choosing new savings account

moneylover

Have put all the money I possibly can tie up into fixed term one/two year bonds. Now need a savings account or two for my rainy day savings when my ordinary savings account money comes back from IceSave- (no email yet!).

From the higher rate accounts that are UK banks/building societies how do I choose? Maybe the newest accounts (not that I know which those are) will maintain the highest rates longest? Go for something like Egg which has a big first year bonus and hope there is something else reasonable to put money in at end of year? Or just open several accounts and wait to see what happens with them? I don't really mind how the accounts are operated except not post. And I dont mind a max number of withdrawals per year as long as its not a case of low interest rates in months I withdraw. The max I can open an account with at the moment is £1000. I know that some accounts have a short life so think I need to get sorted before rate cut day on Thursday!

Any thoughts gratefully received!

opinions4u

https://www.askbm.com

They have a 6.4% fixed rate telephone account that allows four withdrawals. No additional deposits allowed. I'd suggest this one for the fist £1,000 in a falling rate environment.

For an account that you can add funds to, Egg at 6.55% instant access (no rate drop recently, so probably one due) or BM again at 5.99% (who have dropped their rate).

You may take the view that the extra £4 a year in the first suggestion isn't worth the effort and simply bang everything in option 2!

Rewind slightly - have you used you ISA allowance this year?

moneylover

opinions4u wrote: »

www.askbm.com

They have a 6.4% fixed rate telephone account that allows four withdrawals. No additional deposits allowed. I'd suggest this one for the fist £1,000 in a falling rate environment.

For an account that you can add funds to, Egg at 6.55% instant access (no rate drop recently, so probably one due) or BM again at 5.99% (who have dropped their rate).

You may take the view that the extra £4 a year in the first suggestion isn't worth the effort and simply bang everything in option 2!

Rewind slightly - have you used you ISA allowance this year?

yes used ISA in April.
Suggestions gratefully received -is it a case of just trawling thru each accounts past interest rates to see who has dropped and who not?

[Deleted User]

I'd suggest giving the following a read:

http://www.moneysavingexpert.com/sav...st#topaccounts
and http://www.thisismoney.co.uk/saving-...&in_page_id=50

Mike1989

What type of savings account do you want?

If you want a regular savings account, Barclays offer a regular savings account were you can deposit anywhere between £20 and £250 a month, up to £3000 a year. And the interest gained is 7.75% fixed in months you don't withdraw, and 3.03% in months you do withdraw also fixed. Halifax offer 7% fixed for a year with a maximum of £500 a month deposit.

http://www.halifax.co.uk/savings/regularsaver.asp
http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=homefreegroup&value=14937&target=_self&site=pfs

So depends on what kind of savings account, if you want a regular saver you can find some decent high interest rates fixed for a year. Then you may have to move elsewhere or stay with a further offer.