Best short term saving account

edited 30 November -1 at 1:00AM in Savings & Investments
1 reply 910 views
laalaalaalaa Forumite
207 Posts
edited 30 November -1 at 1:00AM in Savings & Investments
Hi everyone

Was just looking for a bit of advice regarding the best saving account for me.

At present, I have a bank of scotland cureent account. I want to save small amounts (min£20) each week to put in account to save for things such as driving lessons, test fees, and any incidental things.

The money wont be in the account for a long period.

Can anyone advise of the best account for me?

Preferably a high street bank, to allow me to deposit coins that I save from my coin sorter. If i can get a much better deal with an online saver aqccount i would consider that.

I know we are only talking small amounts for a short period, but could anyone estimate potential interest for me?

Much appreciated thank you.

Replies

  • MikeyorksMikeyorks Forumite
    10.4K Posts
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    As it's a relatively modest amount .. and you're not intending leaving it in that long - get an account that runs alongside your current account. That way you can move money instantly from current to saver .. and back again. Saves any interest loss on money in transit between different Banks?

    There's one at the top of this list at 5.5% .. that you can operate online. Don't BOS operate a high Interest current account (6.17%) .. same as Halifax? In which case keeping up to £2.5k in that is the better bet .. then the saver account on amounts above that.

    Can't work out the interest with the data you've provided. 5.5% = £5.50 interest (gross) for every £100 you keep in the account .. for a full year (and pro-rata)

    http://www.bankofscotlandhalifax.co.uk/savings/savingsatglance.asp
    If you want to test the depth of the water .........don't use both feet !
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