Instant access savings accounts vs current accounts?

No real difference except you don't have a card associated with it and can't use it to pay for things/direct debits (presumably).

if you want instant access to your money, the Santander limited Edition thing is the best place to put it at the moment i think (along with premium bonds).
 
Opened the Santander eSaver this week. Better than having cash sat in a current account. Will lob it into an ISA once rates go up in November.
 
Opened Santander transfered £85k and leaving the rest in Chase as I use it for my regular banking (for the time being due to the 1% cashback)

Problem I have is that I'm almost at the tax threshold but I need access to my savings soonish, so probably works out better just paying the tax.
 
Last edited:
Not much difference these days what with online banking and faster payments. It used to be a bit of a faff getting at savings but nowadays you can just transfer in and out of different accounts in minutes. One exception is with larger sums there might be a daily transaction limit of £25k or whatever but it's rare you should need more than that in a massive hurry, normally if you need that sort of cash it's for a planned transaction like a house/car/wedding/holiday or whatever.
 
Barclays are doing a Rainy Day Saver account @ 5% on £5k

You do have to have a Blue Rewards Current a/c, which is a paid for a/c at £5 / month, but that is refunded on the usual conditions, £800 paid in and 2 D/Ds per month.

I've just applied for an Ecology Building Society regular savings a/c as it offers a D/D to do the transfer, which helps with the above D/D requirements.

I saw Coventry BS were offering a fixed bond up to 4.85% but looks like it was pulled after a day or two! Probably hit the limit they wanted to offer that quickly, gotta be quick to catch these deals atm.
 
Last edited:
You must log in or register to reply here.
Back
Top Bottom