Do I change all my accounts?

moneysavingwannabe

Hi,

I am trying to work out where to put about £1000 a mth where I can get at it after about a yr to pay off my cc.

At the moment I prob have the worst accounts all with HSBC. The interest is awful I know!! It is easy to transfer money etc - so I have stuck with them.

Am I best to go with the ICIC account? I don't really want to put it in an ISA cos have already filled this years and would like to fill next yrs after I have paid the debt off so that I can keep it in and not have to withdraw it. (if I pay debt in December 2008 can fill ISA by April 2009??)

What about regular savers? Should I change my current account and ISAs too?? They are all HSBC.

Any advice appreciated!!

topher_2

If you're saving to pay off your credit card wouldn't it be better to simply pay the £1000 a month straight off the credit card?

Debt_Free_Chick

Agree. Just pay the money straight off the CC. Whatever interest you might get from a savings account will be minute, compared to the interest being added to the CC.

moneysavingwannabe

Hi,

Credit card is 0% for 15 months so am not paying interest.

I want to put the money somewhere it will be earning some interest plus I know my other accounts are not very good!

missile

You are not stuck with HSBC. Almost any online bank gives instant access to money

easy to transfer money etc

and many like NWide and LTSB give a decent interest rate if you pay £1000 into your current account each month.

topher_2

That makes more sense then! I've heard that ICICI has poor customer service (on this board), I use ICESAVE (6.3% AER currently) and can say that they have been fine with me.

As for your ISA allowance you can pay in any time up to the start of the next financial year (less a few days for admin etc, especially if you're opening an account rather than just adding further funds)

chesky369

If you're happy with your current account and don't want a lot of hassle, I agree about the ICEsave account - it's really easy to use once you've got the hang of it. I'm still hearing a lot of complaints about ICICI.

moneysavingwannabe

Hi,

Thanks I will look into ICESAVE is it worth changing current accounts and ISAs too? I don't leave too much money in my current account but have £9000 in ISAs.

neilp

I haven't had a problem with ICICI after nearly a year of using them. However, I would also suggest a Yorkshire Building Society account, into which up to £500 per month could be deposited at a higher rate. Another option would be the Skipton Building Societys regular savings account, which pays a higher rate again. Up to £250 per month can be deposited in one of these, but it is possible to hold up to three accounts.