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  • FIRST POST
    • jamesflood
    • By jamesflood 12th Oct 12, 5:03 PM
    • 146Posts
    • 99Thanks
    jamesflood
    Savings account I cant touch
    • #1
    • 12th Oct 12, 5:03 PM
    Savings account I cant touch 12th Oct 12 at 5:03 PM
    Hi Guys,

    Im looking at saving a fair bit of cash, but my problem is, is that If I see it on my Halifax online homepage, I end up using it for something. But if its one of those accounts where I cant touch it for a year, obviously I wont use it.

    Can anyone advise what type of account to open?

    Cheers
Page 1
    • HappyMJ
    • By HappyMJ 12th Oct 12, 5:15 PM
    • 20,622 Posts
    • 17,194 Thanks
    HappyMJ
    • #2
    • 12th Oct 12, 5:15 PM
    • #2
    • 12th Oct 12, 5:15 PM
    A fixed online saver? http://www.halifax.co.uk/savings/accounts/fixed-online-saver/

    Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money.
  • kiwisaver2012
    • #3
    • 12th Oct 12, 5:20 PM
    • #3
    • 12th Oct 12, 5:20 PM
    I have my savings accounts at a different bank to my regular accounts - you can take advantage of better rates, you can still get the money but its an extra (small) hurdle to spend the money and you can't see it in your regular day-to-day banking so you kinda forget it's there and I find I'm less likely to touch it.
    • calypso rhapsody
    • By calypso rhapsody 12th Oct 12, 6:27 PM
    • 557 Posts
    • 264 Thanks
    calypso rhapsody
    • #4
    • 12th Oct 12, 6:27 PM
    • #4
    • 12th Oct 12, 6:27 PM
    Sounds as if you are planning to save rather than having existing savings you want to put in a new home? I'd suggest you look at the various regular saver accounts - most don't allow withdrawals during the year, most require a minimum, often fixed amount per month which imposes another discipline. And the interest rates are good. Then at the end of the year move it into a one year account - ideally a cash ISA - to lock it away for another year if you want.
    • Roman1
    • By Roman1 12th Oct 12, 6:36 PM
    • 66 Posts
    • 79 Thanks
    Roman1
    • #5
    • 12th Oct 12, 6:36 PM
    • #5
    • 12th Oct 12, 6:36 PM
    Sounds as if you are planning to save rather than having existing savings you want to put in a new home? I'd suggest you look at the various regular saver accounts - most don't allow withdrawals during the year, most require a minimum, often fixed amount per month which imposes another discipline. And the interest rates are good. Then at the end of the year move it into a one year account - ideally a cash ISA - to lock it away for another year if you want.
    Originally posted by calypso rhapsody
    I agree 100% with this advice. A regular savings account for 12 months with a building society would seem to be the best route to take. You can compare current rates on this site or perhaps www.moneyfacts.co.uk
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