Have 10k in halifax saving account, 10k cash. Please advice me what to do

mmdmmd

Hi,

I have 10k savings in a halifax web saver at 4.65% Gross (var). And around 10k in cash. I've used up my ISA allowance already which is also with Halifax on 5.25 gross (var).

I know I don't have the best deals for my saving. Please advice what to do with my "10k cash", "10k savings", and my ISA. I don't really need to touch the money in the near future (let's say the next 12 months)

I am thinking of moving the 10 savings and the 10k cash all into the ICICI 7% bond for 12 month. But according to the advice article on this site, after ISA. Money should go into a regular saver account. Since I have a lump sum to invest, wouldn't it be better to out it in the 7% bond rather than drip feeding it into a regular saver?

Hemel_2

If you've already got the savings in a lump sum, then the drip feed (regular option) will not make enough money as a fixed rated account (if that's what you want...

why dont you got into your bank and ask them what they can offer you, esp if its a year. Also I think Halifax do a fixed rate websaver too.

MyMateMartin

Check your Halifax rates !!

I had money saved in a passbook a/c for years, used to be very good rate, this year 0.1%, closed it.

dolby21

Definately use up your isa allowance for this year. and put the rest into one of martins suggestions
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Hemel_2

MyMateMartin wrote: »

Check your Halifax rates !!

I had money saved in a passbook a/c for years, used to be very good rate, this year 0.1%, closed it.

Oh dear...! I always review my bank rates, that is shocking though. Did you not demand to speak to some about that or offered a review?

drink-stella

AFAIK you need a ICICI savings account before being able to get the 7% bond

Birmingham Midshires e-saver account is paying 6.50% and they do offer a 1 year fixed rate bond paying 6.81%

Birmingham Midshires are also part of the HBOS group and you can easily transfer to and from using direct debit

mmdmmd

drink-stella wrote: »

AFAIK you need a ICICI savings account before being able to get the 7% bond

Birmingham Midshires e-saver account is paying 6.50% and they do offer a 1 year fixed rate bond paying 6.81%

Birmingham Midshires are also part of the HBOS group and you can easily transfer to and from using direct debit

Thanks for the advice. So atm, the best option seem to be open a ICICI HiSave and then take out their 7% bond. I've read through the HiSave account condition. It seems that you can open the account from £1. Are there any other catches I've missed?

[Deleted User]

Hemel wrote: »

why dont you got into your bank and ask them what they can offer you, esp if its a year. Also I think Halifax do a fixed rate websaver too.

I would strongly disagree with this advice! They'll clearly try and sell their products not giving one thought to maximasing your interest.

https://www.moneyfacts.co.uk/savings/

on the other hand is one of many decent sites you can use to compare products.

Back to OP... Do you have a pension set up? Maybe something to consider and investigate if you don't.

You won't be able to move your ISA until the next finincial year which is next April.

I'd suggest moving the majority of the amount to Birmingham Midshires Direct Internet Fixed Rate Bond 6.81% AER 1 Year Bond (http://www.moneyfacts.co.uk/savings/bestbuys/short-term-fixed-rate-bonds.aspx) while keeping the rest in the highest paying instant access acount e.g. Kaupthing Edge e-Saver 6.50% AER £1,000 min deposit or Birmingham Midshires e-Saver 6.50% £1 min depost (http://www.moneyfacts.co.uk/savings/bestbuys/internet-savings-accounts.aspx)

Hemel_2

Deleted_User wrote: »

I would strongly disagree with this advice! They'll clearly try and sell their products not giving one thought to maximasing your interest.

But to have the intention of atleast seeing what they can do? surely this is not bad advice? I'm not say agree - but it would be a little prudent to avoid to see what they have to offer?

I have a moneyback account with Halifax which gave me just over £100 this year... not bad at all really as it was free money!

[Deleted User]

Hemel wrote: »

But to have the intention of atleast seeing what they can do? surely this is not bad advice? I'm not say agree - but it would be a little prudent to avoid to see what they have to offer?!

I'm not saying discount them, just to look at a few comparison sites which will include them if they have decent enough rates. It's all to easy to be badgered into saying yes (like a recent trip to Abbey I went to, although I said no thanks ) and unless you know what you want & are happy to stick to your guns you may end up with a relatively duff account etc...

Mikeyorks

mmdmmd wrote: »

It seems that you can open the account from £1. Are there any other catches I've missed?

People have had a long wait and some bad customer service ... look at other threads on ICICI / HighSave.

As you've got a Websaver ... consider the 6.7% Halifax are offering on their fixed rate Websaver (the 9 month option). You can open it immediately online and transfer the money from your other Web. Their variable rates are pathetic at the moment. But I wouldn't put your whole £20k in? Make sure you've got some contingency (their High Interest current account at 6.17% isn't bad) elsewhere.

Move the ISA to somewhere above 6% that accepts transfers in. You can do it anytime. Not sure what this is about ..... but it's totally wrong.

Deleted_User wrote:

You won't be able to move your ISA until the next finincial year which is next April.