Advice Needed on Possible Change

Smokey2005

Hey guys,

Just wanted some advice on my current money situation and if possible could you recommend better options where they are applicable.

Basically i'm a 20 year old male currently earning at present just under £16k per year. I have banked with halifax since i was 16, and have multiple accounts set up with them. Up to now, i have been very happy with the service they have provided, however i'm wondering if there are any better deals out there i should be striking with my money.

I have at present with them:

Halifax current account 3.04% AER (3.00% gross p.a) - paying in just over £1k a month. Account balance always over £1k at any one time.

Halifax web saver 4.90% gross p.a - has £2k in at present but grows around £200 every month.

HALIFAX REGULAR SAVER 7% - Contributing £250 in a month and have 5 months or so left till the 12 month period is up.

Halifax One Credit Card - 0% interest free for 9 months on balance transfers and purchases - Presently has a balance of £400.

I've been looking at in particular Smile and Cahoot, but am unsure if they will offer any greater benefits than i am currently recieving with Halifax. Also to point out i am saving for a house and am looking to purchase within the next 2 years. My parents have said it would be good to stay with halifax as when i come to apply for a mortgage they will have a long list of accounts over 4 or 5 years that have had plenty of money in them and also Credit card payments of which payments have always been on time.

Any advice would be great.

Regards.

grumbler

It is difficult to give an advice on such wide range of products.
I think, it is not a good idea to stick to one particular bank and to plan having mortgage with this bank in future. Are you sure that there will not be better deals around? You can have different acounts with different banks.
For current account it was believed till now that the best is A&L Premium Plus with 5% (up to 2.5K) and their Online Saver 5.35%. However, Online Saver is now closed for new aplications.

'Best Current Account' article

Other articles are HERE. And don't forget about mini cash ISAs - you can save up to £3K p.a. tax free. It looks like you don't have them yet.