£60000.want an easy access acount with high interest

themissingdigit

i have £60,000 that i want to get maximum interest on but dont want it tied up.at the moment it is in a account that gets 5% & i can get at it without any notice. but i keep seeing these adds like hsbc 8% then when i look its only £3000 for 1 year. i would prefer to just keep it in 1 account & cant be bothered to open another 1 unless i get more than 6%.
i tried stocks & shares about 3 years ago & still cant touch them as they are worth less than starting price (approx).

cheers paul

Paul_Varjak

You won't get 6% in an instant access savings account! Alliance & Leiecster is tops at present at just 5.35%.

The HSBC account you mention is a regular saver account (not instant access) and only for those with an HSBC current account.

lipidicman

6% - I wish - we might get to 5.6% if rates rise in april or may

Read Martin's article - put 25,000 in A&L at 5.35%, the rest in ING direct at 5.00% (Egg's offer has ended) and drip feed into all the regulars you can get Halifax at 7% (and maybe halifax monthly at 5.34% I do this via standing order so its auto - i could just use A&L at 5.35% but its more disciplined this way) and the Derbyshire one (Dont have one myself, cant remember the details)

HSBC doesnt seem worth the effort - unless you have their current account and can get it without dumping your salary there

If you can be bothered just change to an account paying at least 5% without penalty - you shouldnt have one of these unless there is an advantage. Dont be scared of internet savings account - all you can do online is move the money to another account in your own name (usually linked by you when you set up the account), so it is all quite secure really

HTH

ED

The regular, monthly savings account of Derbyshire Building Society allows £1,000 per month to be deposited, and pays 5.85% interest.

Withdrawal rules of regular, monthly savings accounts vary greatly between institutions. (HSBC are very stringent, Derbyshire far less so.)

5.50% is offered for the postal account of Nottingham BS (Post It) but withdrawals require 90 days notice. Perhaps this may suit part, not all, of your savings? In my family's experience when Base Rate rises, Nottingham and Derbyshire BS's can usually be trusted to make similar rises swiftly in interest paid.

Incidentally, themissingdigit, I share your anxiety re share ownership. Hopefully yours will do OK, in time.

themissingdigit

thanks all for the feed back. will have to probably stick with the 5% im getting & i can get at it without any notice. cheers

YorkshireBoy

themissingdigit wrote:

thanks all for the feed back. will have to probably stick with the 5% im getting & i can get at it without any notice. cheers

Just to raise one issue I've seen mentioned before on this forum.

I believe its generally not recommended to have more than £30k with one financial institution - just in case it goes belly-up. Apparantly your covered with the banking code for this amount (or a large part of it).

If I were fortunate enough to have £60K, I'd probably split it into 3 x £20K accounts with different providers.

Am I being sceptical?

YB

lipidicman

Nope, I forgot about this - never been an issue for me. But when it happens I will make sure I have no more than 30k with any institution. Above 30k it seems that you go to the back of the queue as a creditor, after the shareholders and gauranteed investments

p.s. do you have to be careful about tied institutions? - ie lloydstsb and c&g, or Halifax and Bank of Scotland etc

themissingdigit

thanks for that info YorkshireBoy.i certainly cant afford to loose it so i will be looking to spread it.
thanks again