Best save, simple, savings account

blizeH

Hi,

I currently have most of my money invested in Icesave, who quite frankly, I love to pieces, but unfortunately hit the FSA protected limit a little while back so am looking for somewhere else to invest my money.

I went with Principality, but due to a bit of a screw up (and their absolutely awful website) costing me a measly £30, I'm throwing my rattle out of the pram and have decided I'd rather invest any future money elsewhere if possible.

Ideally I'd like something that's:

• Easy to use, has a nice, clear, simple website
• Has good interest rates
• Reputable

I already have accounts with Lloyds and Halifax, neither of which seem great when it comes to savings unfortunately, but if there's something there that I've overlooked it'd be a Brucie Bonus since I wouldn't have to go through the hassle of having to create an account elsewhere and try to remember yet more login details!

Many thanks

Meltdown_2

Heritable Bank? (Still Landsbanki, but separately registered)
Kaupthing Edge?

blizeH

Sounds great, thanks. Like I said, I love Icesave so something similar could be perfect.

Is it a good idea to put almost all my money into Iceland though? I'm just pretty clueless as to what their financial situation is...

Baldur

blizeH wrote: »

Is it a good idea to put almost all my money into Iceland though? I'm just pretty clueless as to what their financial situation is...

Kaupthing is fully covered by the FSCS, up to £35,000, whereas Icesave operate under the 'passport scheme', where the first €20,000 is covered by the Icelandic scheme & the balance up to £35, 000 by the FSCS.

blizeH

Excellent, thank you so much.

So, if for example, I had Icesave and Kaupthing with anything below £35k in them, I'm practically guaranteed? I know you lose a small percentage but that's a risk I'd be taking with any bank.

As a general rule though, is it recommended to put so much into Icelandic institutions? Again, I know it's covered, just being extra cautious since I really know very little about it.

Meltdown_2

Heritable Bank is also fully covered by the FSCS, up to £35,000.

I know you lose a small percentage but that's a risk I'd be taking with any bank.

Edit :
Savings are 100% guaranteed (up to the £35K limit) under FSCS.
Are you thinking of the old scheme (100% on first £2000, and 90% on remainder up to £35K)?

blizeH

Oh! Yes I think I was referring to the old scheme actually; didn't realise it's fully covered now, that's great news.

Guess there's nothing stopping me going for Kaupthing Edge now then. Very appealing rate and their website looks nicely done, so fingers crossed the back-end will be nice to use as well

blizeH

One final question (sorry!) - are Halifax any good? - I've left some money in there just in case I want to use them again, but I'm currently thinking that's pretty unlikely, so may as well close my account right?

aleph_0

blizeH wrote: »

One final question (sorry!) - are Halifax any good? - I've left some money in there just in case I want to use them again, but I'm currently thinking that's pretty unlikely, so may as well close my account right?

Well, you can look on their website and check all the products they currently have, (and look on moneyfacts.co.uk to see the current best-buy accounts in the market) but I don't believe they have any accounts that are anywhere near the best-buy tables at the moments.

Although you might as well keep the account open with a few pounds - if they bring out a good offer in the future you'll still be a customer, which should mean less hassle?

blizeH

Good point, cheers aleph - I've just got a thousand or so in there at the moment, and sad as it may sound, I'm just worried somewhere down the line I may forget about it, but I've just checked and the minimum amount is just £10, so I can withdraw most of my money in there and not have to worry about it, best of both worlds, thank you!

cloudstrife_2

If with Halifax and you don't need access to the money you can fix it at 6.50%AER for 1 year in a Guaranteed Reserve, 6 month term also available at 6.50%AER (but the actual gross is something like 6.30% with it only being 6 months). If you want a bit of access the Guaranteed Saver is still paying 5.25% Gross and was not changed on 1st May unlike the vast majority of our savings accounts. Limited to 4 withdrawals per year (can do more with a small interest penalty) and withdrawals can be made in branch or at any Link ATM. Erm from my memory those are the better ones. There is a Savings Selector Tool on our Halifax website under savings (obviously) which can give you some pointers too!

Cloud