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Best Saving account for over 10K

Hi,

A Family Member has over 10K to put in a saving account,

they havent used up the ISA for the year yet but i think that will be put in a nsani ISA account, very soon

anyway the rest over 10K needs to be put in a saving account, i have seen a few.

ING DIRECT - Savings Account

FIRST DIRECT - e-Savings Account

CAHOOT - Savings Account

CAPITAL ONE SAVINGS - Easy Access Savings Account

can anyone share thier experiences, with any of the above and recommend one.

all look very good but all dont have fixed intrest rates, all say they might change soon

ICICI's Hi Saving account isnt bad also, but im just so confused at the moment.

Thank you in advance
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Comments

  • humfer
    humfer Posts: 1,779 Forumite
    Popeye123 wrote:
    Hi,

    A Family Member has over 10K to put in a saving account,

    they havent used up the ISA for the year yet but i think that will be put in a nsani ISA account, very soon

    anyway the rest over 10K needs to be put in a saving account, i have seen a few.

    ING DIRECT - Savings Account

    FIRST DIRECT - e-Savings Account

    CAHOOT - Savings Account

    CAPITAL ONE SAVINGS - Easy Access Savings Account

    can anyone share thier experiences, with any of the above and recommend one.

    all look very good but all dont have fixed intrest rates, all say they might change soon

    ICICI's Hi Saving account isnt bad also, but im just so confused at the moment.

    Thank you in advance

    After putting your £3k in an ISA, then try and do the regular savers where possible (A&L 10%, Barclays 10%, Lloyds TSB, Halifax 7%, etc...) and drip feed £250 a month which is the limit. With most of these (except the Halifax) you will need to open a current account but that don't sound so bad as some actually pay as good as the likes of ING and cahoot. Therefore I would

    £3000 in a ISA
    Open a Lloyds TSB Current Account (and get £50 for doing so) which will allow you to open a regular saver at 8%
    Then open a Alliance & Leicester Current Account, transferring over £500 per month into it (it pays 5% on anything up to £2500) and again transferring £250 out of A&L into a 10% regular saver.
    If you need open a Capital One savings account to stash the rest..

    Only a suggestion, but theres a million and one ways you can do it...
  • nomorekids
    nomorekids Posts: 479 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Try the Nottingham fixed rate 1 yr at 5.31%.
    If you want to be rich, never, ever have kids ;)
  • Popeye123
    Popeye123 Posts: 22 Forumite
    thanks for the replies, that looks like alot of hassle, im just after a straight forward account, im seriously thinking of the icici hisave account

    can someone tell me of there views on this account

    thanks
  • GreyPilgrim
    GreyPilgrim Posts: 1,636 Forumite
    Popeye123 wrote:
    thanks for the replies, that looks like alot of hassle, im just after a straight forward account, im seriously thinking of the icici hisave account

    can someone tell me of there views on this account

    thanks

    I opened one about two months ago (at the advice of this site), in preparation for when the ISA is full. I've not really got a lot to compare it too (I've only ever had current accounts), but it seems fine to me. You need to send off a cheque for £1 to open the account so that ICICI has the confirmation of your current account (the £1 gets put into your account as an opening balance - it's not a charge!).

    the only thing that throws me off balance a bit is the delay between transfers - they say up to five working days but occasionally it has taken longer.

    Customer services has been good in replying to me whenever I've had questions too. I think the feedback is generally good.
  • Popeye123
    Popeye123 Posts: 22 Forumite
    just gone with first direct, any bad experiances someone can tell me,

    also does opening too many accounts, affect the persons credit rating.

    thanks
  • Popeye123
    Popeye123 Posts: 22 Forumite
    can anyone please help on this
  • georgan
    georgan Posts: 34 Forumite
    Part of the Furniture Combo Breaker
    Another way of saving your money tax efficiently is to feed it into your mortgage.

    Of course that assumes the saver has a mortgage, and that the mortgage has terms and conditions that first allows lump sum payments into it without fines and also withdrawal of the lump sum in case the saver requires it for use. Surely, not all mortgages will allow these conditions. This is the way I do it. I am mortgaged with Nationwide by the way.

    This is not conventional type of saving but I thought I will note this as another tax efficient way, since the lump sum saves you interest on your mortgage in a tax-free way which is equivalent to having your money saved in an bank account bearing the same interest rate tax-free.

    Regarding the opening of a lot of saving accounts, some regular savers will do a credit check, therefore this will influence your credit report/scoring. Apart from that most online e-savers do not do credit checks, and all traditional saving accounts do not check your credit score.

    When there is a credit check to happen, it is clearly specified as part of the applying process. At least that is my experience to-date. So you will know when it will happen and you can judge if you want to proceed.

    Hope this helps a tiny bit.

    Aris
  • Popeye123 wrote:
    just gone with first direct, any bad experiances someone can tell me,

    also does opening too many accounts, affect the persons credit rating.

    thanks

    First Direct pay 4.75% and penalise you if you withdraw any money during a month. :naughty:

    My favourite is Bradford and Bingley, 4.85% with no restrictions apart from maintaining a minimum balance of £1000 at all times. Also I can not fault them on customer services which is an added bonus.
  • Prudent
    Prudent Posts: 11,650 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    nomorekids wrote:
    Try the Nottingham fixed rate 1 yr at 5.31%.
    /
    Any more details about this please?
  • Babbler
    Babbler Posts: 3,084 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Best rate is 5.52% bond closed for 1 year here:

    http://www.askbm.co.uk/savings/t/fixed/intro.asp

    only if you dont mind closing for a year :)
    Being bored is so boring Im bored of it... :rotfl:
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