how often do you review rate and move to new a/c ?

elektra

I have just done a review of some of my accounts and realise none of them are paying best rates

I am a non taxpayer and have :-

Abbey direct ISA ( previously converted from TOISA)

ING WEBSAVER (hapy to keep till Oct 1

Alliance and Leicester Direct Saver

HSBC online saver

ICESAVE easy access

All the above a fair amount in them and seemed good rates at the time.

Just wondering how often everyone else moves money to gain best rates.

oldfella

I move money if I can get back the loss of interest during the transfer within 3 months. (Needs to be reviewed as a result of the arrival of Faster Payments)

debbie42

I check mine every six months or so, or when fixed rate tie-ins end. I wouldn't move it around for less than at least 0.5% improvement but there have been some good deals around at the moment so some of my savings has had a shuffle.

Moggles_2

If you have any savings account(s) anywhere, you really should be checking your provider's website regularly, if you want the best rates. Most sites list interest rates, past and present, for all their accounts.

When contemplating a move, I think you have to consider whether you want the most interest right now or whether to maximise your future savings income. If the latter, it's probably best to plump for a/cs with a worthwhile interest rate guarantee like Icesave or Kaupthingy - or HiSave even, if you can live with ICICI's dire customer service. These overseas providers tend to operate with low costs and, because they still need to build customer base here, are more likely to maintain decent interest rates

napoleon

I save with Bradford and bingley. Therefore I have to open a new account and move my money every week.

[Deleted User]

Moggles wrote: »

If you have any savings account(s) anywhere, you really should be checking your provider's website regularly, if you want the best rates. Most sites list interest rates, past and present, for all their accounts.

When contemplating a move, I think you have to consider whether you want the most interest right now or whether to maximise your future savings income. If the latter, it's probably best to plump for a/cs with a worthwhile interest rate guarantee like Icesave or Kaupthingy - or HiSave even, if you can live with ICICI's dire customer service. These overseas providers tend to operate with low costs and, because they still need to build customer base here, are more likely to maintain decent interest rates

Agreed. There's no point in going with B&B with their fondness for dropping rates after 3 months while the Icelandic banks have decent rates with decent guarantees. I've just moved from Icesave to Kaupthing Edge with the initial deposit dropping to £100 and the rate increasing by 0.45% however I don't think I'd move for less than 0.30%. Best to keep on top of your accounts every 3 - 6 months in my eyes.

LucyTheDwarf

I overdo it - I check my rates daily, and if the difference is significant, would be willing to move daily. I don't bother so much if the account hasn't got much in... mainly because I have some savings with HSBC that aren't great, but I can transfer the funds to my current account instantly if I need to.

However, with the new faster payments, I needn't even do that... If only Kaupthing Edge sent and received faster payments I'd be very happy.

Hungerdunger

oldfella wrote: »

I move money if I can get back the loss of interest during the transfer within 3 months. (Needs to be reviewed as a result of the arrival of Faster Payments)

I think I heard that the Faster Payments scheme is going to be limited to £10,000 for the foreseeable future, which could restrict some people. (Or did I dream it?!).

For very large amounts it might also be worth considering Telegraphic Transfer, which, IIRC, costs in the region of £20 but gets the funds to the new account on the next working day.

Toastie

I'm currently in the middle of spreading my money for Quidco purposes only.

I have;

Icesave - 5.89 (interest in to current account for internet) + Fixed bond 3months left
Post Office - 5.75 but 15quid cashback
A&L - filled with £1000 at 10% - £50quid cashback
Tax Haven ISA - 1600 limit remaining
HSBC online Bonus Saver

Post office will be closed once the cashback is PAID and then moved in to my ISA (got a job at asda which will pay me 5225+ a year)

Then HSBC can stay open (little in the account).

I'm considering moving my money to Kaupthing Edge from Icesave but A&L offer 6.5% (for limited time) at 20quid cash back. Might be worth considering?

trashcan_2

I changed all my account at the same time this year. I won't do that again, it got to confusing. I say review them and than change them one at a time (worst first).

elektra

Thanks for all the replies. I think I need to set a calendar reminder every 3 months to check.

Thanks for the reminder about quidco. To keep things simple to start with I might open an A&L Esaver then move money from direct saver to it. Hopefully minimising loss of interest (same organisation) and also noticed there are no penalties for withdrawals in July from Direct saver.

May also look at Abbey savings as need to regularly fund current account from savings.