Egg 6 month offer finnished, which one shall i pick next?

dean_ham

I have £11k which has been in the egg online saving account and has just finnished its 6 month offer.
Need to swap to a different savings account as the interest rate has been cut.

Which one of the following do you recommend?

Bradford & Bingley eSavings pays 5.25% AER (5.13% monthly interest), minumum balance £1,000.

Cahoot savings account pays 5.10% AER, minimum balance £1. Run over the Internet and monthly interest is paid.

ING Direct pays 5% AER, minimum balance £1, monthly interest. Run over the phone, Internet or post.

Northern Rock online tracker, first 6 months 5.41%

Help me! as this is my deposit towards my first home in 1-2 years time !

Thanks!

klondyke

5.41% is better than others, so go for it and look again in 6 months. In fact, I was in the same position, but being an Aged Person was able to open a Coventry Building Society 60Plus account to take care of £2000 per month at 6%, (5.5 for newer customers) then opened Northern Rock. Already maxed on cahoot savings at 5.65, (no longer on offer) very soon to drop to 5.1, when more will go to Coventry and Northern Rock ... and whatever turns up next.

Many thanks, Martin, for the timely tips for getting in on those deals before they closed.

Angela

dean_ham wrote:

I have £11k which has been in the egg online saving account and has just finnished its 6 month offer.
Need to swap to a different savings account as the interest rate has been cut.

Which one of the following do you recommend?

Bradford & Bingley eSavings pays 5.25% AER (5.13% monthly interest), minumum balance £1,000.

Cahoot savings account pays 5.10% AER, minimum balance £1. Run over the Internet and monthly interest is paid.

ING Direct pays 5% AER, minimum balance £1, monthly interest. Run over the phone, Internet or post.

Northern Rock online tracker, first 6 months 5.41%

Help me! as this is my deposit towards my first home in 1-2 years time !

Thanks!

Sorry if I am stating the obvious,but I take it you have your ISA allowance maxed out for this year?
That would be your 1st port of call for any savings.

Walletwatch

I am in the same position, and have started with moving the money from the 4.75% egg to the 5% Abbey Web saver, from which I will move the money to ICICI HiSave offering 5.4% (5.27% monthly)

mels123

I am in the same position and have just opened an AA Savings account online. Their rate is 5.31% AER gross for a year. All the others seem to drop their introductory rate after 6 months.

HTH

Kazza242

dean_ham wrote:

I have £11k which has been in the egg online saving account and has just finnished its 6 month offer.
Need to swap to a different savings account as the interest rate has been cut.

Which one of the following do you recommend?

Bradford & Bingley eSavings pays 5.25% AER (5.13% monthly interest), minumum balance £1,000.

Cahoot savings account pays 5.10% AER, minimum balance £1. Run over the Internet and monthly interest is paid.

ING Direct pays 5% AER, minimum balance £1, monthly interest. Run over the phone, Internet or post.

Northern Rock online tracker, first 6 months 5.41%

Help me! as this is my deposit towards my first home in 1-2 years time !

Thanks!

I think you've left one off the list (which looks like one of mine from another thread; glad it's been helpful ) Yorkshire BS E-saver pays 5.20% and comes with a cashcard. You can use it to make withdrawals should you need instant access to some of your cash.

On making a choice, it really depends on whether you mind moving your money around every 6 months when most bonuses expire?

For an account that pays a competitive and consistent rate, I would look at Yorkshire BS, Cahoot or ING. They've consistently had the same interest rate for the last six months+. Bradford & Bingley's rate guarantee runs out 31 December 2005. I'm not sure about Northern Rock, some of their products can be quite confusing. The AA Savings account is competitive, with it's 0.6% 12 month bonus.

The earlier poster is correct though, in asking whether you've filled your mini cash isa for the year, as it should be the first place for savings.

brm_2

I think Halifax are offering 7% for regular savings accounts for 1 year.

deemy2004

don't forget you will lose about 0.08% in the transfer process i.e. from your account to theirs

The best bets are probably the regular savers i.e. halifax, abbey and derbyshire, which range from 5.85% to 7%, which with a good feeder account will yeild betweem 5.37% and 6% gross

Use an automatic feeder account setup i.e.

Halifax websaver S/O to Halifax current S/O to Your monthly savers. All automatic to maximise interest

mary

Another one you can add to your list is the Regular Saver, maximum £500 per month for 1 year with the Principality Building Society. It's based in Cardiff. I'm not Welsh, do not live in Wales, but wasn't a problem to open by post. Oh yes, the rate is 6.75% for 1 year fixed. Very quick and problem free to set up.

Incidentally at the moment you can open up 2 Regular Saver accounts with the Derbyshire (for a limited period of time - best to check) I got two accounts piling in £1,000 in each account recently.

deemy2004

Yep just got the misus to open another one today....

The monthly savers are the way to go

dean_ham

Thanks for the replies guys.

I am currently saving £250/m with the hsbc monthly saver at 8% which ends in march, and the £3000 which i would have saved in the account will be transfered into an isa before the tax year ends in april,

I just need an online savings account for my £11k which i can add to if i have any money left over from each month.

Im going to keep looking but northen rock is looking more appealing.