Best interest savings accounts for large amount?

Ifts

Colin297 wrote: »

I told him he should be getting 5% with that kind of money.

5 yr fix at 4.5% any good? Its not from a High St name but it is covered by the FSCS.......

State Bank of India offer 4.5% on their 5 yr fix and 4.2% on their 4 yr fix:

http://www.sbiuk.com/personal/fixed-deposit/hi-return-fixed-deposits

SBIUK is covered by the FSCS up to £85k per depositor and £170k for joint account holders: http://www.sbiuk.com/faqs

However to be on the safe side I would not recommend to put more than the FSCS limit on deposit with them.

I've seen others on here claim that get such figures (i think). He didn't believe me.

You could get just over 5% a little while back but recently rates have fallen.
Some of us are getting 5%+ on our fixed term bonds, Ive got a few (Close brothers and the AA) but they are 3 yrs into their 5 yr term (mature October 2014).

innovate

Colin297 wrote: »

1) He's with a reputable bank which isn't going bust.
.

haha...................................................

grey_gym_sock

"reputable" is perhaps the wrong word, as it can imply moral integrity.

if OP's friend is prepared to lock up part of the money a fixed-term accounts, the best rates may be with smaller institutions, for which it's more sensible to keep within £85k.

Colin297

I agree that security becomes an issue if he is to move his money into better yielding accounts.

Those 5 year accounts look good.

Ifts

5 yr fix now paying 4.20% (was 4.5%)

4 yr fix now paying 3.80% (was 4.2%)

http://www.sbiuk.com/personal/fixed-deposit/hi-return-fixed-deposits

MarcoM

if he was going to put 100k plus in each bank would he have to justify the source of his funds at each one of the banks due to money laundering regs?

innovate

Probably. But that wouldn't be a problem - the source is his other bank account, isn't it?

coastline

Anyone tried these before...first time I've come across them...5 or a 10..

http://www.investec.co.uk/products-and-services/banking-services/personal-savings-accounts/investec-high-5-issue-2.html

bigadaj

coastline wrote: »

Anyone tried these before...first time I've come across them...5 or a 10..

http://www.investec.co.uk/products-and-services/banking-services/personal-savings-accounts/investec-high-5-issue-2.html

Yes I've got the original high five, same set up but shorter notice period, no problems and one savings account that doesn't need checking.

expatasia

coastline wrote: »

Anyone tried these before...first time I've come across them...5 or a 10..

http://www.investec.co.uk/products-and-services/banking-services/personal-savings-accounts/investec-high-5-issue-2.html

What's the essential difference(s) between the 5 & the 10?