I am stuck on the saving game too, are there any simple accounts out there that don't have a long list of ridiculous limitations that lower the interest you actually get, I need an account that pays a fixed rate of interest on any amount of money
Bank Account Help (UK)
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Get an ISA
If you want virtually zero interest.
There are loads of lending platforms like Zopa that pay around 5% interest.
If you want virtually zero interest.
There are loads of lending platforms like Zopa that pay around 5% interest.
They're not accounts though, they're investments. Returns are relatively stable but you'll be incredibly fortunate to see an actual return close to the headline rate, and there are risks above those normally associated with a deposit account.
If you want virtually zero interest.
There are loads of lending platforms like Zopa that pay around 5% interest.
Unless you want to micromanage your finances and take a bit of risk its about as good as it gets at the moment though.
Dunno if I've just been lucky but I've been using Barclays for nearly 30 years without a single problem or complaint, customer service has been solid when I've needed it and managed to wangle (atleast) an extra year at 2.8% on my ISA rather than take my money elsewhere. (While its not huge compared to what I used to get I get a reasonable amount into my account monthly in interest).
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Obviously. But if you are looking for interest then a savings account is not the appropriate vehicle.
5% is a typical return.
Micromanagement is not necessary.
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I'm sorry, but to the uninformed who don't bother to read the small print then it is far from obvious. These investments are not protected by the FSCS and lead very clearly on an interest rate return.
Speaking from experience, the headline rates are not typical returns and in some cases (notably Zopa recently) micromanagement is very much needed. The algorithms used often tend to prioritise new lenders over existing, and money can easily be left idle without efficiently being re-lent.
Oh, and if you want interest then a savings account IS the appropriate vehicle. Yes, the majority return poor interest in the current climate, but it is interest.
Speaking from experience, the headline rates are not typical returns and in some cases (notably Zopa recently) micromanagement is very much needed. The algorithms used often tend to prioritise new lenders over existing, and money can easily be left idle without efficiently being re-lent.
Oh, and if you want interest then a savings account IS the appropriate vehicle. Yes, the majority return poor interest in the current climate, but it is interest.
Well my experience has been to the contrary, left idle gathering 5.2%.
In any case if you are looking for growth which is what most people seem to mean when they say they want "interest", savings accounts don't provide growth in real terms and are therefore not appropriate.
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Which is why they have to "buy" new customers with their current account.
Someday people will see through it, I'm sure.
Interest and growth are very different. Interest is a rate of return that's guaranteed at the published rate. It may be low and it may be below inflation but it is exactly what it says - interest on capital.
Growth is different. Growth implies that you're getting more and, as with other investments, P2P lending is a risk investment. Risk that you will not get the quoted return and risk that you will not receive your capital back. Both apply to P2P lending.
The OP is looking at bank accounts, and whilst this is an interesting diversion, offering up P2P lending as an alternative on the basis that it offers higher interest and bank accounts don't probably doesn't give the most accurate help.
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If you have a credit balance, then pretty much, yes.
I've been with them since they took over my previous bank just over 4 years ago. Not a single complaint, does everything it says on the tin and as they seem desperate to 'buy' customers, the interest rates/products offered are very good.
I've only ever had cause to use customer service on one occasion. No issue there either. If I was one of these people who needed to phone the bank about something every week perhaps I'd have a different experience, but I don't, so I'm more than happy with them and see little reason to change.
Santander used to be utter tripe but they've been making massive strides forward in terms of customer service.
I've pretty much moved most of my ingoings and expenses into the 123 account, credit card and loan have moved to them as well. My only complaint is that you can't view your loan balance online.
Barclays on the other hand continuously blocked my debit card for potential fraud.
I've pretty much moved most of my ingoings and expenses into the 123 account, credit card and loan have moved to them as well. My only complaint is that you can't view your loan balance online.
Barclays on the other hand continuously blocked my debit card for potential fraud.
how long have you had the cash card acc? mine came with a Visa electron card but i was automaticaly upgraded to a current acc with a debit card a few years later
It wasn't the OP who asked...
That doesn't change the fact that P2P lending is not a simple, safe substitute for an interest bearing deposit account.
You always seem to be changing the subject, I never made any such statement.
Hello,
I’ve had a Barclays "Card Cash account" since I was 18 and it has done me fine but within the next 5 years I would like to apply for a mortgage. It looks like a normal Barclays account has some benefits which apply for mortgages and various other things which I don’t understand like overdrafts etc. Can someone please advise me and explain, give me any tips on what should I do? Should I upgrade? Thank you
I am surprised it hasn't yet been mentioned but I think it is worth looking at the products offered by Nationwide. As you are gearing yourself up for a mortgage, they have an account for savers specifically designed for accumulating deposits - the Save to buy account, and I have found their current account to be pretty good. They also tend to have one of the better interest rates on their mortgages at all times and offer a significantly better rate to customers who have been with them for a while.