Advise on best interest.......

sooziesooz

Hi,
Me and the OH are on a massive drive to save 45k prior to relocating next year and moving house etc. We are well on our way but I'm not sure that we are making the best of the money that we have got in terms of performance.

We have the following:

Barclays Savings Account (Bog Standard) = 13757
My Barclays Tax Beater ISA = 3077
MY OH NS&I ISA = 3000 (he's only just opened this)
Shares = 9000 (as of shareprice today)
ING Savings Account 1 = 2601.19
ING Savings Account 2 = 2596.35
(we opened the above to get the £75 joining bonus :rotfl: )

This morning I checked the interest made last month and on the Barclays saving account we only made £44 :mad: . I'm happy with the ISA as they are both recommended by Martin! But I'm sure I could be doing more with the bigger chunk. We don't want to tie the money up as we may need quick access to it if the right house comes up.

Any advise would be greatly welcomed :rotfl:

Thanks

Sooz x

chesky369

Move the money in the Barclays savings account into Sainsburys - they add the interest annually but I think it still is calculated in the same way and you'd get £57 nett monthly, as opposed to £44. I like ICEsave myself, the interest is added monthly, so you can see exactly what you're getting. If you've got the £75 under your belt, take your money out of ING and do the same.

Mr._H_2

chesky369 wrote: »

Move the money in the Barclays savings account into Sainsburys ... I like ICEsave myself, the interest is added monthly

So why recommend Sainsbury's? ICEsave have upped their rate to 6.3% effective today so are still at/near the top of the market.

You should move all your current savings to ICEsave, and look at a regular saver with no penalty on withdrawals (Lloyds have one paying 8%, don't know about others) for your additional monthly savings.

riad_2

I would personally recommend the Bradford & Bingley Internet Saver... it's paying the highest rate for an instant access acount (6.4%) and has no catches or withdrawl penalties!

Mr._H_2

riad wrote: »

I would personally recommend the Bradford & Bingley Internet Saver... it's paying the highest rate for an instant access acount (6.4%) and has no catches or withdrawl penalties!

I guess for the short-term, this is a good idea. Personally, I have confidence that ICEsave will be at/near the top of the tables for longer than Bradford & Bingley. For me, it's not worth the effort of setting up a new account, but since the O/P has to set up a new account with someone, I suppose it may as well be with the current highest "no catches" payer.

Does B&B pay the interest monthly, annually, or give you the choice?

agal

Mr._H wrote: »

Does B&B pay the interest monthly, annually, or give you the choice?

They give you the choice.

behelzebub

I have these, interest paid monthly

Bradford & Bingley = 6.40
ICICI = 6.30
ICESAVE = 6.30

chesky369

the important thing, sooziesooz, is that you have a choice of much better places for your money. I've got ICEsave and Sainsbury's and would recommend them both - others as you see think B&B v.good. We always tend to recommend what we know but anyway - LEAVE BARCLAYS.