Best savings account to switch to?

Beffalump

Hi,

I'm not that savvy with moving money around to get the best deals so am hoping can get some advice from you wonderful people on this site.
I have been saving £100 regularly into a savings account I opened years ago with my current bank and have never moved it. I do usually withdraw between £300 and £500 every now and again for treats for myself so would prefer an easy access. I am not saving for anything in particular just like to know it's there if I need it. I currently have £4878.00 in there and the current rate is 0.25 aer. I also have £1750.00 in premium bonds that will (mature?) in October this year.
I have a few questions.
Am I credit checked when opening a savings account?
If I have more than 1 current account will that affect my credit score? (I've noticed a couple of current account a have decent rates on balances)
How many savings accounts can I have at any given time?

Any advice would be appreciated.
Thanks

eskbanker

Beffalump wrote: »

I also have £1750.00 in premium bonds that will (mature?) in October this year.

That's not right - premium bonds don't mature, they stay active for as long as you do, unless you cash them in.

Beffalump wrote: »

Am I credit checked when opening a savings account?

No.

Beffalump wrote: »

If I have more than 1 current account will that affect my credit score? (I've noticed a couple of current account a have decent rates on balances)

Multiple current accounts will appear on your credit files and may reduce your score over the short term, but this score is essentially made up and isn't seen by credit providers so can largely be ignored. Having said that, opening a stack of current accounts immediately prior to seeking a new mortgage, for example, is unlikely to be a good idea.

Beffalump wrote: »

How many savings accounts can I have at any given time?

As many as you like, subject to any limits imposed by individual institutions on their own products.

badger09

Beffalump wrote: »

Hi,

I'm not that savvy with moving money around to get the best deals so am hoping can get some advice from you wonderful people on this site.
I have been saving £100 regularly into a savings account I opened years ago with my current bank and have never moved it. I do usually withdraw between £300 and £500 every now and again for treats for myself so would prefer an easy access. I am not saving for anything in particular just like to know it's there if I need it. I currently have £4878.00 in there and the current rate is 0.25 aer. I also have £1750.00 in premium bonds that will (mature?) in October this year.
I have a few questions.
Am I credit checked when opening a savings account?
If I have more than 1 current account will that affect my credit score? (I've noticed a couple of current account a have decent rates on balances)
How many savings accounts can I have at any given time?

Any advice would be appreciated.
Thanks

Have a look here
https://www.moneysavingexpert.com/savings/which-saving-account/

and here
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Some current accounts are paying 5%, as are some regular savers - though some of those don't allow withdrawals until the end of their 12 month term

You won't be credit checked when opening a savings account, though your ID & address will be checked - probably electronically.

You will be credit checked when applying for a current account, even if you decline any overdraft. Ignore 'credit score' its a number made up by the various credit reference agencies. Unless you're planning on applying for a mortgage or large loan in the near future, opening one or more current accounts will have no adverse affect.

Not sure what you mean by maturing premium bonds, as they don't mature. Do you perhaps have savings in a fixed rate account
with NS&I?

EDIT beaten to it by eskbanker

xylophone

I know of no limit on either savings or current accounts.

With the sum of money that you have (and assuming that you have never had a Nationwide Flex direct current account), I would open one and also a TSB Classic Plus account - you would set up a same day mid month SO for £1000 from NW to TSB and from TSB to NW and go paperless on TSB.

NW offer a regular monthly saver for up to £250 a month - you could use the monthly interest on both the current accounts as part of your monthly contribution.

You could be credit checked on any account application.

When the 5% offer on the NWFD current account expires you might check to see what Tesco would be offering then.

Premium bonds don't mature? Are you sure that you mean PBs?

eskbanker

xylophone wrote: »

You could be credit checked on any account application.

In the context of this (current v saving account) thread, my understanding is that it's as simple as current account applications do credit-check and savings accounts don't - are you suggesting that there are current accounts that don't involve credit checks and/or savings accounts that do (and if so, which ones?)?

18cc

0.25% is an appalling rate of interest - I would advise transferring the £4k+ you have there to eg a Marcus online account (1.5%) or Paragon Bank 1.45% easy access savings account.

If going forward you can afford to save eg £100 a month then the suggestions above are excellent.

xylophone

In the context of this (current v saving account) thread, my understanding is that it's as simple as current account applications do credit-check and savings accounts don't - are you suggesting that there are current accounts that don't involve credit checks and/or savings accounts that do (and if so, which ones?)

https://forums.moneysavingexpert.com/discussion/5652785/savings-accounts-credit-checks

eskbanker

xylophone wrote: »

In the context of this (current v saving account) thread, my understanding is that it's as simple as current account applications do credit-check and savings accounts don't - are you suggesting that there are current accounts that don't involve credit checks and/or savings accounts that do (and if so, which ones?)

https://forums.moneysavingexpert.com/discussion/5652785/savings-accounts-credit-checks

Hmmm, not convinced! The OP in that thread talked of being told verbally that there'd been a hard credit check for a savings account (and was also assured that this was standard industry practice) but as far as I can see there was never any evidence of it in terms of visible footprint on credit files, so think that the story lacked credibility....