Bradford & Bingley e savings account now best?

sammy22_2

I am contemplating whether to put my savings into this, as I need somewhere safe to store money which pays a reasonable amount of interest as well

Not only is the bank covered by the 50k rule?
but it also pays 6.51%.

Some advice would be appreciated, as like everyone else i'm scared of making the wrong decision at a time like this

However, as far as I can see you can't go wrong as long as you don't have more than 50,000 savings, which sadly isn't a problem for me;)

pressuredrop_2

Less than £50K with Santander, why worry?

sammy22_2

Thanks mate, basically I've just bought a house so I need quick access to any money I have

Also, its one of those 40% equity schemes, so I can't pay it off in dribs and drabs.
Basically, I need a good savings account as i'm going to need to save 50,000 before I can pay any of it off.

Basically I wanted a UK bank that was 100% guaranteed for first 50,000 and pays the highest interest on my money

From what I have seen this Bradford & Bingley account does all that, and not many will pay higher than 6.51% with 50,000 guaranteed .........IF any

Graham1

Bradford & Bingley do have a habit of reducing the interest rate on that account and then introducing a new account (issue 2, issue 3 etc.) with the original rate to keep attracting new savers. So watch out for them doing this.

As others have said, it does seem to be one of the safer options these days.

elektra

does anyone know how long it takes to setup one of these accounts e.g days or weeks ?

Each institution seems to vary with setup time. Eg. I opened a HSBC savings instantly online (already have current account) - whereas others accounts seem to take time for paperwork to come throuugh.

Masomnia

It's a while since I did it, but it was a matter of days done online.

elektra

Masomnia wrote: »

It's a while since I did it, but it was a matter of days done online.

thanks - I applied on Wednesday so will have to wait and see. I expect a lot of places will have a rush of new applications.

sammy22_2

Yeah, I have also applied, with the first payment being made to the account on 21st October (That was the earliest date available as I presume its a 10 day turnaround period)..

Filled out the application, and apparently no further information was required so my account should be active as of 21st October, with documentation and welcome pack sent to me through the post

Thanks for the warning Graham1, shall watch out for any changes and it might be a case like you say of moving money around and switching accounts if the interest is significantly reduced.