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easy access savings

Last post Sat, Nov 04 2006, 7:06 AM by jaylin. 5 replies.
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  •  Sat, Nov 04 2006, 7:06 AM

    Re: easy access savings

    I will also recommend you the ICICI bank.
    • Post Points: 5
  •  Wed, Oct 25 2006, 10:37 PM

    Re: easy access savings

    Try the ICICI HISAVE savings account which gives 5.15% . this is instant access with no catches. there are higher rates but need to give notice or limited to number of withdrawls a year. This is internet but need to send initial cheque by post but only needs to be £1 but you need a bank account for direct debits /transfers
    • Post Points: 20
  •  Mon, Oct 23 2006, 3:13 PM

    Re: easy access savings

    Thanks very much for the advice.
    I have been looking at ICICI this morning and it looked pretty good. I also looked at A&L but they had too many restrictions as you pinted out. I dont pay tax on this amount but have already put £3k in an ISA
    All in all you have confirmed my solution! Many thanks.

    Ju :O)
    • Post Points: 5
  •  Mon, Oct 16 2006, 3:46 PM

    Re: easy access savings

    It all depends on whether or not you pay income tax already and if you do, at what rate. If you don't pay tax the best bet in my view is ICICI which is relatively straightforward to run once you have been accepted. You need a current account with a bank or BS to transfer funds in and out of but I guess you already have one of those. ICICI pays interest whilst the money is in your account and doesn't penalise you for the whole month if you need to withdraw money half way through. It also pays interest monthly and there is no minimum limit (£1.00). They seem a touch naive but try hard to please. The newly announced A&L at 5.35% looks good but you lose a month's interest if you draw money out during any month and they want at least £5k in your account. This is restrictive.
    If you pay tax at 22% there are numerous cash ISA's arround which will give you 5% +/-, but, as you say, that only accounts for £3k of your £30K. Try your local Building Society if you can leave a reasonable portion in a bond for a year or two - they could be offering upto 5.4% if you qualify for "loyalty" savings. (ie Portman?).
    But don't panic. All the indications are that interest rates will increase rather than decrease in the near future so hesitation might pay. Of course if you open an ICICI account you can put it all in now and move when a better deal comes along.
    Happy Saving
    • Post Points: 20
  •  Sun, Oct 08 2006, 9:53 PM

    Re: easy access savings

    Hi,
    You have a lot of money there mabey think about buisness acounts barcays and halifax do good ones
    • Post Points: 5
  •  Tue, Sep 26 2006, 10:26 PM

    easy access savings

    Hi
    I have approx £30k which I need to put to sensible use for a while! I want to save it for the best return, but I need it to allow me to draw on it monthly. I am not the best when it comes to so much choice with finance - I dont know if a mini ISA would be good (obviouysly only £3k per year) or is a savings plan better? Then which is the best? The highest interest rate? Or shouId I be looking at more detail than that?
    The website is great but it gives me so much to choose from.
    Internet banking would be preferable too.

    Many thanks for any assistance.
    JuC
    :O)
    • Post Points: 50