Best place to save £600?

Eco_Miser

AnnMollys wrote: »

I go with Bonds, as that’s secure yet always have genuine opportunity to gain something or at worst, we can’t lose anything at all like said by him.

It's true you don't lose your capital in nominal terms, but you do lose the interest you could have been earning - and that could have been between 3% and 6%, well over what goes into the Premium Bond prize fund.

xylophone

Another vote for TSB account, pays 5% on balances up to £2k. Hurry though, I think this rate will drop at the end of the year.

I'd beg you not to give them ideas but I think they've already got them....:eek:

https://forums.moneysavingexpert.com/discussion/5504410

markwilkinson

Yes, I think the end of the year will see a rate reduction, the opportunity is there when the 5% cash back deal ends. 2% to put the current account inline with the regular saved would be my guess.

bigadaj

xylophone wrote: »

I'd beg you not to give them ideas but I think they've already got them....:eek:

https://forums.moneysavingexpert.com/discussion/5504410

Just received an email and completed their online survey.

Put a fairly robust response against rate reductions including closing account, not recommending etc

Their preferred current option is 4% on £1k, though they did propose intermediate options with the other extreme being 2% on £2k

markwilkinson

3 or 4% on 2k would be enough to keep me, not sure about 4% on 1k given the funding requirement. Whatever happens I will have to stick with them to some degree as we are still getting 5% on the regular saver until June 2017.

AnnMollys

Eco_Miser wrote: »

It's true you don't lose your capital in nominal terms, but you do lose the interest you could have been earning - and that could have been between 3% and 6%, well over what goes into the Premium Bond prize fund.

Yeah, it’s definitely a very valid point made there, it’s true that it’s basically like that only, but I think certain people including me feels better to have it in our own hands while there I slight extra hope, but again not massive difference as you pointed out.