Chasing the best interest rate

MissHap

7% savings accounts......................only one mention of this rate in the posts on this subject but 3 are mentioned on MSE, First Direct, Skipton, and Co-Operative, any reason why these were not mentioned??

friolento

MissHap said:

7% savings accounts......................only one mention of this rate in the posts on this subject but 3 are mentioned on MSE, First Direct, Skipton, and Co-Operative, any reason why these were not mentioned??

They are all Regular Saver accounts and are all mentioned in the RS thread

[Deleted User]

Depends, I am on 5% for example would not switch for 5.1% but if i was on 2% will switch to 5.1%.

VNX

FeeCorner said:

Should I be switching bank accounts for savings every year to chase the best interest rates for savings? It seems easy to do but ends up with having loads of accounts?

I’d be switching much more than once a year if I were you, or you could do it much less frequently and lose out on interest, your call.

jameseonline

Bridlington1 said:

malcolmw_3 said:

Ok one final attempt to clarify, it’s not the £37 (minus tax). In today’s email it’s made clear that the best interest rate gains 10p per £1000, my example is £3.70 per year. So where do you draw the line? From your position would you move for 10p? 

I have accounts with over 60 different banks/building societies, as a result in many cases it only takes a few minutes at most to open a new savings account and not much longer to get the money to it, I can do his whilst I'm waiting for the kettle to boil.

I have more transactions on my accounts each month than I care to remember, one or two more won't hurt and I quite enjoy being a rate tart to be honest. So yes, I'd move my savings for another 10p and have done so in the past, all those 10ps soon add up but I appreciate it's not everyone's cup of tea.

60 different?😱

I've just done a quick calculation I'm just under half that.

Bridlington1

jameseonline said:

Bridlington1 said:

malcolmw_3 said:

Ok one final attempt to clarify, it’s not the £37 (minus tax). In today’s email it’s made clear that the best interest rate gains 10p per £1000, my example is £3.70 per year. So where do you draw the line? From your position would you move for 10p? 

I have accounts with over 60 different banks/building societies, as a result in many cases it only takes a few minutes at most to open a new savings account and not much longer to get the money to it, I can do his whilst I'm waiting for the kettle to boil.

I have more transactions on my accounts each month than I care to remember, one or two more won't hurt and I quite enjoy being a rate tart to be honest. So yes, I'd move my savings for another 10p and have done so in the past, all those 10ps soon add up but I appreciate it's not everyone's cup of tea.

60 different?😱

Yes, they do breed a bit don't they. Over 100 accounts in total between those providers.

Rich1976

Bridlington1 said:

jameseonline said:

Bridlington1 said:

malcolmw_3 said:

Ok one final attempt to clarify, it’s not the £37 (minus tax). In today’s email it’s made clear that the best interest rate gains 10p per £1000, my example is £3.70 per year. So where do you draw the line? From your position would you move for 10p? 

I have accounts with over 60 different banks/building societies, as a result in many cases it only takes a few minutes at most to open a new savings account and not much longer to get the money to it, I can do his whilst I'm waiting for the kettle to boil.

I have more transactions on my accounts each month than I care to remember, one or two more won't hurt and I quite enjoy being a rate tart to be honest. So yes, I'd move my savings for another 10p and have done so in the past, all those 10ps soon add up but I appreciate it's not everyone's cup of tea.

60 different?😱

Yes, they do breed a bit don't they. Over 100 accounts in total between those providers.

Wow that is some going. If you can manage all of that fair play to you. Having 2 or 3 is more than enough for my little brain to cope with 🙂

jameseonline

Bridlington1 said:

jameseonline said:

Bridlington1 said:

malcolmw_3 said:

Ok one final attempt to clarify, it’s not the £37 (minus tax). In today’s email it’s made clear that the best interest rate gains 10p per £1000, my example is £3.70 per year. So where do you draw the line? From your position would you move for 10p? 

I have accounts with over 60 different banks/building societies, as a result in many cases it only takes a few minutes at most to open a new savings account and not much longer to get the money to it, I can do his whilst I'm waiting for the kettle to boil.

I have more transactions on my accounts each month than I care to remember, one or two more won't hurt and I quite enjoy being a rate tart to be honest. So yes, I'd move my savings for another 10p and have done so in the past, all those 10ps soon add up but I appreciate it's not everyone's cup of tea.

60 different?😱

Yes, they do breed a bit don't they. Over 100 accounts in total between those providers.

No idea how many accounts I have between 26 Banks/Building Societies/Other, might take a while 🤣

But then not all of the accounts have anything in & some only have a £1 or so and that's just savings accounts 🤣

Oh wait I still have like £2 in the old Virgin Money system (before Clydesdale took over) so would that be 27 or still 26? 🤔😁

smiley2085

So just wondering what you guys do when you have to provide bank statements for things like visa applications or mortgage applications when you have so many bank accounts? 

PatriciaJenkin

FeeCorner said:

Should I be switching bank accounts for savings every year to chase the best interest rates for savings? It seems easy to do but ends up with having loads of accounts?

1 yr fixed savers often pay high amount but then drop - the time to withdraw and close and move on