which is best bank account for me

poolielad

Hi all, need a bit of help please. I currently have 12k saving with Newcastle Building Society. The account is called: NCL BIG HOME SAVER ISA ISSUE 3.  I put £70 a month into the account and very rarely touch (havent for a few year now) Just asked them what interest I get on it, I am told its 1.24% with a bonus of 0.25%, I am guessing that bonus is subject to withdrawals. I am not very savvy when it come to interest I should get. But my money as been in there years. So my question is, what should I do, what bank or what account should I be having this money in to get the best out of it. Ideally I would like instant access to it. Or some many withdrawals a year just incase I need it.

Any help would be appreciated (in lamens terms as well please)

Thanks in advance.

penners324

There are instant access accounts paying 2.5%, fixed period accounts paying 3% and more....

Band7

Your account is an ISA, with a dreadful interest rate

First read this: https://blog.moneysavingexpert.com/2022/04/martin-lewis-ditch-cash-isa/

If your answer is that you should have an ISA, hop over to the ISA board to ask what the best ISA is and how you request an ISA transfer

If you don’t want/need an ISA, check moneyfacts.co.uk for the most suitable account for you.

RobM99

So many different types. 5 year fix? 90-day notice? Something inbetween?
In the meantime. put it somewhere, as suggested instant access, that pays more while you decide.

Band7

RobM99 said:

So many different types. 5 year fix? 90-day notice? Something inbetween?
In the meantime. put it somewhere, as suggested instant access, that pays more while you decide.

First step is to establish whether the money should remain in an ISA or not

poolielad

So what are the benefits of it being in the ISA that it is in please?

Band7

poolielad said:

So what are the benefits of it being in the ISA that it is in please?

Are you saying you read the MSE article about ISAs and have concluded ISAs are not of benefit to you?

Qyburn

penners324 said:

There are instant access accounts paying 2.5%, fixed period accounts paying 3% and more....

Virgin instant access ISA pays 3%.

Richard1212

You are losing a lot of money in interest by staying with your present savings account. You can easily google the best Saving Banks/Bldg Socs . You will always find the ones which are most competitive and stay in or around the list of top 10 saving accounts. Choose the one/s which suit you best, poolielad ( do you want to save online, by phone, by app, in person???) and leave the Newcastle BS as soon as you can.

poolielad

Band7 said:

poolielad said:

So what are the benefits of it being in the ISA that it is in please?

Are you saying you read the MSE article about ISAs and have concluded ISAs are not of benefit to you?

To be honest mate, I havent really read anything, just been and got bank books updated and asked what the rate was, I dont know a lot about money and saving accounts etc, but even I thought that was low.... Just thought I would ask the question on here!!!

poolielad

so should I be looking at something like this???

https://www.ybs.co.uk/savings/product?id=YB681614W&cmpid=lis-15508