is it just me?

ForestBluebells

Is there anyone else out there who seems to find that as soon as they open a 'best offer' account it is no longer the best?

I opened an IF ISA about 2 months ago which I have now filled but it is now no longer even listed as a best buy and there are better available, i think I get 2.5% on it.

I also just opened a citibank savings account (I think that is 2.5% also) to replace my ING Direct one (as i realised i was only getting 0.4% interest :eek:) and now thats not even the best and I am wondering if I should just open one of those bank accounts that offer 6% interest as this might be a better option?!

I have £3600 in my ISA plus what ever interest they have paid and £3000 in savings but by january this will be £7800 in savings.

I am currently banking with Natwest although quite happy to change as I have found them to be quite unhelpful.

Any advice? (oh and I need access to the savings as after January I do not know when my next good job will be as I am self employed and will begin renting then)


Thank you in advance

ForestBluebells

Does anyone have any input? It would be greatly appreciated

rb10

Your ISA is getting a pretty good rate. The highest rate instant access ISA is 3%, so the difference between this and what you are now getting is only around £15 per year.

Have you topped up your ISA for this year (6th April 2009-5th April 2010) yet? Would be worth doing that.

Again, your savings account is a good rate as well. If you switched that to the AA (3.15%), then on a balance of £7800 you'd get around £40 per year more interest (after tax).

If you pay in £1000 per month and are generally in credit, then there are better current accounts than Natwest, e.g. Halifax's Reward account, from which you'll get £5 every month (after tax).

Primrose

If your future income is uncertain and you need immediate access to at least some of your savings, all you can sensibly do is to keep at least your non-ISA savings in the highest easy access account you can find. As long as you remain a tax-payer it's worth trying to hang onto your ISA but again, look around to move it if you can find a better deal that doesn't tie it up for too long.

D1zzy

For instant access accounts, I would open any accounts that give a good FIXED bonus or a Fixed rate (as per the now defunct ING 3.2%) - you don't have to use then apart from generally sticking in £1.
For Example I opened Egg @3.25% in Sept and have only just started to add some funds; Tesco @ 3% (sept I think) -current balance £1; ING @3.2%-(14th Nov) - current balance £1, but will move over any Egg funds if & when their rates drop - unless of course there is a better 1 by then

ForestBluebells

Thank you for the replies, I will try to find a higher rate savings account then as I want the best interest I can get.

I only opened my ISA a few months ago so filled up this years allowance but will look at switching come April, not sure it is worth the hassel of switching for only £15 more interest.

My income is very uncertain, I might earn £100 a month or £4,000 per month, after this current job I will not know what work I will get until closer to the time so cannot predict anything which is why I need access to the savings in order to pay rent if I cannot make enough money although I am hoping to keep the ISA and not touch that so I have some savings for the future as I am 25 and do not have a pension. My plan is to try to save the ISA limit each year as then at least I can have access to the money if I need it although I think that for tax reasons a pension would be better, I beleive you need to pay in a regular amount each month and I am not sure I could commit to that..... maybe when I meet my accountant in April he will tell me otherwise I do not know....

It is all so confusing!!

Thanks again

ForestBluebells

I already have an account with ING direct but I am only getting 0.4% interest. I presume I cannot just close my current account and open a new one...

D1zzy

sambo84 wrote: »

I already have an account with ING direct but I am only getting 0.4% interest. I presume I cannot just close my current account and open a new one...

You can - after 3days. the 3.2% is no longer available, not sure what current rate is.