Longer-Term Savings Interest Rate Stability

PlatinumChaos

Does anyone have any thoughts about which savings institutions either statistically or subjectively maintain fairly high interest rates over the longer term? I just get tired of constantly having to move money around because an initially headline-grabbing rate has been slashed after just a couple of months. I just want to put my money somewhere where it's going to get a reasonable amount of interest and I can just leave it there. Personally (and I have no data whatsoever to back this up), I feel that Charter Savings Bank, for example, seem to offer fairly good rates and maintain them for longer than I experience with other institutions. Thanks.

InvesterJones

Ford - if they increase rates you don't need to open anything new, they'll apply it to your existing easy access account. But you pay a price for not chasing the currently highest rate of course.

kimwp

RCI freedom saver has been pretty steady at maybe 0.1-0.5% below most of the top rates (from memory, not actual tracking- but most of the times I've compared, I haven't felt it's worth the effort to switch (apart from recently to zopa)

flaneurs_lobster

PlatinumChaos said:

Does anyone have any thoughts about which savings institutions either statistically or subjectively maintain fairly high interest rates over the longer term? 

Not statistically nor subjectively but actually, if you want stability then put your cash into a fixed-rate, fixed-term product. 

Of course, if you might need access to those funds then you are going to take a hit on rates.

PlatinumChaos

flaneurs_lobster said:

PlatinumChaos said:

Does anyone have any thoughts about which savings institutions either statistically or subjectively maintain fairly high interest rates over the longer term? 

Not statistically nor subjectively but actually, if you want stability then put your cash into a fixed-rate, fixed-term product. 

Of course, if you might need access to those funds then you are going to take a hit on rates.

Sorry, I forgot to say that it's Easy Access accounts that I'm interested in.

PlatinumChaos

InvesterJones said:

Ford - if they increase rates you don't need to open anything new, they'll apply it to your existing easy access account. But you pay a price for not chasing the currently highest rate of course.

I used to have a Ford account and was also quite happy with their stability. Just once it dipped a bit too low for my liking, so I closed it. I also like not having to open a new account if there's an increase. Maybe I should take another look at them. Cheers.

jimjames

Go for one related to base rate. Chip & Tandem have been pretty good, not the highest but seems consistent

surreysaver

InvesterJones said:

Ford - if they increase rates you don't need to open anything new, they'll apply it to your existing easy access account. But you pay a price for not chasing the currently highest rate of course.

I'll say Ford as well. They're stable, although they tend to take a month or two to react

eskbanker

There are a few tracker savings accounts, although these tend to be base rate minus rather than base rate plus.

Investec used to offer an innovative High Five product, which flexed its interest rate according to the average of the top five accounts from Moneyfacts every week - it was therefore never the top rate but was always close to it.  The fact that the account closed down would suggest that either there was no market for it or that it was too expensive to run....

Albermarle

eskbanker said:

There are a few tracker savings accounts, although these tend to be base rate minus rather than base rate plus.

Investec used to offer an innovative High Five product, which flexed its interest rate according to the average of the top five accounts from Moneyfacts every week - it was therefore never the top rate but was always close to it.  The fact that the account closed down would suggest that either there was no market for it or that it was too expensive to run....

Many years ago, Nationwide made a big thing of always having reasonably competitive rates, although not necessarily the best at any moment in time.
That went by the wayside as well.

Rich1976

I’ve always found Ford Money very reliable. Currently about 4% for easy access. All customers new and old get the same rate. They also don’t seem to change the rates on a whim and seem in line with base rate changes. 

Another positive is money is credited to the account within 4 hours.