Better alternatives to a Halifax WebSaver

linz

Hello there,

I am currently putting away approximately 1500 a month from my salary (halifax current account) into a halifax websaver. Can anybosy suggest any other accounts which may be better than the websaver account? I am hoping to be able to save this amount for about the next 2-3 years.

Hobo_2

Hi. depends how much access you require, Derbyshire BS regular saver £1000 max per mth @5.85% variable, they have an offer that two of these accounts per person can be opened ends 31 July? so 2K per mth
One withdrawl per 12 mth allowed without loosing bonus rate

grumbler

You can combine Derbshire Regular Saver with Halifax Regular Saver (7%, but only £250 p.m. max).
Obviously, you are a taxpayer. Do you have a cash ISA?

P.S. 'Starting Saving ' article: 'Savings Fountain' concept

linz

Many thanks for the suggestions. I shall look into these alternatives. Yes I have an ISA but cannot put anymore into it this tax year. The Derbyshire account looks interesting though..

mary

Principality Regular Saver 1 year at a fixed rate of 6.75% Max per month £500. Don't have to be Welsh or live in Wales.

Smokey2005

First direct do a e-saver simalar to the halifax websaver ... 5.20 % as opposed to 4.90 %.

Milarky

Smokey2005 wrote:

First direct do a e-saver simalar to the halifax websaver ... 5.20 % as opposed to 4.90 %.

EXCEPT that First Direct pays no interest AT ALL in any month that a withdrawal [however tidgy] is made - what sort of instant access is that?

Kazza242

The Yorkshire Building Society have an E-saver that pays 5.20% interest. This account also comes with a cash card, so you make withdrawals of up to £300 per day from any LINK cash machine.

aehnorwich

Milarky wrote:

EXCEPT that First Direct pays no interest AT ALL in any month that a withdrawal [however tidgy] is made - what sort of instant access is that?

I was so astonished by this rule that I spoke at length to them on the phone to make sure I had understood this correctly. I tried to get my head around an account that invited you to deposit a large sum - say £25000+ at excellent interest - and then withheld all interest for the whole balance for the full month if you withdrew any amount at all. The account can make sense if you only ever make the one withdrawal to close the account on 1st of a month otherwise you'd be terrified of needing the money. I backed off. It would work as a sort-of invest-and-forget-it's-there type account but as Instant Access -what a constraint! The more you save the more you'd forfeit.

Milarky

aehnorwich,

Can a husband and wife [say] get separate e Saver accounts? If they could [with joint current a/c - or even separate current a/cs] then it is possible to imagine moving all the non withdrawn money into the second unused account and so not lose any interest on that portion. However even this only allows one withdrawal per month - on the 1st. Yes, it's a very poor product no two ways abouit it.

baldbloke_2

Milarky wrote:

aehnorwich,

Can a husband and wife [say] get separate e Saver accounts? If they could [with joint current a/c - or even separate current a/cs] then it is possible to imagine moving all the non withdrawn money into the second unused account and so not lose any interest on that portion. However even this only allows one withdrawal per month - on the 1st. Yes, it's a very poor product no two ways abouit it.

I believe you can only transfer into & out of a single nominated account - as with ING & Cahoot and probably most of the other accounts of this type. So having given your Current Acct as the linked account you would not be able to carry out your cunning plan. I think ...