Savings

smudger1946

HI,
My easy saver at LLOYDS is running out come Feb nxt year, I need to re-invest with the best interest rate, any suggestions please?

Smudge

Archi_Bald

Did you explore MSE? E.g. http://www.moneysavingexpert.com/savings/savings-accounts-best-interest, and the forum.

pip895

You would need to give an idea of the balance to get any specific suggestions.

nilrem_2

smudger1946 wrote: »

HI,
My easy saver at LLOYDS is running out come Feb nxt year, I need to re-invest with the best interest rate, any suggestions please?

Smudge

Afraid that it's not a good time for maturing saving accounts at the moment, I recently faced similar problems with several Fixed rates savings maturing. The only worthwhile fixed rates seem to be for 5 years and IMHO that is risky as it looks more likely that rates will start to increase in the next 2 years, (probably after the 2015 general election)

I have opted to put mine in my Virgin esaver for the time being as it is paying practically the same interest as the shorter term fixed rates.

ATM the best 2 year rates are around the 2.00% - 2.35% whilst 3 years is about 2.20% -2.65% with 5years at 2.75% - 3.00% .

(all before tax taken off)

smudger1946

Thank you for all of your advice, I have got until Feb to decide what to do!
Smudger

nilrem_2

smudger1946 wrote: »

Thank you for all of your advice, I have got until Feb to decide what to do!
Smudger

That time will disappear very quickly! Don't do what I do; which is keep putting my decision off until the last minute then have to take a 'snap' choice!

G_M

pip895 wrote: »

You would need to give an idea of the balance to get any specific suggestions.

Seconded.

Plus an idea what other accounts you already have (so people don't waste time suggesting things you are already subscribed to).

Wilkins

nilrem wrote: »

That time will disappear very quickly! Don't do what I do; which is keep putting my decision off until the last minute then have to take a 'snap' choice!

It's fine to be prepared but putting the decision off is probably the best thing to do. OP should research intensively in the last few days. With the ending of FLS, higher interest products may well appear around then.

opinions4u

smudger1946 wrote: »

HI,
My easy saver at LLOYDS is running out come Feb nxt year, I need to re-invest with the best interest rate, any suggestions please?

Smudge

What on earth are you doing with money in Lloyds when you want a "best interest rate"?

nilrem_2

Wilkins wrote: »

It's fine to be prepared but putting the decision off is probably the best thing to do. OP should research intensively in the last few days. With the ending of FLS, higher interest products may well appear around then.

Lol That is what I always do but those higher rates never materialise!

Archi_Bald

opinions4u wrote: »

What on earth are you doing with money in Lloyds when you want a "best interest rate"?

Lloyds as such shouldn't be condemned - - but you are spot on, their Easy Saver seems a bit of a joke, interest-rate-wise
http://www.lloydsbank.com/savings/easy-saver.asp

If it is indeed the Easy Saver the OP has: you can withdraw at any time, you do not have to endure 0.75% AER any longer. You will get all your interest if you close the account straight away.

Where to put you money instead depends on how much you have to put away.