access, max £1m, no FSCS worries >£85k. Otherwise savings champion will manage it for you but by the time you've paid their fee you won't be much better off than NS&I.

[condor]

Funk said:

I have a Nationwide instant access saver which allows me to pay in up to £500/mo @ 5% interest which works well enough for me at the mo.

I have one too - but you need to have had a Nationwide flexdirect current account for a minimum of 3 months first ( also pays 5% interest for the first year on £2500, then drops to 1%). Of which it needs to be funded by £1000/month.
I also have a TSB account paying 3% on £1500 that needs to be funded by £500/month.
I have standing orders to move £1000 each month between them which satisfies their criteria.
My main current account is elsewhere.

[33q]

43034 said:

33q said:

Tesco current account. Pays 3% guaranteed for 2 years. No DD, no min pay, no fees

Ok it's capped at £3k....have 2.....get the OH to have 2.... £12k

Am I helping.....I'm trying to......

Ah.....grovel....sorry. Clearly the rules have changed.....had my accounts for some time and I don't need to do the DDs or £750 per month.

Looks like that boat has sailed with me on it.

Although you don't want the DDs and minimums it is worth looking into. You can create DDs using Tesco savings accounts.....or at least you could when I did mine. In order to service multiple current accounts....about 10 I have two Tesco savings account each creating a DD.

A bit time consuming to set up but then needs no further maintenance.

[43034]

33q said:

Although you don't want the DDs and minimums it is worth looking into. You can create DDs using Tesco savings accounts.....or at least you could when I did mine. In order to service multiple current accounts....about 10 I have two Tesco savings account each creating a DD.

The bit in brackets......

[Blown2CV]

i think ultimately the banks want to make it as much of a pain in the arse as possible for you to earn any interest. Hopefully that's a temporary thing and the entire perspective will change when base rate rises.

[33q]

43034 said:

33q said:

Although you don't want the DDs and minimums it is worth looking into. You can create DDs using Tesco savings accounts.....or at least you could when I did mine. In order to service multiple current accounts....about 10 I have two Tesco savings account each creating a DD.

The bit in brackets......

I appreciate you cannot use the Tesco savings account DDs for Tesco current accounts but you can use them on other bank accounts.