Too quick for me!

Saver-Rob

Firstly, hello all. I am new here, but not new to forums.

Well a bit about me. I am a 22 year old - still living at home and saving hard for the future. I work full time and have saved up a healthy amount.

My problem now is getting the best rate (like all of you). I currently have a Bradford and Bingley eSavings account which until recently paid a good rate of 6.51%. That was soon slashed to a miserable 4.51%.

So I started to look elsewhere and found the AA savings site. A solution to my problems - a great rate of 6.46% and monthly interest - ideal.

So I applied.... sent my cheque off... waited for login information etc. All was going well until I received the final bit of paperwork I required and then logged in to find the rate had been slashed to 4.63%!

Needless to say I am not bothering to move my money there. I have left £1 in there to keep it open incase a good rate ever comes back.

Am I chasing a dream? Should I give up opening accounts only to find the interest has dropped? I dont want to tie the money up in a fixed term. I have £3600 in an ISA fixed term fixed rate 6.25% for 1 year and that is enough as I may want to use the rest some time next year as a desposit.

OK, moan over. Thanks for listening. :T

LGG_2

Am I chasing a dream? Should I give up opening accounts only to find the interest has dropped? I

imo yes. sorry lol seems pointless chasing rates cause they are all getting slashed and are pretty much all the same if u just want a boxstandard instant access account 4.5 seems to the average rate

jd84

fixed is really the only way you are going to get a reasonable rate at the moment.

HBOS were doing some recently that allowed upto 4 withdrawals, but I don't think there are any accounts around like that now

Baldur

http://www.telegraph.co.uk/finance/personalfinance/savings/3548065/Interest-rates-cut-Accounts-paying-more-than-double-the-2pc-base-rate.html

Manchester BS Premier Guarantee If you require instant access to you money and would like to guarantee a competitive rate, then Manchester BS is paying 5.51pc. The account guarantees to pay no less than 5pc until 30 June 2009 and no less than 1.50pc above base rate until 30 June 2010.

SGE1

contactjd wrote: »

fixed is really the only way you are going to get a reasonable rate at the moment.

HBOS were doing some recently that allowed upto 4 withdrawals, but I don't think there are any accounts around like that now

Yep, Halifax did a 'Reward' fixed web saver which allowed 4 withdrawals in 12 months, and a min balance of £50, but they withdrew that on Monday. The rate was only 5% anyway, not brilliant.

Primrose

I think it's going to be a nightmare trying to chase decent rates at the moment with all the institutions pulling decent deals. However, for those who've got the time and patience and a few hundred pounds to spare, it might be worth opening a few accounts with a number of different institutuions and putting just a few pounds in each. Then at least when rates start to improve and one wants to start switching money around, you won't have to go through all the money laundering documentation every time.

Saver-Rob

Thanks for all replies.

I have not been asked to fill out any forms before though I have had some strange looks from the bank (current account) with regards to the balance passing through it sometimes.

I have around £40,000. Perhaps they think that a 22 year old must have obtained that kind of money through theft!

freewineexpert

Great savings rate from nowhere!
The Egg Money 4% in credit, credit card rate used to be quite poor, it has not changed while other rates fall and fall and is now a leading rate.
Put your money on your card!

Saver-Rob

I've never had a credit card and (like my parents) would probably never have one. They have never needed one so I am hoping I wont either.

Stompa

Saver-Rob wrote: »

I've never had a credit card and (like my parents) would probably never have one. They have never needed one so I am hoping I wont either.

Why on earth not. They provide some useful consumer protection:

http://www.bbc.co.uk/consumer/guides_to/credit_liability.shtml

and, if you pay off in full each month, cost you nothing.

Lokolo

Stompa wrote: »

Why on earth not. They provide some useful consumer protection:

http://www.bbc.co.uk/consumer/guides_to/credit_liability.shtml

and, if you pay off in full each month, cost you nothing.

They're pretty crap if you have a spending addiction lol.