Are we saving in the wrong account

paulypaul_3

Hi, new to the forum but have been receiving Martin's emails for quite some time now.
Unfortunately I'm not the kind of person that can get to grips with the technicalities involved in comparing different types of accounts, but basically I have one question:
We have had a fair amount in a Lloyds "online saver" account which has been there waiting in anticipation for the building work on our house. Its been there since Jan 07 and interest is paid monthly. I'm not sure what the current interest rate is but I wondered if I should look to move the money elsewhere. Its got to the stage now that we will be starting to withdraw funds gradually but up until now the funds have just been stagnant gaining interest. Any advise in simple language would be appreciated.

thanks, Paul

10_66

Without knowing what your current interest rate is it's difficult to know whether or not it's worth your while moving it. However, it's always best to check out what alternative rates there are out there. Links attached for best buy tables.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

http://www.moneyfacts.co.uk/savings/bestbuys/default.aspx

http://www.moneysupermarket.com/Savings/Default.asp?p=0

talana

We have had a fair amount in a Lloyds "online saver" account

Do you mean the Internet Saver with tiered rates depending on balance?
2.5% AER for a balance of £1+ up to 4.5% for a balance of £100k (plus 1% "bonus" for first 12 months)?

Lousy rates in anyone's book.

emma396

Both online saver and internet saver with lloyds r quite rubbish, i have both!
definitely move money elsewhere!!

paulypaul_3

emma396 wrote: »

Both online saver and internet saver with lloyds r quite rubbish, i have both!
definitely move money elsewhere!!

Yes its the "online saver". I know I recently received a letter about the interest rate but cant remember where the "safe" place that I put it is. I tried to find out online, but their site is so confusing.
Any suggestions as to better alternatives.
Thanks Paul

caveat_emptor

Birmingham Midshires have some competitive accounts. An instant access esave at 6.5% variable and other 6 and 12 month fixed interest.

paulypaul_3

Thanks for your help folks! I'm on it now

paulypaul_3

Just managed to find out the interest rate we are currently getting....seems to have dropped quite considerably since we first opened the account. We are in the 250+ monthly paid interest bracket:eek:
http://www.lloydstsb.com/rates_and_charges/non_marketed_product_rates_curr_page.asp#onlinesaverwithout12

10_66

Definitely time to change, I'd say.