Should i move my money?

bosslady38

Hi, id love some advice please! I have two Sainsburys OnLine savings schemes - one has £270 and the other £690 in. I pay in £10 per week to each one by direct debit. When i first took them out i was earning 5% interest and now its dropped to 1.75%.
Am new to this whol savings lark...should i look for a better rate or stay where i am?
The money is for my holiday this year so i will be withdrawing it at the end of April.
I know its not a lot of money to some people but it is to me.
Any advice would help.
Thanks

Lokolo

For 2 months worth of interest it doesn't seem that wortwhile. You will find rates about double this but even that will still be significantly low. It would be good to open a new one if you want to save after April though.

malik999

bosslady - i assume you will only be withdrawing and won't be 'closing' your sainsbury account in april, thus you intend to carry on saving?. if i were you the answer is therefore yes. i would open a better savings account, now is a good a time as any.

lynzpower

If you are paying in 10 PW can you do 40pm no withdrawals? Because you can get 6% with barclays but you have to open in brtachn which im hoping to do today

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