Savings Accounts: Instant Access Discussion

MSE_Martin

This discussion relates to the following article

Instant Access Savings: Maximise your interest

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Bilk

Hello All

We are hopefully going to sell our house soon and will be renting after that for a while (work will be paying the rent). I will have about £250k to invest. What I would like to know is the best place to put this for aprox 4 months where I can still get at it when I need if for our next purchase

Thanks

Bilk

theresa_3

I HAVE ABOUT £8000 I WANT TO PUT IN A SAVINGS ACCOUNT UNTIL NEXT SPRING WHEN I NEED TO USE IT. WHERE IS THE BEST PLACE TO PUT THIS MONEY

Shinds

Bilk,

Bradford & Bingley and EGG are offering good rates on their savings account at the mo.

B&B is 5.5% Gross pa (for the 1st 6 months as they're offering a 0.25% bonus for the 1st 6 months)

and if you take monthly interest the rate is 5.38%.

Worth a look I'd say

Rough calculation - u'll approximately get £880 interest a month (after 20% tax) for a 30 day month - If u went with the Bradford & Bingley and went for monthly interest)

guiriman

What about Cahoot's saving account? Have they dropped their rate without me noticing? I thought it was 5.5%

guiriman

My mistake, it's 5.65% at Cahoot, but only if you opened your account between June and September :P

Bilk

Bilk,

Bradford & Bingley and EGG are offering good rates on their savings account at the mo.

B&B is 5.5% Gross pa (for the 1st 6 months as they're offering a 0.25% bonus for the 1st 6 months)

and if you take monthly interest the rate is 5.38%.

Worth a look I'd say

Rough calculation - u'll approximately get £880 interest a month (after 20% tax) for a 30 day month - If u went with the Bradford & Bingley and went for monthly interest)

Blow me £880 a month It shows my ignorance as was expecting nothing near that. Your right that is worth a really good look

Thanks a lot

Bilk

Shinds

Bilk,

You could pay ur motgage with £880 a month - LOL

Bilk

Your not wrong, me thinks work might be paying the rent for longer than they thought at that return

Now I just need to sell the house :-[

david78

I am looking at opening a new Egg account to get their new 6months 5.5% deal.

However, I already have an account with them. I'm currently on their old 5.5% deal but this expires early in November (10 days to go or so) and the account then drops to 4.75% (at current BoE rate).

I know Martin says there's nothing in the T&Cs which stop me opening a second account. But has anybody actually ever done this with Egg -- either with this new deal or one of their other ones?

If I can do it, I plan to move my money first to my ING account, then open the new Egg account, and then move everything back to the new Egg account.

pennymakespounds

did this yesterday.... online just opened another account ... was confirmed and set up immediately... then transferred the balance in the exsisting account into the new one .. and did a secure email to them asking them to close the original one .. received email from them this morning confirming all done.

5.5% for next 6 months .. or until something better comes along !!