Savings account
Discussion
Evening PH.
I'm getting rather confused and hoping someone can help me.
I want to set up a savings account. I need to be able to get it as and when. I'm not fussed about massive interest rates.
The main thing is it can't be with Lloyds or Halifax. I'm already with them and want another one so I can't just transfer money across easily.
Any that are better than others? Wanting to put £100 four weekly into it.
Thanks
.
I'm getting rather confused and hoping someone can help me.
I want to set up a savings account. I need to be able to get it as and when. I'm not fussed about massive interest rates.
The main thing is it can't be with Lloyds or Halifax. I'm already with them and want another one so I can't just transfer money across easily.
Any that are better than others? Wanting to put £100 four weekly into it.
Thanks
. Marcus is the current highest instant access account or pick another from the list here: https://www.moneysavingexpert.com/savings/savings-...
gangzoom said:
Your spouse can open one, and than you can have a joint. So £60k intotal, when it was offering 3% actually pretty decent. The money back for bills/council tax covers the £5 monthly fee.
I don’t have a spouse, so £20k at 1.5%. I might as well just keep small amounts in current accounts that pay more, others in fixed term accounts that pay more and the remainder in my instant access savings account at 1.5%. There would be no benefit to opening that to earn the same amount on £20k from the remainder, so it’s pointless for me.If you really wanted my full reasoning, that’s it
Jimmy Recard said:
I don’t have a spouse, so £20k at 1.5%. I might as well just keep small amounts in current accounts that pay more, others in fixed term accounts that pay more and the remainder in my instant access savings account at 1.5%. There would be no benefit to opening that to earn the same amount on £20k from the remainder, so it’s pointless for me.
If you really wanted my full reasoning, that’s it
Didn't want it as it's pretty self-explanatory - I was questioning the OP as based on his post it seemed like a good bet. Maybe not the best, but for ease of access and the cash back perks etc... Not to mention £20k is a considerable limit for someone wanting a 3rd account for savings.If you really wanted my full reasoning, that’s it
S9JTO said:
Didn't want it as it's pretty self-explanatory - I was questioning the OP as based on his post it seemed like a good bet. Maybe not the best, but for ease of access and the cash back perks etc... Not to mention £20k is a considerable limit for someone wanting a 3rd account for savings.
I wouldn’t suspect you’d want it. You suggested a Santander account, I pointed out a drawback.The post you replied to was in reply to another poster
Jockman said:
I have the three Santander 123 accounts and I agree that it is a good one.
However OP is going to have to pay in min £500 per month, set up 2 active DDs and pay a £5 charge per month. There are much easier ways to open a savings account.
Admittedly, I overlooked the minimum £500 deposit per month - My bad.However OP is going to have to pay in min £500 per month, set up 2 active DDs and pay a £5 charge per month. There are much easier ways to open a savings account.
I have an esaver set up as an offshoot from my Santander account and just checked and seems to pay 5% on £200 PCM max transferred from the 123 account for the 1st 12 months.
https://www.santander.co.uk/info/sites/default/fil...
https://www.santander.co.uk/info/sites/default/fil...
I use a combination of:
Santander 123 - 1.5% to 20k
Club Lloyds - 1.5% to 5k
Marcus Savings - 1.5% to 250k. (bear in mind only 85k will be covered by the government savings protection though)
Means I can earn 1.5% on pretty much all of my money at the moment, which is about as good as you can get while keeping easy access.
I also have a Barclays account which will pay you net £4/month if you meet the T&C's for their Blue Rewards.
You also have certain T&C's to meet with the 123 a/c & Club Lloyds a/c, but they're not too difficult if you're prepared to spread your Direct Debits about and pay in the required amounts.
Not directly related to savings - but something to consider is a cashback credit card also. If you can move your normal everyday spending onto one of these, you'll earn cashback on money you would have spent anyway. The Amex platinum cashback card is my preference at the moment. Obviously if you don't pay it off in full and accumulate interest then any benefit disappears.
Santander 123 - 1.5% to 20k
Club Lloyds - 1.5% to 5k
Marcus Savings - 1.5% to 250k. (bear in mind only 85k will be covered by the government savings protection though)
Means I can earn 1.5% on pretty much all of my money at the moment, which is about as good as you can get while keeping easy access.
I also have a Barclays account which will pay you net £4/month if you meet the T&C's for their Blue Rewards.
You also have certain T&C's to meet with the 123 a/c & Club Lloyds a/c, but they're not too difficult if you're prepared to spread your Direct Debits about and pay in the required amounts.
Not directly related to savings - but something to consider is a cashback credit card also. If you can move your normal everyday spending onto one of these, you'll earn cashback on money you would have spent anyway. The Amex platinum cashback card is my preference at the moment. Obviously if you don't pay it off in full and accumulate interest then any benefit disappears.
KTF said:
Marcus is the current highest instant access account or pick another from the list here: https://www.moneysavingexpert.com/savings/savings-...
I am currently in the same boat but am looking at adding £500 per month. I realistically wont need to touch this money at all but how do people find Marcus, as in are they simple to deal with no body had any issues accessing funds?Gassing Station | Finance | Top of Page | What's New | My Stuff