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London Fixed Gear and Single-Speed is a community of fixed gear and single-speed cyclists.
frank9755
@Jonny69
I'm currently sitting on a house deposit. I've maxed out my ISA allowance but the rest is sitting in an instant access savings account at 1.5% or 1.75% or something. I'll need access to the money in about 3 months. I'm thinking of putting it in here for the remainder of the time and setting the interest to be paid monthly for a 'safe' 4.85% variable: https://www.coventrybuildingsociety.co.uk/member/product/savings/limited_access/4-access-saver.html
Can someone just sanity check this. If I've understood it correctly, I'm allowed 4 withdrawals with no penalty. So when I need it for my house deposit in a couple of months I can withdraw the lot with no penalties. At the end of March, if I were to decide to pull £20K back out to put in my ISA instead, I can also do this with no penalty.
An alternative would be to use the Leeds instant access at 4.4% which allows unlimited withdrawals, but I don't foresee needing to use more than the 4 withdrawals allowed on the Coventry account so I may as well go for the higher rate: https://www.leedsbuildingsociety.co.uk/savings/online-savings-accounts/limited-issue-online-access-account/
Edit: the catch is that the daily withdrawal limit is £50k, so the max you can take out without penalty would be £200k. If you maxed out the account at £250k you wouldn’t be able to take the remainder out until the end of the year, else you incur a penalty charge equivalent to 50 days interest. There’s probably some maths you could do if you were up there 👍