Best bank account for savings?

Psymonkee

Psymonkee

Psymonkee

Soldato
Joined
24 Feb 2004
Posts
14,399
Location
St.Andrews
Can anyone recommend me a bank account (or just bank) to stash some moeny away in?

I already have an ISA which gets mxed out rather quickly each year so I need something without a limit.

Ta for any advice :)
 
Is it stash some cash for a while, or a savings account your after... if it's to stash some cash - how much? There are specific places to "stash the cash" for a premium rate of interest !!! ;)
 
Duke said:
I've got a Halifax Web Saver account, which is quite good. You can move money around still etc. 4.50% AER/gross p.a.

http://www.halifax.co.uk/savings/phoneweb_websaver.shtml
Click to expand...

Hate them!

My mum is with them. Internface is horrible to use and you have to set a fixed term for your online saver where you can't take it out or put any in!!

HSBC allows you to take out and put in! (if you take out you lose your interest that month! take note!).
 
LeperousDust how secure would ones money be in that bank? I'd always be a little scare to have all my money "online". In the sense that what would happen if the bank got itself into trouble. Could it just close down and take the money?
 
Even though they are offshore, they are under the same strict rules and regs as any other high street bank would be.

Don't quote me, but its something like the first £30000 is fully insured, then 90% of anything else on top of that. I was some figure like that, that i was never likely to have in the bank put it that way :p.
 
Vanilla said:
you have to set a fixed term for your online saver where you can't take it out or put any in!!
Click to expand...
Umm no you don't - that is optional (giving better return, of course).
 
Egg is 4.87 AER variable. (5.25% gross pa (variable) for first six months - new customers)

Now is not a good time for interest rates, if you can invest it safely then your best off doing that.
 
Another vote for HSBC Online Saver here.

Thanks for this thread guys, it meant that I checked my account with only £9 to spare before going over my free student overdraft - just plonked £200 over from said Online Saver to give me a nice buffer zone. Phew.
 
real said:
... I'd always be a little scare to have all my money "online". In the sense that what would happen if the bank got itself into trouble. Could it just close down and take the money?
Click to expand...

what would happen if any bank got into trouble?

it's not like we could all march into barclays the day after their whole operation goes bankrupt and demand our money back.
in fact we cant all do that with any bank even when they're running fine.
because most of the money in the system doesn't really exist.
 
Ensure your chosen bank is FSA regulated. This will give you protection as outlined under the section 23. Financial Services Compensation Scheme of this ...

http://www.cahoot.com/terms/terms.html

(check for similar section in the T&Cs of your bank)

To be completely safe, you would have to deposit your total in multiples of £2000 across numerous separate banks.

I would consider limiting to £35000 per bank, given the details of the scheme at this time.
 
Hmm, might wap £2k into one soon, I had Alliance & Leicester savings account, they have just updated there site, it needed it the previous one was awful for browsing.
 
You must log in or register to reply here.
Back
Top Bottom