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move cash now or wait

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  • t1redmonkey
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    The thing is, that person you'll be speaking to at Natwest is not going to give you independent/unbiased advice, he/she will just want to offer you something Natwest have, but they don't have anything remotely competitive to save into at the moment (other than their Regular Saver, but that obviously won't be enough for your situation).
  • RobM99
    RobM99 Posts: 2,543 Forumite
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    How about a shorter term account? 30-day for example?
    Now not a gainfully employed bassist.
  • eskbanker
    eskbanker Posts: 31,819 Forumite
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    john6812 said:
    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
    😲 You really ought to consider keeping a closer eye on what's available!
  • cymruchris
    cymruchris Posts: 5,330 Forumite
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    edited 15 November 2022 at 9:23PM
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    john6812 said:
    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
    Well you've come to the right forum to get some good pointers - but as has been mentioned - if I were in your position, I'd cancel that appointment with Natwest, as they genuinely will have nothing to offer that comes anywhere close to what you can get from elsewhere.

    Let's just say the £100k you refer to was put into the following:

    Natwest Premium Saver - 1% - £1000 interest per year at that rate.

    Aldermore instant access - 2.75% - £2750 interest per year.

    TSB 1 year - 4.35% - £4350 interest per year.

    Ford Money 5 year - 4.95% - £4950 per year.

    (The above doesn't take into account your personal tax allowances etc - but it's clear that by making changes away from Natwest will easily give you a free holiday! So don't hang around - and explore your online options - and if there's something you see that you want to check out to make sure it's legit - come back here and you'll get decent pointers if it's not!) 

    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects :) Happy to help others going through what I've been through!
  • Albermarle
    Albermarle Posts: 22,804 Forumite
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    wait and see if we have another rise in interest in December or just move it around now. 

    Any interest rate you get today, will be vastly better than you are getting now. Probably rates will not go up much further so best to just get on with it.

    which is what was paying the best rates at my last review a few years ago

    Even if your last review was only a few months ago, they would be uncompetitive. You really must keep a closer eye on these things.


  • john6812
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    ok first thank you for the advice i know i should of acted sooner but as my post was asking for advice on move cash now or wait and see if rates go up. i have no intention of keeping my savings in nat west its the bank i pay bills with and salary goes into ect . i fully intend and always have intended to move my savings into a fixed account of at least 3.6% and if rates go up hopefully more. just not got around to it since rates started rising. the call i had booked with natwest for tomorrow was not to see what they had to offer as i said there best is 1% its about other matters as well but maybe i should of said this
  • Albermarle
    Albermarle Posts: 22,804 Forumite
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    but as my post was asking for advice on move cash now or wait and see if rates go up

    Nobody knows for sure, but increases seem to have stalled.


  • marycanary
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    john6812 said:
    ok first thank you for the advice i know i should of acted sooner but as my post was asking for advice on move cash now or wait and see if rates go up. i have no intention of keeping my savings in nat west its the bank i pay bills with and salary goes into ect . i fully intend and always have intended to move my savings into a fixed account of at least 3.6% and if rates go up hopefully more. just not got around to it since rates started rising. the call i had booked with natwest for tomorrow was not to see what they had to offer as i said there best is 1% its about other matters as well but maybe i should of said this
    Hi, 

    If you are nervous about rates going up in December you could fix half of your savings now, put half in the best easy access account and look again in 6 weeks.
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