Is This Accont Any Good? Ulster Bank 4.1%

former_student

I have £30,000 that I want to save in the best account possible, I spotted the following account, does this look like a good option or are there better accounts available. I have ultilised my tax ISA.

http://www.money.co.uk/savings-accounts/savings-account-details/Ulster-Bank-NI/eSavings-Plus.htm

Thanks in advance

tradetime

Looks like a good rate to me, just for money allocation safety, be awatre that it belongs to RBS group, in case you have any money with any of them already.

former_student

Thanks, it seems the best on offer so I may look into it.

apt

The big drawback is that the rate is variable and that there are penalties for withdrawals. You are probably going to be better off going for a fixed rate if you can can over 3.5%.

G_M

It's a good rate but seems to have heavy penalties on withdrawals "If withdrawals are made, no interest is earned for that month.
If withdrawals are made in the first 6 months after the account is opened, only the bonus interest rate of 0.50% will be earned."
Note also the bonus is only 6 months, so .. if you withdraw in the 1st 6 months you lose a lot, and after 6 months the rate drops!
For a consistently good interest rate, try Investec’s High 5 account.
The rate changes every week but always = the average of the top 5 accounts listed by Moneyfacts, so it's always nearly the best-paying account. This week's rate is 4.07%.
You need to give 3 months notice which might be a problem, and need a minimum balance of £25K. But it IS covered by the FSA’s £50K compensation scheme. They'll also give both you, and an existing account holder (referree), £50 when you apply. If you want to use me to get this, PM me.

former_student

apt wrote: »

The big drawback is that the rate is variable and that there are penalties for withdrawals. You are probably going to be better off going for a fixed rate if you can can over 3.5%.

Would 3.5 be the best fixed rate available?