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Where to save?


Just where or what do I do with it with the economy so unpredictable at the moment?
Comments
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https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/ gives a range of options, but much will depend on how much effort you're prepared to put in to get decent rates - many on here will keep moving savings around to chase the best return, but if that sounds like too much work then just pick a top-paying easy-access account for some of the money and a good fixed rate one for the rest, for whatever period you feel comfortable with.
https://www.moneysavingexpert.com/savings/best-cash-isa/ is also potentially worth considering if you're not already using ISAs.
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it would be fine just left in my banks basic savings account until I could decide what I should do to make it work for me. I’ve only recently discovered that the rate is very,very low
The savings accounts offered by High st banks are normally pretty abysmal, although they offer some OK regular savings accounts, but these restrict how much money you can put in them.
Better to shop around, and do not be worried if you do not recognise the name of some of the smaller banks.
Every savings provider mentioned in the MSE link in the previous pos, are covered by the full £85K FSCS compensation, in case anything went wrong.
Here is a link to a similar running thread
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Put it all in one of the Banks (or BSocs) that regularly have Savings Accounts in the Top 10 ------in my case I use Marcus Bank (my favourite), RCI Bank, Virgin Money ( Banks are always quicker if you are managing your savings online----some BSocs still insist on postal service or visiting a branch----can you believe it ??? ).
I refuse to be one of those people who dash back and forth from savings banks/bldg socs every time there is a change at the top of the "Best Interest Rates" list but occasionally the "home" of your savings DOES have to change if a significant interest rate disparity creeps in over time. So pick one out of a number with historically continual competitive high earning accounts that suit your particular needs and put all the £20k into one of them ; and use easy access accounts for some of the money, and fixed rates for others, if that factor is relevant to YOUR needs; but, if easy access, check every month , 6 months, whatever...... on the Interest Rate Chart Toppers and make sure yours hasn't drifted a very long way from the top of the board ( I use a disparity of 0.5%-0.75% as my criterion for possible change), but on a figure of £20k you may wish to change more frequently. Whatever is best for you. I wish you good returns on your £20,000.
PS----wait till effects of latest Bank of England increase filters through to savings banks/bldg socs sometime early in the New Year. Merry Xmas.2 -
4.25% one a one-year fix any good? £850 for doing not a lot!Now a gainfully employed bassist again - WooHoo!1
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some BSocs still insist on postal service or visiting a branch----can you believe it ??? ).
To be fair, some of them are very small, with only a handful of branches, or only one branch in some cases.
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I must admit I can't be bothered to keep moving money about so I have my savings in one building society or my bank. I use Coventry building society as their rates are pretty good and I've just opened the limited access account paying 2.85,% going to 3.25% in January. It's really easy to open new accounts if you are already a customer. I also have some in a one year fixed rate 4.15% with my bank, Halifax which is a preferential rate for bank account holders. Again takes seconds to open the account.2
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Janie2008 said:I must admit I can't be bothered to keep moving money about so I have my savings in one building society or my bank. I use Coventry building society as their rates are pretty good and I've just opened the limited access account paying 2.85,% going to 3.25% in January. It's really easy to open new accounts if you are already a customer. I also have some in a one year fixed rate 4.15% with my bank, Halifax which is a preferential rate for bank account holders. Again takes seconds to open the account.
The main point is not to have money languishing in current accounts , or very poor savings accounts as typically offered by the big High St banks . Maybe we will have to stop calling them High St banks soon, as they are closing all their branches !2 -
Janie2008 said:I must admit I can't be bothered to keep moving money about so I have my savings in one building society or my bank. I use Coventry building society as their rates are pretty good and I've just opened the limited access account paying 2.85,% going to 3.25% in January. It's really easy to open new accounts if you are already a customer. I also have some in a one year fixed rate 4.15% with my bank, Halifax which is a preferential rate for bank account holders. Again takes seconds to open the account.
Each to their own, but I do despair when I see the phrase “I must admit I can't be bothered” why spend time on a site like MSE if folks can’t be bothered. It’s nice to simplify life but at what cost? Most on MSE are happy to go the extra mile.
I choose the rooms that I live in with care,
The windows are small and the walls almost bare,
There's only one bed and there's only one prayer;
I listen all night for your step on the stair.6 -
trickydicky14 said:Janie2008 said:I must admit I can't be bothered to keep moving money about so I have my savings in one building society or my bank. I use Coventry building society as their rates are pretty good and I've just opened the limited access account paying 2.85,% going to 3.25% in January. It's really easy to open new accounts if you are already a customer. I also have some in a one year fixed rate 4.15% with my bank, Halifax which is a preferential rate for bank account holders. Again takes seconds to open the account.
Each to their own, but I do despair when I see the phrase “I must admit I can't be bothered” why spend time on a site like MSE if folks can’t be bothered. It’s nice to simplify life but at what cost? Most on MSE are happy to go the extra mile.
On the other hand I have a friend who moved £thousands from a 0% current account toa 4% one-year fix. That's worth the effort!Now a gainfully employed bassist again - WooHoo!1 -
RobM99 said:Extra mile is fine, but I'm not spending time chasing an extra 0.05% or a few quid a year by opening extra accounts I really don't want.1
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