The Top Easy Access Savings Discussion Area

DragonQ

Now Tesco is dropping to 1% I'm looking for other places to store on-hand cash. I have two Bank of Scotland accounts (£5k @ 1.5%) but instead of setting up DDs on those to get the interest, should I just open a Coventry instant-access cash ISA instead (also 1.5%)? Seems simpler, although the rate will likely only last a year.

50Twuncle

DragonQ wrote: »

Now Tesco is dropping to 1% I'm looking for other places to store on-hand cash. I have two Bank of Scotland accounts (£5k @ 1.5%) but instead of setting up DDs on those to get the interest, should I just open a Coventry instant-access cash ISA instead (also 1.5%)? Seems simpler, although the rate will likely only last a year.

11 years ago - I had a fair amount of savings in a Coventry easy access account - paying a (now unheard of) 5% over 2 years - with more (I believe up to 7.5%) available if you were willing to tie it up for longer.
If only I had known............ !!

I-LOV-MONEY

Hindsight is a wonderful thing !

eskbanker

50Twuncle wrote: »

11 years ago - I had a fair amount of savings in a Coventry easy access account - paying a (now unheard of) 5% over 2 years - with more (I believe up to 7.5%) available if you were willing to tie it up for longer.
If only I had known............ !!

I-LOV-MONEY wrote: »

Hindsight is a wonderful thing !

For anyone interested in such nostalgia trips, you could do worse than reading the first few pages of this very thread, starting as it did pre-crunch in 2007, so plenty of posts about 6/7+% accounts and sundry references to the likes of Icesave and Bradford & Bingley....

quirkydeptless

eskbanker wrote: »

For anyone interested in such nostalgia trips, you could do worse than reading the first few pages of this very thread, starting as it did pre-crunch in 2007, so plenty of posts about 6/7+% accounts and sundry references to the likes of Icesave and Bradford & Bingley....

"Halifax offers stunning '12%' on savings"


https://www.thisismoney.co.uk/money/saving/article-1632307/Halifax-offers-stunning-12-on-savings.html


What could possibly go wrong? ...

DragonQ

50Twuncle wrote: »

11 years ago - I had a fair amount of savings in a Coventry easy access account - paying a (now unheard of) 5% over 2 years - with more (I believe up to 7.5%) available if you were willing to tie it up for longer.
If only I had known............ !!

Indeed. I have a few grand in 1-3 year fixed P2P lending but like having some to hand too. This cash will ultimately go towards paying off a 0% credit card but earning 1.5% interest is better than nothing! If I didn't need it to pay off a credit card at some point I'd just overpay the mortgage (1.84%).

polymaff

50Twuncle wrote: »

11 years ago - I had a fair amount of savings in a Coventry easy access account - paying a (now unheard of) 5% over 2 years - with more (I believe up to 7.5%)

Scrolling up my spreadsheets I note that eleven years ago BoS IASAR - yes, instant access - accounts were paying 6.5%.


Fumbling through old pass books, I find a 1990 Leeds & Holbeck 90-day notice account delivering 12.4% NETT.


The past is - truly - a foreign country..:)

eskbanker

polymaff wrote: »

The past is - truly - a foreign country..:)

At those sort of rates it sounds like Venezuela....

polymaff

eskbanker wrote: »

At those sort of rates it sounds like Venezuela....

Just to put it in context, RPI over the 90 days was just under 10% - so that still meant a good return over inflation.


Venezuela - current estimated inflation is 130,000%...:(

YorkshireBoy

adindas wrote: »

Does anyone have any idea if there is "a newly launched" instant access saving AC (or event current account) paying than 1.5%+ to divert the Tesco Current Account Balance ?

If there is, it'll be found in the savings accounts article on the main site. Or in the usual places such as moneyfacts, etc. Please come back and let us know if there is anything "newly launched" because, like you, I'm now on 1.45% for cash I need to distribute monthly (from one account for ease). The rest is making 1.5% with Marcus.