2k in Premier Direct Current Acc whats the MSE thing to do?

p0eticjustice

I have used up my ISA allowance this year....

Premier Direct current Account £2000 (Which i dont use for spending)
6.50% AER (fixed until 31.10.08) on balances up to £2,500, 0.10% AER (variable) on balances over £2,500

ICICI HighSave Savings account
Earn an Annual Equivalent Rate (AER) of 6.30%

Should i just keep it where it is and open a regular saver?
I am a student so after all expenses paid i will have just enough to store away in my ISA

Or should i open the ICICI account and a Regular Saver and use the Premier Direct account as my main current account?

All ideas welcome

thanks

p0eticjustice

does anyone know then?

debbie42

It makes sense to keep the max £2500 in your A&L a/c as that's paying a better rate, for that amount. What do you have left over, and where does the ISA come into it?

Some regular savers pay a decent enough rate, but you normally have to drip feed them, and take into account lost interest during transfer.

Stephen_Leak

I use my A&L account for salary, bills & spending (on my cashback credit card) but, due to frugal living and this site, it now needs to be kept below the £2500 threshold.

I decided on a Sainsbury's Internet Saver, rather than ICICI (due to poor feedback for everyday tasks like transferring funds, worrying similarity of name to BCCI, etc.).

p0eticjustice

ok should i just keep 2500 in my premier direct account and then put the rest into

Alliance and Leicester Direct Saver: Easy access, long term savings account

• Earn 6.30% AER (variable)
• 24/7 access to your savings with Internet and Telephone Banking
• Interest earned daily and paid monthly

Rather than IcIcI???

p0eticjustice

debbie42 wrote: »

It makes sense to keep the max £2500 in your A&L a/c as that's paying a better rate, for that amount. What do you have left over, and where does the ISA come into it?

Some regular savers pay a decent enough rate, but you normally have to drip feed them, and take into account lost interest during transfer.

By the end of September i will have 2500 so i need to start putting anything over that amount elsewhere, shall i just out put it the Alliance and Leicester Direct Saver at 6.30%?????

Then as soon as the new tax year starts the money that i have in my Direct Saver which will be well over 3000 will contribute to my ISA.

Actually should i just forget about the Direct saver and open up a YBS regular saver once ive reached 2500 in my Premier Direct Account?

debbie42

YBS is a better rate than the A&L, up to £500 max per month, and is a pretty flexible regular saver.
Both accounts have stricter t&c than, say, the Icesave or Sainsbury's savings accounts.

With the A&L you would lose interest for the whole month that you made a withdrawal. I can't remember the specifics of the YBS, but think it's two withdrawals a year max?

Stephen_Leak

The flexibility and lack of withdrawal penalty with the Sainsbury's account was one of its winning factors for me.

They are very hot on the anti-money laundering procedures, though: these are a pain, but preferable to the alternative.

p0eticjustice

Ok thanks for the great advice guys!!! :T

I think im gona just open the YBS regular saver to earn the maximum interest on my savings....

Unles anyone has any better advice?

YorkshireBoy

debbie42 wrote: »

I can't remember the specifics of the YBS, but think it's two withdrawals a year max?

One part withdrawal is OK.

Up to two more part withdrawals and you lose the bonus.

A fourth part withdrawal means they'll close the account.

(All in the same account year of course).