Savings

colin_h_3

We have £30,000 that we wish to move into a better savings account. We would like easy access. We add around £200.00 a month into it. Anyone got any advice please.

jaypers

Do you need immediate access to the entire £30k?
You could possibly consider a tiered approach, ie: Some EA and some Notice or Fixed.
For the £200pcm, I would look at Regular Savers. Principality is a good an easy option. You will have immediate access to your cash (you can close the account at any time without penalty), and you get a higher interest rate. 

If you’re a tax payer, consider an ISA too, as interest on £30k will take you over your PSA.

Bigwheels1111

Nice little reg saver here 8% for 6 months, select rate order.

https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=true&product-favorites-first=false&sort-order-text=Provider+Links+First

If you pay tax, An isa is better.

Trading212 isa 4.9% this can change.

When I move money out it states up to 3 business days, but so far instant.

Take it out put it back, just don't go over 20k and all is fine. interest does not count towards the 20k isa limit per year.

I use it to hold my emergency fund, which also funds my reg savers.

Beddie

The best place to look is https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

You can check all the latest rates there. But do check the terms and conditions before jumping in. Chase is a good choice at the top of the list, but only for 6 months, so be prepared to check it again later in the year.

ISAs and other types of savings are all listed there too.

Bakingmadboy

Hi I’m a newbie and not sure where to post my question , so put me right if I’m wrong.
we have some cash sitting a normal bank account doing very little but we need it at some point during the year to fund a house purchase.
so zenith bank are offering 4.7% for a six month short term saver, does this mean I’d get 4.7% for six months or would I get 2.35 in other words would it be prorated? 

AlanP_2

Bakingmadboy said:

Hi I’m a newbie and not sure where to post my question , so put me right if I’m wrong.
we have some cash sitting a normal bank account doing very little but we need it at some point during the year to fund a house purchase.
so zenith bank are offering 4.7% for a six month short term saver, does this mean I’d get 4.7% for six months or would I get 2.35 in other words would it be prorated? 

The rate quoted would be per year so yes for 6 months approx half the annual rate in £££s interest.

Bakingmadboy

Thanks AlanP not quite so attractive 

jimjames

Bakingmadboy said:

Thanks AlanP not quite so attractive 

I don't understand, you're still getting 4.7%? You won't find anywhere paying double that for short term savings.

PRAISETHESUN

Bakingmadboy said:

Thanks AlanP not quite so attractive 

You only get paid interest for the time money is held in the account. If you only put money away for 0.5 years, then it makes perfect sense that you'd only get paid interest equivalent to 0.5x AER%. Not sure why you would be unhappy with 4.7% regardless of how long the money is saved for?