good long term savings account - better than cahoot ?

mking007

im currently with cahoot who over 5.25%

i see hsbc do one which is 5.75%
any one better this ?

mking007

hsbc the best then ?

martyn4764

Best I know of is 5.7 at Icesave; I don't know the T&Cs for the HSBC one, I'm guessing there are some restrictions?

mking007

http://www.hsbc.co.uk/1/2/personal/savings-investments/savings/online-saver;jsessionid=0000qe4Yh0Zae6Oyd5JnMIGpp1H:11j5bgs6c

Key features and benefits
Variable rate of 5.75% AER, 5.60% gross, paid monthly. (Only payable on new to HSBC deposits up to a total maximum amount of £50,000).

Open your account with just £1. Maximum account balance of £50,000.
Manage your account online.
Withdrawal of funds via Internet Banking by transfer to another HSBC account or to an account held elsewhere. Please note, transfers to accounts held elsewhere may take longer (a daily maximum transfer limit applies).
View your statements online; you will not receive paper statements.


Main point looking at

No interest is payable on the full balance in any calendar month in which a withdrawal is made.

The_Cleaner_3

HSBC is alright if you do not require flexibility to the money since any withdrawals you lose the interest on the WHOLE SUM for a month so what you would have to do if you did want to make a withdrawal you have to take the lot out and put into another account until the following month and put it back in a lot of messing around to avoid losing interest so for very little difference Icesave is much better.

krishna

what about Alliance Leicester DirectSaver? Currently offers 5.8% but need minimum £5000. Again, no interest in any month you withdraw, so as suggested by Martin Lewis try to do that at the beginning of a month to minimise loss of interest. Can be operated by post or phone.

RayWolfe

What about looking here, it's updated every hour or so:
http://www.moneyfacts.co.uk/savings/default.aspx