Saving accounts - help!

fishix375

I am trying to get my finances in order to apply for a mortgage in the near future. I have a Help to Buy ISA open already, but would like to be able to save more than 200pounds a month and would like some advice on the best savings accounts.
I've had a look at the guide on here and am assuming that despite the interest cut, Santander's is still the best?
Any advice much appreciated, thanks in advance!

YorkshireBoy

Santander was never the best, even before they announced a cut to 1.5% AER.

When you say "more than £200 per month" what do you mean?...£201 or £1,000 or what?

And when you say you've read the guides, does 5% AER on up to £8,500 over a year with Nationwide not appeal? That's over 3 times Santander's rate come November!

fishix375

That Nationwide one sounds great but what's the catch? I haven't seen that one in any of the guides I've looked at and only seen a savings limit of £2500 per year. If you have different information please do pass it on

expansion

Yes, Santander is the best. Always was, always is. There are no guides or lists on this site or anywhere else on the internet so you will have to tediously research by going to each bank's site.

xylophone

Opening a Flexdirect account gives you access to the Flex regular saver -you can save up to £500 a month in this as well as being able to get 5% on up to £2500 in the current account.

Kim_13

The only 'catch' with Nationwide's if you can call it that - The 5% on the current account is only for 1 year and the Flex Regular Saver rate is variable, so you may not get 5% for 12 months. There are no penalties to move the money though, and multiple pay ins/outs are allowed provided your balance does not increase by more than £500 from the previous month.

The 5% on the current account is fixed for the year.

greenglide

Yes, Santander is the best. Always was, always is.

Better than 5% from TSB for up to £2,000? Or better than 4% from Lloyds for balances from £4,000 to £5,000? Or better than 3% from Tesco for balances up to £3,000 without any need for direct debits?

The Santander 123 account has the advantage of paying for balances up to £20,000 but has a monthly charge which needs to be offset by cash back on direct debits.

So it is easiest but only ever the best if you can't be ***** to set up more than one account.

enthusiasticsaver

Actually First Direct regular saver pays 6% on maximum £300 per month and you can get a switching bonus of £150. Nationwide is ok if you want to put more than £300 per month away. Santander is not a great option unless you have filled all the other high interest current accounts and regular savers.