What percentage of interest would I be getting?

henrygregory

Sadly, I am terrible with numbers and the banks make it has hard as they can for a customer to work out what rate they are on.

I have a couple of ISAs and a saving account with HSBC.
My saving account has 35070.87 in it and has not had any more money paid in since Sep 15.
I am getting monthly interest payments in the region of £11.00 - £11.92.

What sort of interest rate is this, and should I consider moving this money?

It has been here for a good few years, I know I could probably get better, but have been keeping it there as have been looking to buy a property. No point locking it into high interest savings only to have to take it all back.

p00hsticks

Is your account one of these ?

http://www.hsbc.co.uk/1/2/hsbc-interest-rates

(that took me about 30 seconds to find by googling 'hsbc savings interest rates')

jimjames

henrygregory wrote: »

What sort of interest rate is this, and should I consider moving this money?

It has been here for a good few years, I know I could probably get better, but have been keeping it there as have been looking to buy a property. No point locking it into high interest savings only to have to take it all back.

Equally there is no point in a long term tax wrapper if you're intending spending the money.

You're probably getting around 1% on your money. With a little effort you should be able to get between 3% and 5% on it, average probably about 3.5%. That's 3.5 times as much money.

So instead of £100 interest for example, you'd get £350. Looks worthwhile to me. As an example of the difference, I get more interest than you on my account that has £4000 in it and I get £12-14 per month. Nearly 90% less money in the account yet the same interest payment.

henrygregory

jimjames wrote: »

Equally there is no point in a long term tax wrapper if you're intending spending the money.

You're probably getting around 1% on your money. With a little effort you should be able to get between 3% and 5% on it, average probably about 3.5%. That's 3.5 times as much money.

So instead of £100 interest for example, you'd get £350. Looks worthwhile to me. As an example of the difference, I get more interest than you on my account that has £4000 in it and I get £12-14 per month. Nearly 90% less money in the account yet the same interest payment.

Blimey, that is a BIG difference. Which account do you use at the moment? Might have a look.

jimjames

henrygregory wrote: »

Blimey, that is a BIG difference. Which account do you use at the moment? Might have a look.

I have the £4000 in 2 TSB current accounts that pay 5%. There are lots of threads on here about other current accounts that pay the best interest as well.

Many of the accounts have limits on the total they pay interest on and requirements to pay money in but for a little effort you can make a lot more interest than a basic savings account or cash ISA will pay at the moment

mgdavid

henrygregory wrote: »

Blimey, that is a BIG difference. Which account do you use at the moment? Might have a look.

it's all on here - just read the links at the top of this page!
'how to start saving' and 'top savings accounts' for a start....

xylophone

For simplicity a Santander 123 (move all your eligible cash back dds over and manage the pay in by cycling in and out) , three BOS vantage (fund by internal SO), and a Tesco current account (to hold the creamed off monthly interest).....

http://www.santander.co.uk/uk/current-accounts/123-current-account/?cid=ppc-ca-goo-br-santander%20123&gclid=CLCOzOWdysoCFQoTGwodqbQHKg

https://www.bankofscotland.co.uk/bankaccounts/vantage/

http://www.tescobank.com/current-accounts/