"Rainy Day" accounts - worth it?

CLS26

Hi there,

I have seen some banks offering 'rainy day' accounts, with a max monthly pay-in limit of e.g. £250, and a certain amount of fix (e.g. 1 year).

Does anyone use these/what are the benefits over a regular savings account?

I'm trying to evalute my savings (currently split between an ING ISA (maxed out for 08/09), A&L e-saver issue 2 and CIS endowment policy) to see whether there is anything else I could do.

Thanks,
CLS :beer:

purch

"Rainy Day" accounts - worth it?

Not if it's sunny !!!

Reaper

Are you talking about the Chelsea Rainy Day Account?

If so the main points to note are:

1) It's not fixed, it's variable. The only fix is that it won't go lower than the BofE base rate for 12 months, which isn't saying much!
2) You can withdraw up to £1000 before the end of the year

It doesn't sound great but I suppose it gives you more flexibility.

CLS26

Sorry reaper when I said fixed I meant for a fixed period not a fixed amount of interest. I'm a numpty...

Thanks for the input though, appreciated )