Need a savings account,but where???

ColdIron

That YB account only seems to pay 1.4% which is, frankly, awful. Many current accounts pay more than double this and the Nationwide one more than triples it

jimjames

ColdIron wrote: »

That YB account only seems to pay 1.4% which is, frankly, awful. Many current accounts pay more than double this and the Nationwide one more than triples it

And if you get a Halifax current account you get £5 per month for cycling £750 through it. £60 py is a lot more than most interest rates for smaller amounts of savings and you don't even need to leave the money in there.

Say you have £2000 savings. You'd get £28 interest with the YBS account at 1.4%. So adding an extra £60 will triple your return.

In fact just leaving it in the Halifax account and moving £750 out and back in each month would give you double the YBS account.

innovate

Well, we have led another horse to water.

badger09

innovate wrote: »

Well, we have led another horse to water.

Maybe he's just not thirsty enough.

davmail

badger09 wrote: »

Maybe he's just not thirsty enough.

Correct!!!! not interested in the rate,only low amounts to be saved,it does exactly what I want.;)

t0rt0ise

I sympathise with the OP. I don't want to move my current account either and yet it seems to be where the best rates are. Otherwise many of the savings accounts do want you to have some connection to them and then to jump hoops.

I have a current account with Smile! but cannot avail myself of their connected ISAs because I can't be sure that my salary will be great enough all year. Last year I opened an ISA with Santander but this year you have to have some other account with them first. It's all closing up!

innovate

t0rt0ise wrote: »

It's all closing up!

I see it just the opposite way. We have never had more choices than now.

Nobody has to give up their preferred current account in order to get a current account elsewhere. There is no limit to the number of current accounts you can have -- except perhaps the limits of your imagination, and your ability to manage your money across various accounts. The latter can easily be achieved with a regularly used spreadsheet, or even pen and paper.

jimjames

davmail wrote: »

Correct!!!! not interested in the rate,only low amounts to be saved,it does exactly what I want.;)

In which case my suggestion will net you far more than any account paying paltry amounts of interest!