Best Hi Interest Current account ..after all the 12month bonus's.

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
2 replies 747 views
delboyuk_3delboyuk_3 Forumite
33 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Hi all,

I am looking for the best hi interest rate saving account.

I was initially attracted to the A+L account but noticed that it is only 6.1% for a year then it drops to 1% the bank of england rate.

Coventry first also seemed good but again its rate drops after a set period and they have no banks near Reading!

I think I have therefore narrowed it down to Halifax.

Am I missing something or is Halifax the best option in the long term?

Also not really bothered about the rates for overdraft e.t.c :)

:)

Replies

  • SillychuckieSillychuckie Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭
    a year is a long time in the banking world.
    go with A&L, and change in a years time.
    You will never be doing the best you can with your money if you take that attitude. It is about fishing around for the best offers at the time, constantly switching and being a 'new' customer to these people that will get you the best incentives.
    I'd change banks as often as I change socks if I thought it would get me extra ££.

    PS. Don't forget things like quidco also. £50 for an A&L account (or at least, it used to be) is often a big chunk of money to also take into consideration. You'd only get these great offers with regular switching.
  • I would prefer to lose point something of a percent in a year if it saved me the hassle of having all my dd's, wages e.t.c being switched about. I only keep around £1k in my bank account, and the rest goes into a proper savings account.

    So say there is a 1% difference between a 12 month rate and a good long term rate, thats only £10 benefit. Is it really worth the hassle of closing your old account, having all the direct debits e.t.c switched over, for the sake of £10?
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