Savings or Current Account?

[Deleted User]

Is it really worth me having a savings account, if my Lloyds current account is paying 6% interest on my balance? Wouldnt it be best for me to just leave my savings in there? Or am I missing something?

matthew74

To what amount is the 6% applicable - normally current accounts only pay it on the first thousand or two, then diddly.

lpgm

Are you sure you're still getting 6%? Are you referring to their Plus account offer during the summer? I signed up for that, but I'm not sure what the rate is now - surely less than 6%.

In any case, the higher rate is only payable on the first £2.5k. So yes, if your savings are less than that, it might be worth keeping them in the current account. I've just been looking round the website and can't find details of the bonus rate. I vaguely remember it was 4% + 2% bonus. The standard Plus rate is now 3%.

LesU

There is another account, which I have just opened, which is the Classic account with Vantage. You have to put at least £1000 in per month and the interest rate is variable up to £7000. If you keep a balance of between £5000 and £7000 in over the month it pays 5%.
I don't see any that are paying 6%.