Which Savings Account to go for...

Walrus

I've currently got the bog standard Egg Savings account which has about £4,000 in it. I pay about £25 per month into it but am looking to make this more.

The aim for the savings is to pay a chunk of mortgage off in one go but also for emergencies, seeing as we have only just moved house (6months ago).

Added to this I've just got a car/payoff stuff loan out, and it is a little more than needed (by about £100-£200 by the time this month's round of payments get made).

What savings account should I move to OR is it best to stay with Egg?

Chadsman

I presume you would like an account with similar T&Cs and by 'bog standard' you mean without the bonus. My personal choice would be the Nationwide e-saver paying 5%which is operated in conjunction with a Flexaccount (their name for their current ac). A&Ls e-saver paying 5.35% gets quite a few mentions but their customer service sometimes gets some stick.
HTH,
Chadsman

mars_2

Hi

First move you should do is open a cash isa (look around for the best rate)before April and transfer £3000 then you will have that tax free interest then you can save another £3000 next year bit by bit.

ED

Walrus - as the aim for your savings is to pay a chunk of mortgage in coming months, the first question is are there any high interest savings accounts with your mortgage lender. For instance, 6% interest is offered by Leeds & Holbeck Bdg Soc for existing members to open a loyalty account. Withdrawal notice is required (60 days).

Alternatively, if you are thinking of trying the 5.35% Online Saver a/c of Alliance + Leicester, perhaps you may like to calculate how much more your £4,000-and-rising would earn @ 5.35% (minus tax) compared with Egg's current rate, if deposited for - say - 6 months, or a year.