B&B - swapping savings account every 3 months...

[Deleted User]

Hi,

I've read up on Bradford & Bingley 6.15% p.a. Internet Saver (Issue 2) and it seems people suggest they introduce a new type of account every 3 months or so then lower the rate on the previous one. I'm not that keen on swapping accounts every 3 months so can anyone suggest the best place for an initial £500 with regular payments of £75, looking to withdraw any time I like - probably in 11 months time.

From the searches I've done it's looking like FirstSave 6.26% or Icesave 6.05% AER.

Are either of these known for creating fancy new accounts every 3 months?

Does anyone have a FirstSave account, with being affliated with the "First Bank of Nigeria". - I know they're FSA covered however...

[Deleted User]

75 views, 0 replies Anyone...

KTF

Both Firstsave and Icesave only offer 1 kind of instant access account and neither are known for opening new versions of them every quarter.

Icesave also offers fixed rate accounts but the instant access one has not changed (other than the interest rate) since it was introduced.

1echidna

My experience is that every institution issuing a very competitive account lets the rate drop in due course, and depending on their money raising targets either issues a new account and/or relies on inertia to prevent too much loss of money with depositors leaving the old account. Sorry not too helpful but my guess is that if you chose the top account now it won't be the top account in 11 months time.

Lavendyr

The best thing you can do is go for one that has a rate guarantee, e.g. one that promises to stay at least 0.3% above base rate for X years, meaning that they may not always be the 'best buy' but they will always remain good value. Icesave, ICICI and Kaupthing Edge all offer this promise, though currently they all pay well above this guarantee. Kaupthing Edge I believe has the longest guarantee. So I'd suggest one of these three. I have no personal experience of ICICI or Kaupthing Edge, but have found Icesave to be very good.

ad44downey

B&B need all the money they can get so you can expect them to continue offering a new account every few weeks.

[Deleted User]

Thanks guys. I'll probably go for IceSave - a choice of Iceland, India and Nigeria = Iceland to me!

Cozworth806

I would probably suggest a regular savings account that allows varying amounts for the next 12 months, but they mean that withdrawls may be limited

[Deleted User]

Yeah as per http://www.moneysavingexpert.com/savings/which-saving-account I've already filled up my ISA for this year (6.25% AER fixed B&B), applied for a regular savings account (7.25% AER fixed Abbey) and hence I'm now on the look out for an instant access account (probably going for 6.05% AER variable IceSave)

Toastie

Deleted_User wrote: »

Yeah as per http://www.moneysavingexpert.com/savings/which-saving-account I've already filled up my ISA for this year (6.25% AER fixed B&B), applied for a regular savings account (7.25% AER fixed Abbey) and hence I'm now on the look out for an instant access account (probably going for 6.05% AER variable IceSave)

It's not so 'instant access' at 3work days.

I've ended up using my ISA as more regular account for my car fund.

Simply because there isn't a high interest account i could access the money from.

Although i have a post office account (only 6 FREE withdrawls) and a HSBC online saver (which i'm not allowed to open )

Just wait a while for now and look at some new accounts because the BoE interest drop.