Best Savings Rates - Not for Me

Zonda111

I don’t understand why only obscure online, and in my view potentially dodgy, financial institutions are listed in the ‘Best Savings’ section.  Who has heard of these so called banks, let alone know where in the world they are based?

I’m sure like most older savers I would prefer to visit, or in the least know of, the place I am investing my nest egg with, rather than just sending it off into the ether with a click of a button. Why can’t we see some best high street banks and building societies listed as well. I am well prepared to travel 40 miles or so once every 2 or 3 years to a household named BS or bank if it gives me piece of mind of where my money is.

Anyone else feel the same?

RG2015

No problem as long as they are registered  with the FCA and FSCS.

GeoffTF

Provided that your deposit is guaranteed by the FSCS it should be safe.

ranciduk

I don’t feel comfortable putting large sums in accounts with these ‘online’ banks

Fortunately Halifax and TSB have now finally , after years of rubbish rates, come out with some fixed bonds paying pretty decent rates

not market leading of course 

but good enough, and I feel so much more comfortable having my money with these big institutions 

eskbanker

Zonda111 said:

I don’t understand why only obscure online, and in my view potentially dodgy, financial institutions are listed in the ‘Best Savings’ section.  Who has heard of these so called banks, let alone know where in the world they are based?

I’m sure like most older savers I would prefer to visit, or in the least know of, the place I am investing my nest egg with, rather than just sending it off into the ether with a click of a button. Why can’t we see some best high street banks and building societies listed as well. I am well prepared to travel 40 miles or so once every 2 or 3 years to a household named BS or bank if it gives me piece of mind of where my money is.

Because MSE offers listings based on rates, so if high street names are too far off the pace then they're unsuitable for people wanting best rates.

MSE used to include a token 'brand you know' entry in each of these listings but abandoned that a while back, but if that's what you're looking for then more comprehensive sites such as Moneyfacts will allow you to filter searches based on criteria such as being able to manage in branch.

jaypers

High Street brands also go broke. Not really sure on the logic here. FSCS is key and you can’t lose if you operate within the boundaries. 

Eco_Miser

Zonda111 said:

I don’t understand why only obscure online, and in my view potentially dodgy, financial institutions are listed in the ‘Best Savings’ section.  Who has heard of these so called banks, let alone know where in the world they are based?

I’m sure like most older savers I would prefer to visit, or in the least know of, the place I am investing my nest egg with, rather than just sending it off into the ether with a click of a button. Why can’t we see some best high street banks and building societies listed as well. I am well prepared to travel 40 miles or so once every 2 or 3 years to a household named BS or bank if it gives me piece of mind of where my money is.

Anyone else feel the same?

You mean like Virgin Money (formerly and formally Clydesdale Bank plc)? They've been in the Best Rates recently.

More generally, the big high street banks don't need to offer the best rates, so they don't, and therefore don't get listed.

[Deleted User]

Zonda111 said:

I don’t understand why only obscure online, and in my view potentially dodgy, financial institutions are listed in the ‘Best Savings’ section.  Who has heard of these so called banks, let alone know where in the world they are based?

I’m sure like most older savers I would prefer to visit, or in the least know of, the place I am investing my nest egg with, rather than just sending it off into the ether with a click of a button. Why can’t we see some best high street banks and building societies listed as well. I am well prepared to travel 40 miles or so once every 2 or 3 years to a household named BS or bank if it gives me piece of mind of where my money is.

Anyone else feel the same?

Northern Rock account holders thought that

andyhicks88

Virgin Money have the highest Easy Access Rate currently (their ISA) and have several other times over recent months, Santander had the highest EA rate recently, Barclays have a 5% account, Halifax and Lloyds have one of the top regular savers? So basically, we do see the high street banks on the table.

Beddie

If you go to moneyfacts, they have a long list, so you can find the high street names on there:

https://moneyfacts.co.uk/savings-accounts/

Keep clicking "show more" to expand the list.

Personally I will use a smaller provider as they are FSCS protected, but I respect your personal opinion and desire to use a well known brand.

mebu60

andyhicks88 said:

Virgin Money have the highest Easy Access Rate currently (their ISA) and have several other times over recent months, Santander had the highest EA rate recently, Barclays have a 5% account, Halifax and Lloyds have one of the top regular savers? So basically, we do see the high street banks on the table.

Not forgetting HSBC's Online Bonus Saver at 3% for up to £10k.