Poor rate at Halifax...where to move to??

ipri

Hi..I have been a loyal saver here for 44yrs. ....I have £70k in a websaver account.....at 4.45 gross....any suggestions about a better place to move to?...dont need a lot of access..but need to pay tax twice a year from it...

Thanks ian

jem16

Kaupthing Edge paying 6.5%.

Milarky

ipri wrote: »

Hi..I have been a loyal saver here for 44yrs. ....I have £70k in a websaver account.....at 4.45 gross....any suggestions about a better place to move to?...dont need a lot of access..but need to pay tax twice a year from it...

Thanks ian

Why even have all in the one account at Halifax, when you can instantly put amounts in for 3, 6, 9 months at much higher fixed rate (all Websavers)?

ManAtHome

Same group - Birmingham Midshires, plus 'usual suspects' Kaupthing, Icesave, Firstsave, ICICI and Bradford and Bingley all have instant-access accounts 6% or better.

Toastie

ipri wrote: »

Hi..I have been a loyal saver here for 44yrs. ....I have £70k in a websaver account.....at 4.45 gross....any suggestions about a better place to move to?...dont need a lot of access..but need to pay tax twice a year from it...

Thanks ian

Thought i would highlight the double the safe amount of money in the account.

Kaupthing Edge and Icesave split 50-50 between them?

Closer to the home the non-guarenteed Birmingham Midshires

West Brom BS have lots of offers (although i live near West Brom) maybe look at other local Building Societies in your area?

I would split your money just to be safe that your savings - if the unthinkable happened - so you can claim them back.

[Deleted User]

Generally ISA's are a good place to start:

http://www.moneysavingexpert.com/sav...gs-without-tax
and http://forums.moneysavingexpert.com/....html?t=401374

I would then consider "laddering" savings in fixed rate savings accounts e.g. put £20,000 in a 6 month bond, £20,000 in a 12 month bond and the final £20,000 in a 2 year bond: http://www.moneysavingexpert.com/sav...interest#fixed
and http://www.thisismoney.co.uk/saving-...&in_page_id=50

Then put the final £6400 in a decent instant access savings account:

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#topaccounts
and http://www.thisismoney.co.uk/saving-...&in_page_id=50

KeithEssex_2

Make sure that you keep less than £35,000 in each institution. Remember that Halifax and Birmingham Midshires are classed as one institution !

Personally I would spread the majority of it across some fixed rate bonds:-

* Birmingham Midshires - 1 Year (6.78% AER)
* Nationwide - 1 Year e-Bond (6.60% AER)
* Yorkshire Building Society - 2 Year eBond (7.00% AER)
* Chelsea - 1 Year Spring Bond - (6.60%AER)

I'm assuming that you've already fully used your ISA allowance ?

Keep a few thousand in a high interest account (e.g. ICESAVE / Kaupthing Edge) to pay the tax-man.