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    • rosieraspberry
    • By rosieraspberry 15th Sep 18, 12:36 AM
    • 47Posts
    • 17Thanks
    A Good Interest Rate On 25k?
    • #1
    • 15th Sep 18, 12:36 AM
    A Good Interest Rate On 25k? 15th Sep 18 at 12:36 AM
    I have a Tesco savings account that is paying 1.35% but part of it is a promotional rate and it goes down to about 0.65% next month.
    I have around 25k in this account and want to move it the minute the interest rate goes down!
    I am saving for a bigger house which I intend to buy in the near future (within 1.5 yrs) so I need the money to be easily accessible and on the highest interest rate possible.

    I don't really want to be opening current accounts as I believe they can have a negative impact on your credit score and it doesn't look good if you open them close to the time you are applying for a mortgage. I already have a Santander 1-2-3 account with 20k in making 1.5% interest so this isn't an option and I have had a Nationwide account that offers 5% interest on up to 2500!

    Any suggestions on where to put this money? A lot of the savings accounts on comparison websites you have to already be a customer of the bank/ building society
Page 1
    • soulsaver
    • By soulsaver 15th Sep 18, 1:24 AM
    • 2,280 Posts
    • 1,087 Thanks
    • #2
    • 15th Sep 18, 1:24 AM
    • #2
    • 15th Sep 18, 1:24 AM
    If you feel that constrained (or just idle?) you could just open a(nother) Tesco Internet saver paying 1.31% currently.. and transfer the funds to it and you've got another year.

    You can have up to 6 of 'em but you can close your old one(s) with a phone call.

    Keep a watch - Tesco are always bringing out replacement Int Svrs at different rates.. so don't hang around, grab the 1.31 option.. it'll take two minutes; then you see if you can find something better. .. .
    • Shedman
    • By Shedman 15th Sep 18, 7:31 AM
    • 279 Posts
    • 185 Thanks
    • #3
    • 15th Sep 18, 7:31 AM
    • #3
    • 15th Sep 18, 7:31 AM
    If you think you could give 3 months notice to draw on the money then Secure Trust are giving 1.76% on their 90 day notice accounts (they are a number of other similar deals around and with differing notice periods).

    If you want Instant Access then Bank of Cyprus UK are giving 1.36% at moment and it's very straightforward to apply online (I was fortunate with my timing and managed to nab 1.41% that became 1.56% a few days later but that was only around for a couple of days). Both banks I mentioned have the 85k protection by the way.
    Last edited by Shedman; 15-09-2018 at 7:37 AM.
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