I'm still treading water so this isn't £5k fun tokens yet - it is £5k emergency/on-hand cash. 10% is great if you time it right.
Best savings account?
- Thread starter Merlin5
- Start date
Unless you only look at the headline rate and have no concept of short term risk
Going back a while a mate of mine had amassed some money he was going to use to pay off a chunk of his mortgage. Due to the terms of the mortgage deal he was on it made sense to wait a bit before doing so. He stuck the money into an ISA (think it was Equity based). Just when he needed to withdraw it the markets had a wobble and he lost a big chunk of cash. Definitely not the right product for a short term investment.
Associate
Yea but the title of this thread is best savings account, not best emergency cash account.
Where do you think people want to put their cash...? There is a stock market thread to discuss the stock market btw.
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Soldato
Savings are not investments.
Underboss
link here :
Trading the stockmarket (NO Referrals)
Top four certainly likely to be steady stocks over medium term. Rolls doing ok after in effect a hard hammer from COVID. Hoping they start dividends up again soon
forums.overclockers.co.uk
Caporegime
I wouldn’t use the market to hold anything for less than a year, or even 2 years.
If you sure it is something you definitely need to withdraw in that time frame. Savings account is fine, no point trying to gain difference vs the risk.
If you sure it is something you definitely need to withdraw in that time frame. Savings account is fine, no point trying to gain difference vs the risk.
Are you some kind of clown? Zopa is a savings account that is easy access.
Soldato
Anyone know if there are issues with transferring some excess savings in a Help To Buy ISA (above the £12k that gets maximum gov bonus) into an existing fixed term ISA?
Or simply a current account?
Tried the former the other day, both accounts with same bank, but online banking wouldn't allow it.
Or simply a current account?
Tried the former the other day, both accounts with same bank, but online banking wouldn't allow it.
Soldato
I did a 4K H2B isa transfer from lloyds to skipton lifetime isa without much fuss using skipton's isa transfer forms.
I then withdrew the rest (around 1.5K) into my lloyds current account using the app.
I did phone lloyds beforehand and the guy did try to help but admitted that knowledge on the rules of H2B isas has faded as so few people have them now.
Underboss
Yes you can transfer, now the new rules since April i asked them about this
So I transferred all my money over the 12k into another isa
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Soldato
My 2x Nationwide accounts mature in a couple of months (ISA @4.25% and Regular Saver @8% Gross)... Won't be a lot of money (£200 max in Reg Saver and then the £50 into the ISA) but every little helps - about £100 interest?
Caporegime
T212 down to 5% on the 9th
Now 5.1
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Soldato
yes its been paying that for a few days even though they hadn't announced it
Caporegime
Yup. Noticed it some days back and today they announced it.
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Soldato
Well that's some good news
Caporegime
A lot of offers is coming to an end in the next month.
Barclays £8 bonus on the Blue away ends
Nationwide 8% (£200 per month) matures
Chase Boosted 5.1% ends
It seems with £5k at 5% Rainy Day for 12 months works out now at £15.88 per month interest after £5 deduction for the Blue award.
Chase at 3.8% for £5k gets similar amount. Meaning I might as well keep the Blue award since it comes with Apple TV as well. So it works out free Apple TV.
As for Nationwide, does anyone know what happens to the 8% once it matures? Will future deposits still get 8%? or takes it take another 12 months for those to mature again?
Barclays £8 bonus on the Blue away ends
Nationwide 8% (£200 per month) matures
Chase Boosted 5.1% ends
It seems with £5k at 5% Rainy Day for 12 months works out now at £15.88 per month interest after £5 deduction for the Blue award.
Chase at 3.8% for £5k gets similar amount. Meaning I might as well keep the Blue award since it comes with Apple TV as well. So it works out free Apple TV.
As for Nationwide, does anyone know what happens to the 8% once it matures? Will future deposits still get 8%? or takes it take another 12 months for those to mature again?
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Soldato
I've had an email to tell me it becomes an Instant Access Saver Issue 10 at 2.4% AER/gross
Caporegime
Oh, then might as well put it back to Chase then.