On line Only Banks

[chirpychippy]

I've always banked with High Street banks, it's what I'm used to.

My current ISA term has expired with Natwest, I have a savings account with HSBC which has an appalling interest rate, what i want to do is transfer that to the ISA and a sum out of my business account to the ISA then transfer the whole lot to an online only bank such as Trading 212 or Cynergy etc.

But I am dubious about online only banks, it is probably naivety on my part but I am used to seeing a building where I can access my money if I need to.

How does online only work without a physical branch, what if I suddenly need £5k in cash?

 

[Mottie]

I've always banked with High Street banks, it's what I'm used to.

My current ISA term has expired with Natwest, I have a savings account with HSBC which has an appalling interest rate, what i want to do is transfer that to the ISA and a sum out of my business account to the ISA then transfer the whole lot to an online only bank such as Trading 212 or Cynergy etc.

But I am dubious about online only banks, it is probably naivety on my part but I am used to seeing a building where I can access my money if I need to.

How does online only work without a physical branch, what if I suddenly need £5k in cash?

What are you looking for, online banking or ISA's? You will need a high street bank account to receive money from your online one then you’ll have to go to your high street bank to withdraw the cash.

That’s how my ISA’s work as well as my online only Monzo account and my post office online savings account.

 

[Wayners]

I was just going to say why not transfer to an account like T212.
What you waiting for?

Just make sure you transfer from one ISA to another or you will loose the benefit.

I go one step further and have a stocks ISA with an etf fund plus some cash in a standard ISA.
I'm all for getting 9% or more which I did in first month but I understand it's not for everyone

 

[Ihavenojob]

Is it worth sticking it in a non ISA account? It may be worth taking a hit with the tax if the rate is good enough.

 

[Wayners]

No.

I have t212 and receive interest daily at 4%. Currently 21p a day paid into my account....


I think if you stick with a cash ISA you can get 4.8% as a new customer.

Just stick £10 in and maybe draw out £5 on Monday. Have ago. If happy transfer all your ISA

 

[noseall]

But I am dubious about online only banks

Best thing since sliced bread. I think I've banked two cheques in the last 10 years, and that was done at the cash point.

what if I suddenly need £5k in cash?

?

 

[Deleted member 317777]

Best thing since sliced bread. I think I've banked two cheques in the last 10 years, and that was done at the cash point.


?

Not everyone takes large cash deposits before a job starts….

 

[chirpychippy]

What are you looking for, online banking or ISA's? You will need a high street bank account to receive money from your online one then you’ll have to go to your high street bank to withdraw the cash.

That’s how my ISA’s work as well as my online only Monzo account and my post office online savings account.

T212 are offering the best rate for fixed rate cash ISA' according Money Saving Expert which is brilliant, but having zero experience of on line only banking I am apprehensive of putting £20k of my hard earned money into one.

Stocks and shares isa's don't interest me as I have absolutely no knowledge of stocks & shares.

 

[noseall]

T212 are offering the best rate for fixed rate cash ISA' according Money Saving Expert which is brilliant, but having zero experience of on line only banking I am apprehensive of putting £20k of my hard earned money into one.

Put a tenner in. Then, once you have marvelled at your IT skills, transfer a wee bit more.

Stocks and shares isa's don't interest me as I have absolutely no knowledge of stocks & shares.

Me neither. Bores the shoite out of me.

 

[Koolpc]

I would be nervous too. I tend to stick with well know banks. Ones who have branches....

 

[Deleted member 317777]

Stocks and shares isa's don't interest me as I have absolutely no knowledge of stocks & shares.

They perform well. look at the S&P etc.

I’ve pretty much used online for the last 15-20 years. No issues so far

 

[Wayners]

You don't need to know anything about stocks and shares.
You just buy a global fund. I have a EFT fund that has 3900 companies in it. Probably every big company you ever heard of.
Just put in whatever you can afford every month and let it ride.
Start with £10.

Have a look at any FTSE All-World ETF and how it risen over the years.

I see the UK banks are pushing EFT funds as I've had messages about them with links but I wouldn't go near a high street bank.

The UK government is also pushing for us to start investing as so few of us do which is effecting our companies and the prosperity of the country....
I think it's about 6% of the population invest, that's terrible!
Like I said. You don't need to know anything. just buy a global fund. I have 2 . UK fund to support the UK which is up 5% in the last 6 months and one American fund which is up 9% in the last 6 months.

So i would put some money in a cash ISA for the 4.8% interest and a much smaller amount in the etf global fund for interest.
See how you go.

I dream of this..

Put £100.000 in an etf with a growth of 9% which is the average for last 100+ years would give you £9000 to blow on whatever.

Be nice alongside a pension..