Reduction in Halifax Instant Saver interest rate, ideas?

dubb

Morning folks, I'm looking some help regarding my wife & I's savings account with the Halifax. Not sure if anyone else got an email in the past week stating the rate will be halving in February, 0.2% down to 0.1% and it was bad enough at 0.2, never mind 0.1!

Not clued up on where to go, or what to do? Our account regularly has monthly deposits, however we need access to the money for larger payments (annual holidays etc.)

Am I trying to find a panacea that doesn't exist??

Thanks

DonnySaver

All the latest rates & accounts are on here:-

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Zanderman

Why aren't you using an easy access saver with a decent (by today's standards) rate?

Marcus offer 1.45% iirc. That loads more than Halifax. And is easy access to and from your designated current account.

dubb

I guess it's not being up-to-date with what's best. Can't say I've changed accounts, I see some saving accounts are paired with current accounts to get a better rate, changing current accounts, does that bring a lot of hassle? Or do the banks sort that out?

ColdIron

Marcus isn't reliant on a current account (beyond nominating your existing one for withdrawals), there isn't one anyway. It's easy to open and operate. 0.2% is a terrible rate

eskbanker

dubb wrote: »

I guess it's not being up-to-date with what's best. Can't say I've changed accounts, I see some saving accounts are paired with current accounts to get a better rate, changing current accounts, does that bring a lot of hassle? Or do the banks sort that out?

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest will keep you up to date with the best.

There are regular saver accounts (as above) and/or current accounts if you're able and willing to make a bit of effort to squeeze out the very best total return on your money, but there are also plenty of simple easy-access accounts offering way more interest than the derisory rate that your Halifax one does....

dubb

ColdIron wrote: »

Marcus isn't reliant on a current account (beyond nominating your existing one for withdrawals), there isn't one anyway. It's easy to open and operate. 0.2% is a terrible rate

Totally agreed, it's abysmal! And it's halving to 0.1% next year, definitely going to research & move.

Katiehound

Apart from regular savings accounts you might look at Tesco internet saver- I think it is 1.16%.
Okay, not brilliant but I use it to feed the RSs and you can set up monthly payments up to 12 months in advance.

EdGasketTheSecond

Premium bond 'prize fund' equates to an average return of 1.4% tax free and capital 100% guaranteed.

ColdIron

Katiehound wrote: »

Apart from regular savings accounts you might look at Tesco internet saver- I think it is 1.16%.

1.21% currently

Zanderman

Zanderman wrote: »

Why aren't you using an easy access saver with a decent (by today's standards) rate?

Marcus offer 1.45% iirc. That loads more than Halifax. And is easy access to and from your designated current account.

dubb wrote: »

I guess it's not being up-to-date with what's best. Can't say I've changed accounts, I see some saving accounts are paired with current accounts to get a better rate, changing current accounts, does that bring a lot of hassle? Or do the banks sort that out?

Don't get confused by talk of changing accounts or switching. Or by savings accounts linked to particular current accounts. Or by Regular savers as you implied you needed access and Reg savers don't always give that.

All you need to do is open a savings account with one of the banks that offer reasonable rates on easy access savers. Marcus is one of them. You don't need to leave Halifax. There's no hassle.

I mentioned a designated current account above - but that was to reassure, not to suggest you need to move banks. For Marcus the designated current account is the one you already have. In your case I assume you have one at Halifax.

It's all very very easy!!

Have a look: https://www.marcus.co.uk/uk/en