Where to put £26k

frames1_uk

Any advice appreciated:

Hopefully should get £26k back from Icesave very soon and I want to put it in another fixed rate bond, but keep it in UK, have recently removed balance from Icici and put it in B&B, I also have a Birmingham Midshires account and an Egg account that I recently opened, but am having trouble making deposits to that. I opened an A&L account, but haven't funded it yet, because I'm not sure about the penalties for making withdrawals. Also opened a Tesco account, but no doubt their rates will drop very soon, same as B&B and Birmingham Midshires. I also have a First Save fixed bond, that I cannot cancel early.

I looked at Anglo Irish, but I think they are covered by Irish scheme, as well as FSCS (as Icesave were), so I don't want to go through that again.

I've looked again and again at all the best buy tables but I'm just going round in circles.

Many thanks for any thoughts.

apt

If it's the Egg 6.3% fixed I would use that as it's a good combination of flexibility, easy access and a decent interest rate. Not sure why you're having trouble funding it. Both faster payments and debit cards should work.

Baldur

frames1_uk wrote: »

I've looked again and again at all the best buy tables but I'm just going round in circles.

Many of the best buy fixed rate accounts may disappear/be replaced by lower interest options in the relatively near future if the predicted BoE rate reductions occur.

You say that you want a fixed-rate product but then say "I opened an A&L account, but haven't funded it yet, because I'm not sure about the penalties for making withdrawals", which appears to be contradictory.

Unless you can clarify in your own mind whether you want a fixed rate or an account with penalty free access, you will continue to go around in circles.

frames1_uk

Baldur wrote: »

Many of the best buy fixed rate accounts may disappear/be replaced by lower interest options in the relatively near future if the predicted BoE rate reductions occur.

You say that you want a fixed-rate product but then say "I opened an A&L account, but haven't funded it yet, because I'm not sure about the penalties for making withdrawals", which appears to be contradictory.

Unless you can clarify in your own mind whether you want a fixed rate or an account with penalty free access, you will continue to go around in circles.

The A&L account is just a regular easy access account, so having withdrawal penalties has put me off, I mean it's either instant access, or it's not, you know?

Yep, I definitely want a fixed rate account, then I can just leave that part of my savings alone and forget about them, as I have quite a lot in easy access, which is spread about a lot.

frames1_uk

apt wrote: »

If it's the Egg 6.3% fixed I would use that as it's a good combination of flexibility, easy access and a decent interest rate. Not sure why you're having trouble funding it. Both faster payments and debit cards should work.

yes, it is that account. I must have made the initial £1 using my debit card as it says card payment, but when I tried to put a larger transfer in the other day, it wouldn't let me use my debit card, so I then did a BACS transfer through my Lloyds online banking account, I can see the amount has been debited from Lloyds, but hasn't appeared in Egg yet, just hope I've done it right. In all my online savings accounts, I've always just transferred money automatically, without having to refer back to my bank, so not sure what the problem is there.

bandana999

Thanks for the link, but the spelling is wrong so it doesn't work. "ecomomics" ??:mad:


Here is a working link

http://www.economicshelp.org/dictionary/b/building-societies-list.html

Baldur

frames1_uk wrote: »

yes, it is that account. I must have made the initial £1 using my debit card as it says card payment

I have made 3 deposits (relatively small amounts of a few hundred each) into mine via debit card, each of which appears instantly in the Egg account but takes up to 4 days to clear from the donor bank account. Have yet to make a larger deposit as, like you, I'm awaiting funds from Icesave.

frames1_uk

just tried to make a card payment to Egg again, same thing always happens, it gets to the point of asking for the 3 numbers on the back of the card, then it says transaction unsuccessful, although it is the right number, I've tried various amounts but it never works. hmmmm?

Baldur

frames1_uk wrote: »

just tried to make a card payment to Egg again, same thing always happens, it gets to the point of asking for the 3 numbers on the back of the card, then it says transaction unsuccessful, although it is the right number, I've tried various amounts but it never works. hmmmm?

The only problem that I have come across was when I initially used my normal browser (Firefox), switching to Internet Explorer for Egg transactions resolved the problem.

frames1_uk

hmm I only have IE, so no idea what's going wrong.