What is the Highest paying savings account about?

billytruffin

What is the best savings account around at the moment? (apologies if there is already a thread on this somewhere - I've already had a look around but couldn't find anything).

Ideally I would like one I can move my money in and out of fairly easily, but would sacrifice that privelige for a good interest rate.

Cheers

James

Hereward

you could use one of the searches on Moneyfacts or Moneysupermaket* to find an account that will meet your personal circumstances. Using these searches will filter out any of the accounts that you deem undesirable.

Annando

ICICI are recommended by Martin on his newsletter they have a AER of 5.15% and pay interest monthly.
If you are over 60 Coventry pay 5.50% but I don't know how that one works.
If you want to be a regular saver I know Lloyds TSB do a regular saver account, minimum £25 maximum £250 a month and you can make an initial deposit of £500 when opening the account their AER is 8%.

Have a look at the Money Tips link and click on this week's newsletter, there is more info there on savings.

Also if you are a low earner get an R85 form so any interest is paid in full, without any tax (usually 20%) deducted, if you are not but your spouse is, get them to open the account and fill in the R85 form.

I just did a check on the moneysupermarket website but these accounts I mentioned didn't come up... They mention a HSBC regular saver account, but you are not allowed to move your money around, which Lloyds lets you do, the AER is the same.

billytruffin

whats the deal with the 8% interest rate is that just an introductory period or is it permanent?

si1503

jamesw2000 wrote:

whats the deal with the 8% interest rate is that just an introductory period or is it permanent?

the rate is fixed for 2 years i believe

morganb

Having just opened an account I would recommend that you check out the Alliance and Leicester (search this forum for more info or see their website)

Note : they also have a recommend a friend incentive (£50 each for referer and refered) if you know someone who already has an account...

Annando

jamesw2000 wrote:

whats the deal with the 8% interest rate is that just an introductory period or is it permanent?

Try going to the different sites and doing your own research, we don't know what you circumstances are so it is best if you do some research to see what would be best for you.

Read ALL terms and conditions as some accounts will not allow you to put money back in once you take it out.

humfer

jamesw2000 wrote:

whats the deal with the 8% interest rate is that just an introductory period or is it permanent?

That will probably be the 2 year fixed Lloyds TSB Regular Saver account whereby you can put in upto £250 a month. You have to have a current account with them to get this account

ED

5.35% AER is offered by Coventry Building Society via Coventry First account. Main rule to adhere to is not less than £1,000 must be deposited per month. This can be by cheque(s) which earn interest at that rate from the day Coventry receives it/them.

After the cheque clears, funds can transfer to external regular, monthly savings account(s) to earn typically 6-8%.

Greycrow

Have a look at this one, aswell: http://www.askbm.co.uk/savings/i/deposit/easy/intro.asp

Birmingham Midshire 5.2% looks fairly attractive, with little restrictions and uncomplicated movement in and out with funds.
It does include an introductory bonus of .65% for first 12 months. But you can look at the market again when the expiry time comes around.

pennineman

Greycrow wrote:

Have a look at this one, aswell: http://www.askbm.co.uk/savings/i/deposit/easy/intro.asp

Birmingham Midshire 5.2% looks fairly attractive, with little restrictions and uncomplicated movement in and out with funds.
It does include an introductory bonus of .65% for first 12 months. But you can look at the market again when the expiry time comes around.

Yes. This seems the best currently but things are changing quite quickly at the moment.