N/Wide c/a stops paying interest-where next?

rb10

G_M wrote: »

Thanks everyone. Yes I've always had an e-saver alongside the Flex, but as pointed out that too only pays 1.45 now. Use it to sweep cash back & forth as rqd, so e-saver plus is no good as limited withdrawals allowed (Longer term savings can be found much better rates elsewhere).
Looks like Lloyds Plus or Halifax then.

If you go with Halifax, an account that's basically the same as Nationwide's e-savings is the Bank of Scotland Instant Access Savings Account, this has instant and unlimited transfers to/from Halifax current accounts, and the rate is just a touch higher than Nationwide's e-savings.

I don't know about Lloyds' savings accounts.

christabell

What about Coop Smile?????????????

G_M

Thanks again all. Hadn't thought of the Halifax / BOS link.
Smile? 0.12%? Nice ethics though.

System

You also get a link cashpoint card with the BOS IASA.
You can only open it at the BOS website, once its open, it will show alongside any other Halifax/BOS accounts

http://www.bankofscotlandhalifax.co.uk/savings/directsavingsIASA.asp

rb10 wrote: »

If you go with Halifax, an account that's basically the same as Nationwide's e-savings is the Bank of Scotland Instant Access Savings Account, this has instant and unlimited transfers to/from Halifax current accounts, and the rate is just a touch higher than Nationwide's e-savings.

I don't know about Lloyds' savings accounts.

simax

With Lloyds TSB Vantage, if you can get your balance between £5,000 and £7,000 you'll get 4.00% AER.

If you had the full £7,000 in there, you'd get £280 a year approx. (about £23 a month in interest).

Beats the Halifax free fiver offer

opinions4u

Heng_Leng wrote: »

You also get a link cashpoint card with the BOS IASA.
You can only open it at the BOS website, once its open, it will show alongside any other Halifax/BOS accounts

http://www.bankofscotlandhalifax.co.uk/savings/directsavingsIASA.asp

Or you can go in to a Bank of Scotland branch north of the border or you can use one of those clever telephone thingies.

Call now on 08456 02 03 04 (lines are open 8am to 8pm Monday to Friday, 8am to 6pm Saturday and 9am to 5pm Sunday)

rb10

simax wrote: »

With Lloyds TSB Vantage, if you can get your balance between £5,000 and £7,000 you'll get 4.00% AER.

If you had the full £7,000 in there, you'd get £280 a year approx. (about £23 a month in interest).

Beats the Halifax free fiver offer

Only by a gnat's whisker.

With Lloyds, as you rightly say, £7000 would give £280/year before tax.

With Halifax, you'd be better keeping the balance low (let's say, £1000), and so getting £75/year before tax there. But then you've got an extra £6k to put in a savings account. Now, 3.25% is obtainable on a savings account with instant access (so similar access conditions to the Lloyds account), so this would get £195/year before tax.

So the total from Halifax is £270, just £10 less than the Lloyds account.

Now as interest rates on all accounts will probably change between now and a year's time, and not necessarily in line with each other, there's no real difference between them for people with £7k.

withnell

And based on that, you could withdraw 1000 from the current without affecting the interest rate each month - Simax has not factored in the loss of interest through withdrawals on the Lloyds account

rb10

withnell wrote: »

And based on that, you could withdraw 1000 from the current without affecting the interest rate each month - Simax has not factored in the loss of interest through withdrawals on the Lloyds account

True, I forgot about that, so that must put the Halifax one in the lead, depending on spending patterns.

rb10

All this discussion about Lloyds is worthless now anyway. The rate is now only 4% on balances of £5000-£7000 (much less for lower balances), so there's far more interest to be made from the Halifax account.

(Source for Lloyds rate drop: http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp#currentaccountsvantage)