Savings accounts

FishburnMackem

FishburnMackem

Winger
I have a basic bank account with Barclays (The most basic of accounts) and am looking for some sort of savings account to open alongside my Lifetime ISA.

Any suggestions? It needs to be one that I can have access to in case of any unexpected bills.

Would it be worth moving my basic account up to some sort of current account? I'm pretty much a complete beginner when it comes to bank accounts tbh.
 


I'd probably open an instant access savings account with Barclays, you'll be able to swap money between them easily and you won't have the hassle of setting up an account with another bank. Providing you're not expecting to make much/any interest though.
I do the same, chuck a couple of hundred into the savings account each month for big bills later.
 
Sossidge Rerls said:
I'd probably open an instant access savings account with Barclays, you'll be able to swap money between them easily and you won't have the hassle of setting up an account with another bank. Providing you're not expecting to make much/any interest though.
I do the same, chuck a couple of hundred into the savings account each month for big bills later.
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Would I be able to do this online mate? It will only be around £100-£150 a month so I won't be expecting to make a lot on interest. I'd prefer to keep my banking with the same bank too.
 
FishburnMackem said:
I have a basic bank account with Barclays (The most basic of accounts) and am looking for some sort of savings account to open alongside my Lifetime ISA.

Any suggestions? It needs to be one that I can have access to in case of any unexpected bills.

Would it be worth moving my basic account up to some sort of current account? I'm pretty much a complete beginner when it comes to bank accounts tbh.
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Currently TSB pay 5% on first £1500 on its current account, and Nationwide also pay 5% on 1st £2500, but this is only for a year then drops to 1%. Also Nationwide have a linked regular saver (upto £250 a month) which also pays 5% and is instant access.
 
Le Chuck said:
Currently TSB pay 5% on first £1500 on its current account, and Nationwide also pay 5% on 1st £2500, but this is only for a year then drops to 1%. Also Nationwide have a linked regular saver (upto £250 a month) which also pays 5% and is instant access.
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So on TSB & Nationwide accounts, what interest would be paid after the £1500 / £2500 amounts?

If you could direct me to somewhere I can compare which ones are the best that would be much appreciated
 
FishburnMackem said:
So on TSB & Nationwide accounts, what interest would be paid after the £1500 / £2500 amounts?

If you could direct me to somewhere I can compare which ones are the best that would be much appreciated
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TSB you need to credit account with £500 a month & get about £6 a month interest. They also pay £5 bonus for having 2 DD's & another £5 for using debit card 20 times in month. But the 2 fivers offer is only limited for a few months.

Nationwide will get about £10 a month interest but need to credit account by £1000 a month.

But the crediting accounts is just circulating the same money between accounts.
 
Le Chuck said:
TSB you need to credit account with £500 a month & get about £6 a month interest. They also pay £5 bonus for having 2 DD's & another £5 for using debit card 20 times in month. But the 2 fivers offer is only limited for a few months.

Nationwide will get about £10 a month interest but need to credit account by £1000 a month.

But the crediting accounts is just circulating the same money between accounts.
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Tbh I'd prefer a relaxed savings account which I can just put spare cash in, no requirements etc as I'm putting £333 in my lifetime ISA every month so won't have stacks of cash left over.

An account with good interest, where I can put around £150 in every month without having to meet any minimum requirements, no direct debits etc and the ability to withdraw when I need without being penalised. What's the crack with tax on savings accounts?
 
FishburnMackem said:
The best rate I can find for an ISA is 1.15%, with the Nationwide saver which @Le Chuck mentioned it's 5%, surely the saver account would be better?
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They're not 'savings accounts'
They're actually current accounts with incentives.

And also if you move for current bank account, you could get an extra £100 off someone.

Halifax do one where they give you £3 a month, but needs 2 DD's and £750 crediting. So just need to keep enough to cover DD's and its money for nowt.
 
Le Chuck said:
TSB you need to credit account with £500 a month & get about £6 a month interest. They also pay £5 bonus for having 2 DD's & another £5 for using debit card 20 times in month. But the 2 fivers offer is only limited for a few months.

Nationwide will get about £10 a month interest but need to credit account by £1000 a month.

But the crediting accounts is just circulating the same money between accounts.
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You'll have to show the product for that one. ;)
 
FishburnMackem said:
Tbh I'd prefer a relaxed savings account which I can just put spare cash in, no requirements etc as I'm putting £333 in my lifetime ISA every month so won't have stacks of cash left over.

An account with good interest, where I can put around £150 in every month without having to meet any minimum requirements, no direct debits etc and the ability to withdraw when I need without being penalised. What's the crack with tax on savings accounts?
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As long as you dont earn more than £1000 a year in interest (excluding ISA's) its tax free (think this might be only £500 for higher rate payers)

You dont need DD's to get the high interest rate, just need to click a few buttons on you phone to circulate some cash. Its an easy £20.
 

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