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Looking for savings account

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Fluke
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Looking for savings account

#447945

Postby Fluke » October 5th, 2021, 9:04 am

I'm looking for a savings account, anything from instant access upto about 30 days notice, the best one I've found so far via moneysavirngexpert is with 'Investec via Raisin', a 32 day notice account paying 0.8% with £50 cashback if you want to save more than £10k. That makes the interest on that £10k £80 + £50 = £130 - equivalent to 1.3% for the first year. Not bad in these trying times but not had any dealings with these people, have you?

I have some savings with Charter who I'm very happy with as a service but they knocked my interest back to 0.5% a while back and I notice on their own website that they're now offering 0.7%, presumably only to new customers, although I haven't asked.

I've also checked with Nationwide who I bank with but nothing doing there. Ditto Aldermore with whom I've previously held an account and was happy with the service.

What do you reckon? Is this as good as I'm going to get?

https://www.moneysavingexpert.com/savin ... oticetable

pje16
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Re: Looking for savings account

#447948

Postby pje16 » October 5th, 2021, 9:14 am

As I think you are aware you are not banking with Raisin
It's a bit like a comparison site
the 32 day notice account paying 0.8% is with Investec who I did have an account with for a few years and they were fine, their app worked fine as well
I closed that account this year as the 0.55 they were offering wasn't worth it

Fluke
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Re: Looking for savings account

#447954

Postby Fluke » October 5th, 2021, 9:43 am

Thanks pje16, actually no I wasn't too clear on the distinction between the two. It says this in the blurb:

You can open, operate and close the Investec 32 Day Notice Account all directly through Raisin. Savings accounts at Raisin are only available through this online application process ...


and

You can manage your savings account through Raisin by logging into your Raisin Account.

You can contact Raisin by telephone, by email or in writing by using the contact details provided in the Raisin Terms & Conditions.


Oh and this, which actually wouldn't be a problem for me but would be for others:

You may withdraw the full deposit amount only. This will be subject to a 32 day notice period. You are unable to add to the initial deposit or make partial withdrawals.


then there's

Please review the Meteor Asset Management (MAM) Terms and Conditions for more information.


Who?

and

MAM, with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.

Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to Investec by MIM on the second business day after arriving in the MIM account. It can therefore take up to 3 business days for an ordered product to be set up and start earning interest.

Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.


My head hurts.

Alaric
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Re: Looking for savings account

#447971

Postby Alaric » October 5th, 2021, 10:36 am

pje16 wrote:As I think you are aware you are not banking with Raisin
It's a bit like a comparison site



It's a relatively new development, but similar to how the market in OEICs has evolved, the number of umbrella organisations that will place savings deposits is building up. I suppose it has the advantage of avoiding tiresome MLR checks every time money is moved to a new bank or deposit taker.

As a consequence there's an additional party in the transaction, adding to the volume of regulatory disclosure, terms and conditions.

HL were also offering a similar account where you choose from whatever they can make available.

pje16
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Re: Looking for savings account

#447985

Postby pje16 » October 5th, 2021, 11:04 am

Fluke wrote:Oh and this, which actually wouldn't be a problem for me but would be for others:
You may withdraw the full deposit amount only. This will be subject to a 32 day notice period. You are unable to add to the initial deposit or make partial withdrawals.


a lot of people will trip up here and complain later

then there's
Please review the Meteor Asset Management (MAM) Terms and Conditions for more information.
Who?
and
[MAM, with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.
Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to Investec by MIM on the second business day after arriving in the MIM account. It can therefore take up to 3 business days for an ordered product to be set up and start earning interest.
Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.
My head hurts.

I see MAM as yet another layer of management which creates jobs and there is no benefit to the end user

Well done for reading through all of that

stevensfo
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Re: Looking for savings account

#447994

Postby stevensfo » October 5th, 2021, 11:23 am

Alaric wrote:
pje16 wrote:As I think you are aware you are not banking with Raisin
It's a bit like a comparison site



It's a relatively new development, but similar to how the market in OEICs has evolved, the number of umbrella organisations that will place savings deposits is building up. I suppose it has the advantage of avoiding tiresome MLR checks every time money is moved to a new bank or deposit taker.

As a consequence there's an additional party in the transaction, adding to the volume of regulatory disclosure, terms and conditions.

HL were also offering a similar account where you choose from whatever they can make available.


Yes, I don't know much about Raisin, but I find our AJBell and Monzo sites very useful:

https://www.youinvest.co.uk/cash-savings#list
https://monzo.com/features/savings/

Of course, you should be able to get better rates by going directly to the bank itself, but it's very convenient to organise everything via one or two providers.

Since I have never heard of some of the banks and some are based in Qatar and India, it's nice to know that AJBell and Monzo will (should) have done their due diligence, AML checks etc on those banks.

Steve

scotia
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Re: Looking for savings account

#448525

Postby scotia » October 7th, 2021, 12:34 pm

I'm sure others have mentioned on other boards that Premium Bonds, for sums up to £50000, are worth looking at. The prize fund is 1% of the investments, and most of this is handed out in low amounts (lots of £25 wins per month!). So if you have near to the maximum of £50000, you will probably average around 0.9% - tax free. For small investments, its just a matter of luck.

Fluke
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Re: Looking for savings account

#448703

Postby Fluke » October 8th, 2021, 11:03 am

stevensfo wrote:
Yes, I don't know much about Raisin, but I find our AJBell and Monzo sites very useful:

https://www.youinvest.co.uk/cash-savings#list
https://monzo.com/features/savings/

Of course, you should be able to get better rates by going directly to the bank itself, but it's very convenient to organise everything via one or two providers.

Since I have never heard of some of the banks and some are based in Qatar and India, it's nice to know that AJBell and Monzo will (should) have done their due diligence, AML checks etc on those banks.

Steve


Thanks for this Stevensfo, I have a Youinvest account so just took a look but the shortest notice period of those listed is 6 months which isn't ideal as I'd have to look to switch again in 6 months and/or may need the money sooner. Interest rate was 0.91%.

Re premium bonds, yes I do have a full holding, so this is for money over and above that I will need occasional access to and is currently sitting in an interest-less savings account with Nationwide.

The Investec/Raisin option is tempting with its £50 bonus but I'm leaning towards staying with Charter and moving to their 0.7% account. What a thankless task - looking for interest - oh well. Thanks though.

Alaric
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Re: Looking for savings account

#448717

Postby Alaric » October 8th, 2021, 11:58 am

Fluke wrote: What a thankless task - looking for interest - oh well. Thanks though.


If you can live with the lack of an absolute guarantee on the capital, short duration Corporate Bond ETFs and OEICs could be an alternative, provided they doen't eat all the interest earnings in charges. They are as instant notice as your Broker's settlement process.


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