Do any of you open multiple savings accounts 'just in case'?

Nine_Lives

To explain...

Somewhere around this time last year, i remember there being the 5% Santander preferred C/A available. Was it HSBC offering 6% for something similar? Instant access savings around the 3% mark etc.

I opened my accounts & deposited my money & that was that.

FFWD roughly 12 months to today & the accounts don't seem to be there. Yes there's the 8% FD account, but this is limited somewhat. There's no 3% accounts there like there was as the max is something like 2.4% now (thereabouts), with others hovering between top 1% & low 2%.

So do any of you just open a couple of accounts just in case the rates drop, so that when your 12 months pass on one account, you opened the same type of account a few months later so you just shift your money across.

The rates today seem so awful compared to the same time last year. Not to say last year was great, but certainly better than today.

talexuser

Obviously the people who opened safety accounts when rates were 3+% get an extra 6 or 9 months of 3+% compared to people who did not where their 3+% bonuses end now and the only choice is new accounts paying 2.2%.

opinions4u

I've got a handful lined up to see me through the next 12 months.

3.20% until January 2013.

3.07% until August 2013.

2.80% until November 2013.

Doomed after that!

MrsCautious

I've opened several savings accounts in the last week, one ISA and three fixed bonds -- a one-year, three year and five year with the least amount in the one year, interest rates go from 2.5 per cent to 3.2 per cent, I have opted to have the interest paid into my current account and to go into a regular saver paying 4% (it may be 4.1 my head is spinning) (but this has a maximum of £250 a month allowed.) These have been at Halifax, Kent Reliance and Tesco with the regular saver at the West Brom. It has been quite an education. I have also added Vantage interest to my current account with Lloyds and kept some money for any emergencies in a savings account with Lloyds which has 1.8 per cent for one year. It is of course frustrating for me to see how rates have fallen and I have tried my best to be as safe as possible with this money to make maximum return from savings at rates available while still trying to look ahead and not lock all of it away. This is a lump sum after my husband died. I find it daunting. Higher interest rates were available through the State Bank of India but as a complete novice, I opted for a homegrown option.

Nine_Lives

My Santander 5% accounts will expire some time around January/February

After that i'm pretty much on Santander's 3.2% eSaver. IIRC i opened it shortly after it was available, so i've 12 months from whenever that date was.

After that i'm all out. Thankfully Santander's eSaver allows unlimited withdrawals.

Gromitt

K_P83 wrote: »

So do any of you just open a couple of accounts just in case the rates drop, so that when your 12 months pass on one account, you opened the same type of account a few months later so you just shift your money across.

Indeed, I have a Halifax 2.8% online saver which expires at the end of this month, but have another with £1 in which the funds will be transferred to. I also grabbed the PO Saver when it was advertised and put £10 in that, now it contains the contents of my expired Nationwide mySave. So I've got about 9 months before I'm screwed. Almost took out a 12 month fixed rate 3.25% account but still looking for decent property to buy instead.

lovewealthhappiness

I have 4 savings accounts, not because of the rates (cause let's face it, they're all awful!!) but because I suppose I don't like to put all my eggs in one basket, some of them are easier to get money from, some harder and it's nice to have targets for each account, it's kind of easer to work towards smaller targets on 4 accounts than 1 massive target!