move cash now or wait

john6812

hi looking for some advice, I currently have a quite large sum of cash in different types of accounts all held with NatWest. The account is a joint account between myself and my wife, so we are covered up to £170,000 but we have gone over this amount by quite a sum and are still adding to the amount each month. I know i need to do something as the other thing is NatWest only pay 1 percent tops on the account with the most cash in. initially i would like to put a large some say £100,000 in a fixed rate account with a building society as they are paying 3x the rate of NatWest but because i have left things so long am not sure if i should wait till December and see if the rates change as they have not passed any of the last .75 rise on to customers yet. There are a few other things that have made me decide to move a large portion of my saving from natwest besides the poor interest rate but just cannot decide if now is the time

cymruchris

No matter what you decide long term - if your best paying account is 1 percent now - get the whole lot shifted into one (or more) of the top easy access savings accounts asap. It's easy to get 2.5-3% across a range of instant access savings accounts - and then decide what you want to do long term when you're ready. 

ZeroSum

Fixed rates have seemed to level off a bit, and are round about longer term base rate expectations so don't think waiting until December will make any difference.  

You could hedge some in 6 month fixes for 3.5% 

Bigwheels1111

You need to open a few new accounts, don’t go over the 85k FSCS limit per account  Al Rayan easy access is 2.81%.
Thats near 3 times what you are getting now. With little to no effort.
Until I fix I’ve got mine cash in,
Al Rayan 2.81% Withdrawal limit 20k a day.
Gatehouse bank 2.76%( not available anymore )
Santander 2.72% ( not available anymore)

Aldermore have 3% easy access as of today.

phillw

All rayan 2.81 is gross, not aer. With compounding its 2.84.

john6812

thanks for the reply's, spoke to a couple of places today about opening an account and have a call booked with NatWest for Thursday. the thing i have found now since i last reviewed my accounts is how difficult it is to get a branch appointment for a face-to-face meeting. maybe there still working from home not sure.

cymruchris

john6812 said:

thanks for the reply's, spoke to a couple of places today about opening an account and have a call booked with NatWest for Thursday. the thing i have found now since i last reviewed my accounts is how difficult it is to get a branch appointment for a face-to-face meeting. maybe there still working from home not sure.

Is there a reason you want to keep your money with Natwest? They don't offer any decent savings rates for the amount of money you have sitting in your existing savings account. You can apply online for many of the top rates from reputable establishments with full FSCS protection. (Are you aware that you're only covered up to £85k per financial institution if it were to go belly up? Unlikely - but better not to have all your eggs in one basket). A branch appointment with a face to face meeting might be the traditional way to discuss finances, but for the moment it won't give you your best rate of return. 

Albermarle

As above, savings rates at high st banks are rubbish. 
You want to move your money elsewhere pronto.
Compare The Best UK Savings Accounts | moneyfacts.co.uk

wmb194

john6812 said:

thanks for the reply's, spoke to a couple of places today about opening an account and have a call booked with NatWest for Thursday. the thing i have found now since i last reviewed my accounts is how difficult it is to get a branch appointment for a face-to-face meeting. maybe there still working from home not sure.

Why are you bothering with NatWest? Its deposit rates are rubbish.

t1redmonkey

john6812 said:

thanks for the reply's, spoke to a couple of places today about opening an account and have a call booked with NatWest for Thursday. the thing i have found now since i last reviewed my accounts is how difficult it is to get a branch appointment for a face-to-face meeting. maybe there still working from home not sure.

Cancel the appointment, they can't offer you anything decent

john6812

hi all yes i am aware of the 85k single and 170k joint account fscs rule, I have banked with natwest since i first got married and no there is not a reason i want to keep my savings with them, that is the reason i am now looking around for better rates. I know i should have done something before now about being over the fscs limit but going to get it done now was just asking for advice on if i should wait and see if we have another rise in interest in December or just move it around now. The cash i have is in 5 different accounts and 2 isa,s which is what was paying the best rates at my last review a few years ago