Abbey First Home Saver

silaslang

I currently pay £100 a month into an abbey first home saver and have put away £2500.

Would I be better off withdrawing the money and putting it in a different account? such as the HSBC 8% as I also bank with HSBC. I was only using the home saver account to make them aware that I am saving up a deposit for a house and was hoping that in the future I could maybe get my mortgage with them.

All help would be appreciated.

Thanks

isasmurf

If you bank with HSBC then look for someone else to bank with!

Sorry, seriously, yes you should make use of the 8% regular saver if you bank with HSBC.

As for the Abbey Saver, I'd move money from there. You can do much better with your savings.
Consider First Direct e-saver 5.25% (but no interest in month you withdraw)
ING 5%
A&L Online Saver 5.35%
to name a few.

And quite frankly I wouldn't touch Abbey mortgages with a barge pole.

Apologies for being a bit negative, but your money can work harder for you by moving your accounts and considering other banks to take out a mortgage with.

silaslang

Apologies for being a bit negative

No apoligies needed . I appreciate you posting to help. Thats exactly the advice I needed. I will look into the companies you suggested and transfer soon as .

Thank you very much for the help

monki_man

my understand is..there no loyalty these days, its more flexible to take our money elsewhere and bung it into an account that will earn you much more interest. Like Isasmurf said there better saving account elsewhere.

HSBC reg saving is the best one so far (thats if you bank with them or willign to put your salary in them), then you've got your internet based accounts like the one mentioned above(by isasmurf)

You could if you want put the money in an isa account such as first direct.

davidcampbell

abbey homesaver at first glance looks ok but the main 'selling point' of it is that abbey give you vouchers for (i think) homebase or someone like that if you go ahead and take out a mortgage with them.

so you are relying on the savings account being competitive and the mortgage being competitive just to get £100 of vouchers

its a poor effort. abbeys monthly saver is exactly the same (well, without the vouchers) for more interest and smaller deposits accepted.

but as mentioned there will be better again elsewhere.

the enhanced interest available elsewhere will over enough time make up for the value of the vouchers im sure. (someone much wiser than me might be able to work it out for you.)

DC