Using Current Accounts for saving

Maximum_Saving

Hello I had a Regular Saver that had 6% interest. I opened up two current accounts to get high interest or a reward. Both TSB and Halifax have their interest or rewards reducing in 2017. I wonder if Tesco Bank would be a good alternative. I have heard The Bank of Scotland is at the bottom of the banking league table. What do you think?

chockydavid1983

Tesco are good, I have 2 of them
BOS as well, got 1 and thinking of getting a couple more
Nationwide Flex Direct is currently the best at 5% but only for a year

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#interest

But this is still all subject to further cuts

Maximum_Saving

Hi Chockydavid. I am glad that you have two of the Tesco Accounts and they are good. I used to have a Nationwide Flex Account and after 12 months the 5% interest went away. Thanks.

TheShape

Maximum_Saving wrote: »

Hello I had a Regular Saver that had 6% interest. I opened up two current accounts to get high interest or a reward. Both TSB and Halifax have their interest or rewards reducing in 2017. I wonder if Tesco Bank would be a good alternative. I have heard The Bank of Scotland is at the bottom of the banking league table. What do you think?

Tesco can be an additional account (or two) paying 3% up to 3k rather than an alternative. TSB will still pay 3% up to £1500. BOS currently pay 3% on 3-5k and you can have 3 of those (subject to funding the accounts each month).

jimjames

Maximum_Saving wrote: »

I used to have a Nationwide Flex Account and after 12 months the 5% interest went away. Thanks.

When did you have the Flexdirect? You can get another after 12 months if it was closed or converted to Flexaccount

eskbanker

Maximum_Saving wrote: »

I have heard The Bank of Scotland is at the bottom of the banking league table. What do you think?

Personally I think it's best to make financial decisions based on facts! The article linked from post #2 summarises interest rates, or there are more subjective opinion-based comparisons of banks, such as MSE's regular poll about customer service, but there isn't a recognised 'banking league table' as such....

YorkshireBoy

chockydavid1983 wrote: »

Tesco are good, I have 2 of them
BOS as well, got 1 and thinking of getting a couple more
Nationwide Flex Direct is currently the best at 5% but only for a year

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#interest

But this is still all subject to further cuts

As you say, things could change. What if those changes included Tesco dropping to 1.5% and BOS staying at 3% but limiting accounts to one only going forward? In short, why not get the additional BOS now...whilst you still can? Just include them in the funding chain.

I believe its termed hedging your bets/covering all bases!

markwilkinson

Just this morning I opened the Narionwide 5% account for £2.5k worth of new saving for the next 12 months. Just hoping the 5% regular saver is still available after the 3 month qualifying period.

Kim_13

markwilkinson wrote: »

Just this morning I opened the Narionwide 5% account for £2.5k worth of new saving for the next 12 months. Just hoping the 5% regular saver is still available after the 3 month qualifying period.

The FlexDirect automatically qualifies you for the saver, no need to wait 3 months. Sometimes it takes a few days to update on the system but you should be able to open one online on Monday if not before.