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Co op bank

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mike88 Posts: 573 Forumite

29 March 2014 at 2:00PM

The MSE way is of course to extract every bit of interest from an account and for some this is a good idea. But to do this you have to be organised and prepared to jump through hoops in order to secure the best deal.

There are accounts with foreign banks that give good rates of interest. For example Credit West of Turkey permits deposits in sterling and give 3% for deposits of 1 month and 4% for 12 month with none of the restrictions of the earlier accounts mentioned.

http://www.creditwestbank.com/index.php/en/2013-05-16-06-49-10/time-deposit-current-account

Indeed deposits up to £100k are protected by the Turkish deposit guarantee scheme but would you really want to risk your money in a bank based in a country where the economy is so weak with a deposit protection scheme that is untested?

At the end of the day I want to deposit money in a bank that I feel comfortable with and simply can't be bothered to constantly move my money around in order to extract the odd 0.1% or 0.2% of interest. In this respect the COOP account offers a reasonably competitive rate with no hassle and is covered by the FSCS which former ICESAVE depositers know from experience works.

Take my advice at your peril.
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