Feeling down and confused..

Kitty777

So I have been trying to get on top of my savings, and making them something worth while.

I made an appointment with HSBC, which they are currently with in a plain savings interest account (0.04%!!!!!!) in hope they could offer me something good..

However, their customer service was rubbish. They offered me a fix term saver, which the rate was 1.4% and not tax free...meaning I would get £30 or so? Which i found a bit of an insult. The lady who was advising me didn't seem to want my custom at all.


So I was wondering if anyone had any advice on where to go for? I am completely baffled by savings accounts...

I have:
£4,000-£4,500

To put away for
0-2 years.

I'd like to have access to it in absolute emergancies, with minimal charge but I wouldn't mind loosing my interest. Just incase something drastic happens. I will have £500 in my current/savings account as a buffer for MOT etc or incase my car blows up one day ><

Any advice would be appreciated!!

sterlingstash

For that amount, you'll get the best interest leaving it in a current account. How about Llloyds which pays 4% on balances of 4-5k provided you meet account funding requirements...

Kitty777

Is the account funding requirements, something like putting in £100 a month or similar?

p00hsticks

look for the various threads on high interest paying current accounts - e.g. Santander 123, Nationwide...

xylophone

Two TSB Classic plus funding each other with SO for £500 on same day. This would take care of £4000.

You need to set the accounts for paperless correspondence and statements.

http://www.tsb.co.uk/current-accounts/classic-plus-account/

Hold the other £500 in a BS account with cash card for emergencies?

p00hsticks

Kitty777 wrote: »

Is the account funding requirements, something like putting in £100 a month or similar?

For the club Lloyds account, it's actually £1500 a month or pay a £5 monthly fee - but there's nothing to stop you moving the money in and straight back out again. And you'll need two direct debits set up.

For the Santander 123 account it's pay in £500 and there's a £2 a month fee - but you can get cash back when paying your household bills (council tax, gas, electricity, broadband & Cable TV etc) by direct debit

ShootForTheMoon

I'd recommend 2 x TSB accounts, really easy to set up and you can just set up a standing order out of one, into the other and back again to meet the £500 p/m funding requirements!!

Good luck, and well done on your savings so far... More fool the woman at the bank!!

Shoot x

Archi_Bald

xylophone wrote: »

Hold the other £500 in a BS account with cash card for emergencies?

It would be much better in another current account as no BS would pay 3, 4 or 5% in savings accounts.