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Newbie
Posted: 21 September 2024 16:30:41(UTC)
#39

Joined: 31/01/2012(UTC)
Posts: 3,819
John Bran;319734 wrote:
clue*less;319719 wrote:
John Bran;319307 wrote:
My present regular savers.


The money is kindly supplied by credit card companies using zero interest and zero fee credit cards. And occasionally zero interest spending cards.
I am at the moment having the money paid into a credit card with no debt and then transferring it into my bank account and then into a savings account.
Sweet or what?


What credit cards are there these days that allow interest free cash advance AND WITHOUT a fee?


I have £8,500 NatWest 19 months zero interest zero fee.
And I have just taken out ANOTHER! NatWest £8,750 13 month zero interest zero fee credit card.
They are getting harder to find. I often find going direct can turn up some very good deals.
Wary of fees as a 3% fee on 1year balance transfer is equal to 6% interest.
IE front loaded Mafia interest rates (literally).

Thanks for this Natwest has never come up on my radar.
Is this for Money Transfer or Balance Transfer ?
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Special Kloud
Posted: 21 September 2024 18:10:24(UTC)
#21

Joined: 01/09/2023(UTC)
Posts: 25

Thanks: 225 times
Was thanked: 53 time(s) in 20 post(s)
Peter Dixon;319675 wrote:
kim shillinglaw;319598 wrote:

How much time does this take? (a question meant seriously, not sarcastically - it's very impressive). do you definitely feel its worth it?

eg Santander has an easy access account wiith faster payments etc paying 7% on up to £4k.


Correct me if I'm wrong, but you need an Edge current account to get the savings account for this which has a £5 monthly charge. So effectively the interest rate is lower once you account for this charge. Too much faffing for that, I would certainly use it otherwise to store a bit of cash at proxy bond rates.
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1 user thanked Special Kloud for this post.
Newbie on 21/09/2024(UTC)
John Bran
Posted: 21 September 2024 19:17:28(UTC)
#40

Joined: 01/09/2017(UTC)
Posts: 2,137
Newbie;319739 wrote:
John Bran;319734 wrote:
clue*less;319719 wrote:
John Bran;319307 wrote:
My present regular savers.


The money is kindly supplied by credit card companies using zero interest and zero fee credit cards. And occasionally zero interest spending cards.
I am at the moment having the money paid into a credit card with no debt and then transferring it into my bank account and then into a savings account.
Sweet or what?


What credit cards are there these days that allow interest free cash advance AND WITHOUT a fee?


I have £8,500 NatWest 19 months zero interest zero fee.
And I have just taken out ANOTHER! NatWest £8,750 13 month zero interest zero fee credit card.
They are getting harder to find. I often find going direct can turn up some very good deals.
Wary of fees as a 3% fee on 1year balance transfer is equal to 6% interest.
IE front loaded Mafia interest rates (literally).

Thanks for this Natwest has never come up on my radar.
Is this for Money Transfer or Balance Transfer ?
via Equifax (clearscore)

Balance transfer but I pay it into a credit card with no debt. Then transfer it out into my bank account. Not all credit cards will allow you to do that. Sainsbury's didn't Barclays did.
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John Bran
Posted: 22 September 2024 06:22:26(UTC)
#31

Joined: 01/09/2017(UTC)
Posts: 2,137
Harry Gloom;319717 wrote:
I can't be arsed with all this chasing interested rates up and down the high street. I have our £15K emergency fund in a cash ISA earning 2.65% but wouldn't care if it was earning zero interest.
.


Lazy... very.
What chasing around?
Once a year send it to another ISA 10 minutes maximum.

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Peter Dixon on 22/09/2024(UTC)
Peter Dixon
Posted: 22 September 2024 06:25:22(UTC)
#22

Joined: 29/03/2008(UTC)
Posts: 184

Thanks: 107 times
Was thanked: 426 time(s) in 134 post(s)
Special Kloud;319749 wrote:
Correct me if I'm wrong, but you need an Edge current account to get the savings account for this which has a £5 monthly charge. So effectively the interest rate is lower once you account for this charge. Too much faffing for that, I would certainly use it otherwise to store a bit of cash at proxy bond rates.

You are right that there is a monthly charge, but it's £3 not £5, and there's no need to pay that unless you choose to meet the conditions for earning the limited cashback they pay.

Copied from their Key Facts Document:
Quote:
Fee for maintaining the account
The fee for this account is £3 per month.
We’ll start charging this fee after you meet the conditions for earning cashback for the first time.
Conditions for cashback
To earn cashback, you must:
• pay £500 into your account in each monthly period, and
• have at least two active Direct Debits set up on your account.
If you don’t do this, you won’t earn any cashback in a particular monthly period.


So no cashback and no fee, but you can still open the Edge Saver if you want it.

I'd agree that opening a new current account for a saver is a faff, especially as I see the rate has now dropped to 6% which is only about 1% more than the rate still available from some straight-forward EA accounts and limited to £4k

It wasn't a recommendation, just given as an illustration of the various offers from banks exclusively for their current account customers.

A better Santander current account deal (for me) is the123 Lite, just a normal full-service current account, which I've had for a long time but is no longer available to new customers. I get £12+ a month in cashback of up to 3% on utility bills paid by DD, less a fee of £2 pm, which just about buys me a couple of coffees.

If asked, would recommend the Ulster Bank's Loyalty savings account though. Very good current-account-like website and app (copy of the Natwest ones) with instant FP to £20k, and I've had good service. Currently 5.2% but going to 4.75% from 14 Oct. £5k min and 7 figure upper limit. I opened one, and I don't have a current account with them and don't live in Ireland. Of course, no-one knows where rates from all banks will go from here so DYOR.

The tolerance level for faffing varies from person to person. I'm lazy, so mine is limited, but there are ways to get a few bob extra out of the banks for those who want it, and good luck to them. The caveat would be not to spend too much time sweating the small stuff if you have investments that deserve more of your attention. Horses for courses.
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3 users thanked Peter Dixon for this post.
Helen L on 22/09/2024(UTC), Guest on 22/09/2024(UTC), dlp6666 on 22/09/2024(UTC)
Peter Dixon
Posted: 22 September 2024 06:49:29(UTC)
#32

Joined: 29/03/2008(UTC)
Posts: 184

Thanks: 107 times
Was thanked: 426 time(s) in 134 post(s)
Harry Gloom;319717 wrote:
I can't be arsed with all this chasing interested rates up and down the high street. I have our £15K emergency fund in a cash ISA earning 2.65% but wouldn't care if it was earning zero interest.

That's 2.45% less than the top paying ISA. So £367 less on £15k. Over £600 less on zero interest.

If you usually earn more than £367 for 15 minutes work, then it makes perfect sense. :)
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3 users thanked Peter Dixon for this post.
John Bran on 22/09/2024(UTC), Guest on 22/09/2024(UTC), Busy doing nothing on 22/09/2024(UTC)
John Bran
Posted: 22 September 2024 07:36:53(UTC)
#41

Joined: 01/09/2017(UTC)
Posts: 2,137
Skipton easy access 5.25% (£3,000 maximum ) and 7% £250 regular saver.
Don't know if these are loyalty savers. Can't remember.
But if they are it's because I opened a bog standard saving account there June 2023 paid £1 month in.
So when deal comes up I can take advantage of a loyalty saver.

*EDIT
Checked both are members accounts. Had to be member before January 2024.
So as I was saying worth joining a building society and waiting for a members/loyalty account to come up.
Non member easy access 3.45% and no regular saver.
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1 user thanked John Bran for this post.
kim shillinglaw on 09/10/2024(UTC)
downatthirdman
Posted: 23 September 2024 08:46:12(UTC)
#36

Joined: 16/10/2020(UTC)
Posts: 64
Harry Gloom;319717 wrote:
I can't be arsed with all this chasing interested rates up and down the high street. I have our £15K emergency fund in a cash ISA earning 2.65% but wouldn't care if it was earning zero interest.

The bulk of our retirement cash buffer is being accumulated via salary sacrifice inside my pension, around £80K so far earning 5% BOE base rate with no AMC.


Im with you on that Harry i cant be arsed either.
I know its a cash Isa but are NS and I PBs not an option?
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downatthirdman
Posted: 23 September 2024 08:47:29(UTC)
#33

Joined: 16/10/2020(UTC)
Posts: 64
Peter Dixon;319763 wrote:
Harry Gloom;319717 wrote:
I can't be arsed with all this chasing interested rates up and down the high street. I have our £15K emergency fund in a cash ISA earning 2.65% but wouldn't care if it was earning zero interest.

That's 2.45% less than the top paying ISA. So £367 less on £15k. Over £600 less on zero interest.

If you usually earn more than £367 for 15 minutes work, then it makes perfect sense. :)


Which is where Peter?
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Wave Action
Posted: 23 September 2024 09:33:06(UTC)
#35

Joined: 30/11/2023(UTC)
Posts: 391

Thanks: 461 times
Was thanked: 626 time(s) in 261 post(s)
downatthirdman;319856 wrote:
Peter Dixon;319763 wrote:
Harry Gloom;319717 wrote:
I can't be arsed with all this chasing interested rates up and down the high street. I have our £15K emergency fund in a cash ISA earning 2.65% but wouldn't care if it was earning zero interest.

That's 2.45% less than the top paying ISA. So £367 less on £15k. Over £600 less on zero interest.

If you usually earn more than £367 for 15 minutes work, then it makes perfect sense. :)


Which is where Peter?


Decent link updated daily..

https://www.thisismoney....nts-fixed-rate-Isas.html
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1 user thanked Wave Action for this post.
Peter Dixon on 23/09/2024(UTC)
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