Where to next for savings?

chickenboy

I have:
2 x Santander 123 accounts 3%
3 x Lloyds Vantage 3%
3 x BoS Vantage 3%
4 x Nationwide 5%
slowly filling my First Direct regular saver
and starting my N&P Gold regular saver
and filled my ISA for this year.

Where can i go to next for a sensible savings rate? Anyone i've missed? Any international (but UK FCS covered) accounts??

(I'm saving for a house deposit (still waiting for something decent to come on the market) - so I don't want to tie anything up for a long period or anything too risky.)

Any suggestions welcomed!

Glen_Clark

Looks like we should be asking you for advice instead of you asking us

FOREVER21

Sorry I can not help with your question, but can I make a comment in the nicest possible way.
I hope you have a good system and the spare cash available in order to fund each account with the qualifying amount each month.
I had 3 Lloyds tsb vantage accounts and my wife another 3, we had these for 6 months but it nearly drove me bonkers having to transfer money in and out of the accounts each month.

I am a firm believer in the MSE policy, but there are limits.;)

chickenboy

So far it's all thanks to this forum!

The rates are ok, but... 1. only standing still compared with inflation, 2. kicking my self i didn't get a 3rd 123 account in time

chickenboy

I use my Santander 123 as my new base account (I was sceptical at first due to their poor customer service reputation). Once you have set-up each account as a recipient, and completed one transfer to each of your accounts, its all easy. The transfers are all near instant there and back, and it takes me about 10 mins total, one day a month. My tea is still hot when i've finished.

I'm happy thats a sensible price to pay for a reasonable rate of interest. (I agree it shouldn't be necessary to do all this to get sensible interest on your savings, but hey ho...)

FOREVER21

chickenboy wrote: »

I use my Santander 123 as my new base account (I was sceptical at first due to their poor customer service reputation). Once you have set-up each account as a recipient, and completed one transfer to each of your accounts, its all easy. The transfers are all near instant there and back, and it takes me about 10 mins total, one day a month. My tea is still hot when i've finished.

I'm happy thats a sensible price to pay for a reasonable rate of interest. (I agree it shouldn't be necessary to do all this to get sensible interest on your savings, but hey ho...)

You seem to have it all in hand, good for you.
One small point, you mention, transfers are near instant there and back, I have read on another thread that to qualify for the interest on the Nationwide account the qualifying sum must stay in the account for 24 hours and not in/out the same day. Also they only guarantee to pay the 5% on one account, I don't know if this has happened to any body but it is in their T&Cs

chickenboy

Interesting - which sum are we talking? - the £2.5K in the account constantly, or the £1K "income" which goes in and out. I've not had a problem with it being there for all of 10seconds, and the T&Cs only state that a deposit has to be received once per month.

There are people who do something strange by moving balances around before or after the end of the banking day (as different banks have different end of day times). Now that all sounds like way too much effort to me!

chucknorris

I know that the OP wants to be risk averse so shares wouldn't suit him, but as my savings fixed rate bonds have matured on decent rates (around 5%) I have started investing in ftse trackers to at least give myself a chance of making more than inflation. Savings accounts now are guaranteed losing accounts after tax.

eskbanker

FOREVER21 wrote: »

I had 3 Lloyds tsb vantage accounts and my wife another 3, we had these for 6 months but it nearly drove me bonkers having to transfer money in and out of the accounts each month.

The Vantages are the easy ones as there's no requirement for the funding to be from an external source!

Along with many others on here I just rotate a minimum amount from 1 to 2 to 3 and back to 1 again, which takes less than a minute and requires no spare cash, but the alternative hands-off approach is to do the same by standing order.

chickenboy

Thanks - I'm happy to have a look - any websites you'd point me to? I've always had the impression you get spanked on the fees??

FOREVER21

chickenboy wrote: »

Interesting - which sum are we talking? - the £2.5K in the account constantly, or the £1K "income" which goes in and out. I've not had a problem with it being there for all of 10seconds, and the T&Cs only state that a deposit has to be received once per month.

There are people who do something strange by moving balances around before or after the end of the banking day (as different banks have different end of day times). Now that all sounds like way too much effort to me!

The problem was with the 1K monthly transfer, the other poster paid in and took out the money immediately but on not getting interest queried it with Nationwide and was told it was in the T&Cs, although I can not find it.
I will try and find the other thread.