I've got £100,000 cash savings in my current account | Is Skipton Base-rate Savings the 1# choice?

housebuyer143

RosieRooBear said:

Oxbury no longer have a 90 day notice, only a 120 day notice at 5.53%

Term Deposits

Deposit a lump sum and watch your savings grow over a set period of time. Competitive fixed interest rates mean you'll know exactly what your return will be.

Existing Customer 1 Yr Bond: 5.45% Fixed- Issue 11Fixed

Min: £1,000.00Max: £500,000.00

Apply Now

Notice Accounts

Notice accounts combine the flexibility of instant access accounts with the increased interest rates of fixed-rate bonds. Simply give us notice when you want to make a withdrawal.

Personal 120Day Notice Account (Issue 23):5.53%AERVariable

Min: £1,000.00Max: £500,000.00

Apply Now

Easy Access Accounts

Our easy access accounts enable you to save whilst being able to access your funds on the same day, subject to our cut-off times.

Personal Easy Access Account (Issue 1): 4.94% AERVariable

Min: £1,000.00Max: £550,000.00

Apply Now

That's a shame, they recently had really good rates especially for existing customers. Managed to get a 1 and 2 yr fixed bond at 6.01% two weeks ago. 120 isn't too bad, I put my withdrawal request in the moment my money hits the account. I can always cancel it if I don't need it then, then it really is only 90 or 120 days fixed. 

brucefan_2

Albermarle said:

I've got just over £100,000 cash savings | Which for the past few years I've just left sat in my Barclays current-account (0% interest

As this a savings forum, where people swap accounts to gain 0.1% extra interest, there should be warning before being able to read such statements. So we could at least sit down first !

First time I've laughed out loud at a forum comment anywhere for a long time. Thank you for bringing a smile to my face on this miserable rainy morning.

horsewithnoname

frugalmacdugal said:

Hi,

Anonymous868 said:
I have always used Barclays Bank as my main debit-card account, and so tbh I just liked being able to go to a cash-point and seeing 100k+ sat in my account,

must look nice, but costing about £5k a year in lost interest.

Plus the interest paid on an extra 5 grand of mortgage when the OP buys a home. 😮

ToastLady

brucefan_2 said:

Albermarle said:

I've got just over £100,000 cash savings | Which for the past few years I've just left sat in my Barclays current-account (0% interest

As this a savings forum, where people swap accounts to gain 0.1% extra interest, there should be warning before being able to read such statements. So we could at least sit down first !

First time I've laughed out loud at a forum comment anywhere for a long time. Thank you for bringing a smile to my face on this miserable rainy morning.

Me too yesterday. Immediately followed by I need a strong drink. I did too, but just black coffee. 

Middle_of_the_Road

I was quite shocked to read this, and find it hard to understand how the OP was unaware how all the base rate raises would have associated benefits for savers.

I was under the impression banks had been told to make customers aware of possible better interest paying accounts. I don't know if this was just advice from the gov't or mandatory, but it might be worth making a complaint to Barclays for falling short in this respect.

I understand some of the comments here, as it seems an alien concept that this money sat in a current account for so long, but this thread certainly has no amusement value for me.

ColdIron

Middle_of_the_Road said:

I was under the impression banks had been told to make customers aware of possible better interest paying accounts

Never happened, has your bank made you aware of any?

Middle_of_the_Road

ColdIron said:

Middle_of_the_Road said:

I was under the impression banks had been told to make customers aware of possible better interest paying accounts

Never happened, has your bank made you aware of any?

No not directly, but do recall related information within one of the Apps and also on paper communications. Neither were made very prominent and I'd struggle to find them subsequently. 

So it was supposed to happen. Were the banks never told to implement it, or is it they've just not complied?

Albermarle

brucefan_2 said:

Albermarle said:

I've got just over £100,000 cash savings | Which for the past few years I've just left sat in my Barclays current-account (0% interest

As this a savings forum, where people swap accounts to gain 0.1% extra interest, there should be warning before being able to read such statements. So we could at least sit down first !

First time I've laughed out loud at a forum comment anywhere for a long time. Thank you for bringing a smile to my face on this miserable rainy morning.

Glad to be of service 

Albermarle

Middle_of_the_Road said:

I was quite shocked to read this, and find it hard to understand how the OP was unaware how all the base rate raises would have associated benefits for savers.

I was under the impression banks had been told to make customers aware of possible better interest paying accounts. I don't know if this was just advice from the gov't or mandatory, but it might be worth making a complaint to Barclays for falling short in this respect.

I understand some of the comments here, as it seems an alien concept that this money sat in a current account for so long, but this thread certainly has no amusement value for me.

It was not just that the  OP was unaware of increasing interest rates, but was also labouring under some total misunderstanding about how savings accounts worked. They thought interest was only gained on the first £1000 or £2000. I think some current accounts that pay interest do work like this, so that is probably where the misunderstanding has come from .

ToastLady

Middle_of_the_Road said:

I was quite shocked to read this, and find it hard to understand how the OP was unaware how all the base rate raises would have associated benefits for savers.

I was under the impression banks had been told to make customers aware of possible better interest paying accounts. I don't know if this was just advice from the gov't or mandatory, but it might be worth making a complaint to Barclays for falling short in this respect.

I understand some of the comments here, as it seems an alien concept that this money sat in a current account for so long, but this thread certainly has no amusement value for me.

I don't think anyone would find amusement value in the thread, suspect many of us were quite taken aback/shocked to have all that money languishing in a current account. However, I did think Albermarle's post worthy of a laugh, or a smile at least.