My 'general' savings account - can i get a better rate?

andyrowson55

Hi,
I've got my ISAs all sorted etc and got my standard bank account all sorted.
I've got a savings account which i hardly touch but like to have it there just in case.
I've got about 13k in here. It is in the Britannia Direct Reserve which pays 2%net including the bonus where you don't do more than 12 withdrawals a year.

Is this pathetic? I'm not too fussed over a % here and a % there. It used to be like 4.5% or something a while back which i was happy with.

Just wanting to try and find out if people are going to laugh and say sort that asap or if it's all much of a muchness at the minute and might as well stick.

Thanks
Andy.

nzseries1

Have a look at the best buys here:
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#bestbuys
and judge for yourself. I'd say it's worth moving to an account paying 3%.

andyrowson55

Hmm thanks. Guess it's not a lot but still makes the difference.

nzseries1

True, 3% doesn't sound much more exciting than 2%, but if you think about that you're getting half as much interest again (50% more interest), it sounds better!

bandana999

You could put some in one of the many interest paying current accounts, for e.g. LloydsTSB Classic Vantage.
This pays 4% if you keep over GBP5000 in credit. You must pay in at least GBP1000 per month, It only pays 0,1% (I think) on the balance over GBP7000, so keep below that.
I opened my account with GBP5500, then at the start of each month I pay in GBP1000, which I withdraw near the end of the month ready to pay it in again.

It's a proper no fee current account with chequebook, debit card, cash card etc.