The Top Easy Access Savings Discussion Area

aldino

Guys can you please advise me...

I currently have £2k in my ING savings account...and well i've seen that their current rates...from next month its only 3.72 NET PA.

So basically im lookin for the best place...where i can keep £2k-£3k just gettin as much interest as possible, and be able to access it quickly (transfer to current account) if needed.

I dont have an ISA or anything like that.

Thanks

Baldur

aldino wrote: »

Guys can you please advise me...

I currently have £2k in my ING savings account...and well i've seen that their current rates...from next month its only 3.72 NET PA.

So basically im lookin for the best place...where i can keep £2k-£3k just gettin as much interest as possible, and be able to access it quickly (transfer to current account) if needed.

I moved away from ING ages ago, when their rates became totally uncompetitive.

Suggest that you check out Martin's Top Savings Accounts article and Cash ISA article.

RobertTheBruce

whu wrote: »

Kaupthing edge are internet only and pay 6.5%AER and monthly interest if you are happy to go with an overseas bank - they are Icelandic-there are also some decent rates for fixed terms if you would prefer - take a look at moneysupermarket.co.uk or moneyfacts.co.uk

Just spotted Birmingham Midshires 6.5% no strings via another ms site
How long before it gets to MSE, or is everyone holding back until their
account is open before posting

Meltdown_2

RobertTheBruce wrote: »

Just spotted Birmingham Midshires 6.5% no strings via another ms site
How long before it gets to MSE, or is everyone holding back until their account is open before posting

In fact it has been mentioned quite a few times, but not always in the most obvious of places.
There is one thread (at least) with the obvious reference in the title
http://forums.moneysavingexpert.com/showthread.html?t=865685
but often it is included in posts along with other accounts, or under a thread title that doesn't reference it directly (as is the case with this one!)
The searcher for posts on it needs to be a bit careful in their use of the search facility.

Confused_Saver_2

Hi everyone.

Sorry if this is a bit of a long winded question or if I've posted in the wrong place..!
I have my deposit for buying a house (I'm a first time buyer) that I am looking to invest/save for the next 2/3 years.
I currently have £35k which I am unsure what to do with?!
I currently have it sitting in Premium Bonds and a low interest savings account.
I was unsure whether to use my £7k ISA allowance and deposit the remainder into the "Kaupthing" account listed on the forum and website.

Was just looking for some sound advise regarding what would be the "best thing to do".

Many thanks in advance.

RobertTheBruce

Meltdown wrote: »

In fact it has been mentioned quite a few times, but not always in the most obvious of places.
There is one thread (at least) with the obvious reference in the title
http://forums.moneysavingexpert.com/showthread.html?t=865685
but often it is included in posts along with other accounts, or under a thread title that doesn't reference it directly (as is the case with this one!)
The searcher for posts on it needs to be a bit careful in their use of the search facility.

Thanks Meltdown.
It seems such a good account though, it needs to be headlined, with or without asterisk

murphydavid

Birmingham Midshires seems to be another one of those 6 month jobies. ie I will be surprised if their current 6.5% account does not change its name within 6 months thus leaving you with an out of date lower interest account. While a new 6.5% account is introduced. So you have to watch it like a hawk and move your money continuously. I had a B M account for just over 5 months but never again. Can't be bothered with the sneaky changes.

JimmyTheWig

Confused_Saver wrote: »

I am looking to invest/save for the next 2/3 years.
I currently have £35k which I am unsure what to do with?!
I currently have it sitting in Premium Bonds and a low interest savings account.
I was unsure whether to use my £7k ISA allowance and deposit the remainder into the "Kaupthing" account listed on the forum and website.

Firstly, just about anything would be better than premium bonds and low interest sayings, so well done for sorting it out!

Assuming that you have a partner and the £7k allowance is for the both of you, and you mean a cash ISA, then I agree completely.
As an individual you can only put £3600 a year into a cash ISA. The £7200 limit is only if you use stocks and shares ISAs.
Stocks and shares can be a good investment if you are happy with a bit of risk (i.e. wouldn't be the end of the world if you lost the money) and you are happy to keep the investment for 5+ years. As you are only talking 2/3 years the "correct" thing would be to keep all the money as cash. Which is why I'm saying use your (and your partner's if appropriate) cash ISA allowance but not your stocks and shares ISA allowance.
[However, if you wanted a flutter on the stock market with a small amount of your cash (we're only taking 3.5k of 35k here) then that wouldn't be terrible.]

Incidentally, if you do have a partner then you are probably best off opening the Kaupthing account in the name of whichever of you pays the lowest rate of tax.

pauli108

Hello,
I am completely new to this and probably my question will seem silly to many. but if the best instant saving account is a bit above 6% AER whilst the A&L current account gives 8,5% AER then why do we need an instant saving account at all?

Mr._H_2

pauli108 wrote: »

Hello,
I am completely new to this and probably my question will seem silly to many. but if the best instant saving account is a bit above 6% AER whilst the A&L current account gives 8,5% AER then why do we need an instant saving account at all?

Because the A&L account only pays that interest on balances up to £2500, anything above that earns only 0.1%. In contrast, the cap on savings accounts is usually somewhere in the region of £1 million to £5 million.

It's also highly likely that the rate on the A&L account will drop to a low value after one year, whereas many of the top paying savings accounts have good guarantees on their rates.