which is best bank account for me

poolielad

I would just like to thank everyone who as replied and helped me greatly with this. I have come to the conclusion that the money is wasted where it is, and would not benefit from putting it in another ISA. To simplify things, and considering I haven`t touched the money for a good few years, I am going to go for this 1 year fixed rate account through Hargreaves. Do people think that is a sensible option?

And one last question, (probably a silly one). Before I open this account, how do I go about withdrawing the money from the ISA that I have with Newcastle Building Society, do they just give me a check, or do I go in and ask them to transfer the money to my other account

Paragon

Protected up to £85,000.

• AERAER (Annual Equivalent Rate) shows what the interest rate/expected profit rate would be if it was paid and compounded once each year. It helps you compare the rates on different savings products. Once you have opened a fixed term product the rate won't change, but rates on easy access products can vary.

| GrossGross means the rate without any tax removed. Interest/profits are paid gross. You are responsible for paying any tax due on interest/profits that exceed your Personal Savings Allowance to HM Revenue & Customs. Tax treatment can change. Once you have opened a fixed term product the rate won't change, but rates on easy access products can vary.

4.20% | 4.20%

Term

1 year

Apply byIf you are considering adding money to this savings product, please ensure you have opened an Active Savings Account and given us your instructions before the application deadline.

28/12/2022

Min opening amount

£1,000.00

Interest paid

Maturity

Band7

The Paragon account is definitely a much better choice than what you have at the moment.

Personally, if I were to choose a 1-year bond right now, I would choose the 4.25% account at Atom Bank or Zopa as I will avoid paying Hargreaves a penny if I can. They are both app-only accounts, which suits me down to the ground, but you might prefer accounts with online banking.

If you have online access to your Newcastle ISA account, you should be able to withdraw your balance to your current account, and from there deposit it to your new savings account. If you don't, they may have to send you a cheque, or they might do an electronic transfer to you.

poolielad

Band7 said:

The Paragon account is definitely a much better choice than what you have at the moment.

Personally, if I were to choose a 1-year bond right now, I would choose the 4.25% account at Atom Bank or Zopa as I will avoid paying Hargreaves a penny if I can. They are both app-only accounts, which suits me down to the ground, but you might prefer accounts with online banking.

If you have online access to your Newcastle ISA account, you should be able to withdraw your balance to your current account, and from there deposit it to your new savings account. If you don't, they may have to send you a cheque, or they might do an electronic transfer to you.

Have I missed something here, will I be paying money out to Hargreaves for this account??

trevjl

Have I missed something here, will I be paying money out to Hargreaves for this account??

We don’t charge you directly, instead we charge our banking partners.

No you wont.

Band7

poolielad said:

Band7 said:

The Paragon account is definitely a much better choice than what you have at the moment.

Personally, if I were to choose a 1-year bond right now, I would choose the 4.25% account at Atom Bank or Zopa as I will avoid paying Hargreaves a penny if I can. They are both app-only accounts, which suits me down to the ground, but you might prefer accounts with online banking.

If you have online access to your Newcastle ISA account, you should be able to withdraw your balance to your current account, and from there deposit it to your new savings account. If you don't, they may have to send you a cheque, or they might do an electronic transfer to you.

Have I missed something here, will I be paying money out to Hargreaves for this account??

No, but they make money on your back.

trevjl

Band7 said:

poolielad said:

Band7 said:

The Paragon account is definitely a much better choice than what you have at the moment.

Personally, if I were to choose a 1-year bond right now, I would choose the 4.25% account at Atom Bank or Zopa as I will avoid paying Hargreaves a penny if I can. They are both app-only accounts, which suits me down to the ground, but you might prefer accounts with online banking.

If you have online access to your Newcastle ISA account, you should be able to withdraw your balance to your current account, and from there deposit it to your new savings account. If you don't, they may have to send you a cheque, or they might do an electronic transfer to you.

Have I missed something here, will I be paying money out to Hargreaves for this account??

No, but they make money on your back.

Doesn't every company ? otherwise they wouldn't be in business ?

Eco_Miser

trevjl said:

Band7 said:

poolielad said:

Band7 said:

The Paragon account is definitely a much better choice than what you have at the moment.

Personally, if I were to choose a 1-year bond right now, I would choose the 4.25% account at Atom Bank or Zopa as I will avoid paying Hargreaves a penny if I can. They are both app-only accounts, which suits me down to the ground, but you might prefer accounts with online banking.

If you have online access to your Newcastle ISA account, you should be able to withdraw your balance to your current account, and from there deposit it to your new savings account. If you don't, they may have to send you a cheque, or they might do an electronic transfer to you.

Have I missed something here, will I be paying money out to Hargreaves for this account??

No, but they make money on your back.

Doesn't every company ? otherwise they wouldn't be in business ?

No. Not all companies are in business, some are charities, some are not charities but have charitable objects. Some get funded by donations/grants, not by selling their users info or by selling to their users.

And even some commercial companies do things for free, really free, possibly making a small loss, (in the hope of selling other things at a good profit).

trevjl

 The company in question is a large FTSE listed company so no matter how hard I try I just don't see the point you are trying to make.
HL offer a saving account where they give various options that you can use without having to open various different accounts yourself. if this model suits then fine, if it doesn't then fine. I really don't see the issue of a company being paid what is in effect a commission. We are on MSE and now try telling me they don't use the same model ???
And, no I don't have any funds in HL savings account.

Eco_Miser

I was responding to your "Doesn't every company ?" which obviously covers more than one large FTSE listed company. I don't see any problem in companies being paid commission for introductions either, but not every company does that, many don't even make money in the conventional sense, that's not their purpose.