Savings account
Author
Discussion

LosingGrip

Original Poster:

8,864 posts

189 months

Saturday 6th October 2018
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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 smile.

colin79666

2,218 posts

143 months

Saturday 6th October 2018
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Marcus (Goldman Sachs) unless you can find a regular saver that lets you make withdrawals part way through.

KTF

10,665 posts

180 months

Sunday 7th October 2018
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Marcus is the current highest instant access account or pick another from the list here: https://www.moneysavingexpert.com/savings/savings-...

LosingGrip

Original Poster:

8,864 posts

189 months

Monday 8th October 2018
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Thanks both smile. Account set up with them. Hoping I can just forget about it for a while as the savings increase smile.

S9JTO

1,949 posts

116 months

Tuesday 9th October 2018
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I don't understand why you'd need a savings account - Why not just open a Santander 123 current account?

Jockman

18,414 posts

190 months

Tuesday 9th October 2018
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The Ts and cs on the Santander account can be quite onerous for some.

Jimmy Recard

17,550 posts

209 months

Tuesday 9th October 2018
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S9JTO said:
I don't understand why you'd need a savings account - Why not just open a Santander 123 current account?
It only pays interest up to £20k

gangzoom

8,843 posts

245 months

Tuesday 9th October 2018
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Jimmy Recard said:
It only pays interest up to £20k
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.

Jimmy Recard

17,550 posts

209 months

Tuesday 9th October 2018
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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 smile

S9JTO

1,949 posts

116 months

Tuesday 9th October 2018
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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 smile
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.

Somebody

1,756 posts

113 months

Tuesday 9th October 2018
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S9JTO said:
I don't understand why you'd need a savings account - Why not just open a Santander 123 current account?
'Cos there's a £5 monthly charge?

Jimmy Recard

17,550 posts

209 months

Tuesday 9th October 2018
quotequote all
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 smile

S9JTO

1,949 posts

116 months

Tuesday 9th October 2018
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Somebody said:
'Cos there's a £5 monthly charge?
As gangzoom said: The money back for bills/council tax covers the £5 monthly fee.

Jimmy Recard

17,550 posts

209 months

Tuesday 9th October 2018
quotequote all
S9JTO said:
As gangzoom said: The money back for bills/council tax covers the £5 monthly fee.
It does sound like he already has current accounts with other banks that do that, though.

Tesco Bank Internet Saver or Marcus by Goldman Sachs fit the bill perfectly for OP, IMO

Jockman

18,414 posts

190 months

Tuesday 9th October 2018
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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.

S9JTO

1,949 posts

116 months

Wednesday 10th October 2018
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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.

Shnozz

30,646 posts

301 months

Wednesday 10th October 2018
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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...

Jockman

18,414 posts

190 months

Wednesday 10th October 2018
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Off the top of my head that works out at an effective rate of 2.2%

Drew106

1,652 posts

175 months

Wednesday 10th October 2018
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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.

Kev_Mk3

3,647 posts

125 months

Thursday 11th October 2018
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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?