Worth noting its £500 a month for 12 months so max interest is £232.45, be good for some people tho.
Best savings account?
- Thread starter Merlin5
- Start date
Worth noting its £500 a month for 12 months so max interest is £232.45, be good for some people tho.
Caporegime
- Joined
- 21 Nov 2005
- Posts
- 41,255
- Location
- Cornwall
Binned off Santander now. They sent the wrong info to me when I opened the account and I still haven't received the two letters, with my password and security number, after two weeks.
Opened a Chip account this morning and transferred my money to them within minutes.
Opened a Chip account this morning and transferred my money to them within minutes.
Seeing this thread again, I'm looking at opening a decent savings account.
Current I have the HSBC Flex Saver currently at 2% AER. I don't live in the UK anymore but I have my house which I rent out in the Midland area.
I would like to open an high interest savings account, I wont be withdrawing from it and I be putting minimum £300 a month.
Also something which can be easily opened online, as I am not in the UK to sign physical paper work
Any ideas?
Current I have the HSBC Flex Saver currently at 2% AER. I don't live in the UK anymore but I have my house which I rent out in the Midland area.
I would like to open an high interest savings account, I wont be withdrawing from it and I be putting minimum £300 a month.
Also something which can be easily opened online, as I am not in the UK to sign physical paper work
Any ideas?
Last edited:
Caporegime
- Joined
- 20 Oct 2002
- Posts
- 75,896
- Location
- Wish i was in a Ramen Shop Counter
Seeing this thread again, I'm looking at opening a decent savings account.
Current I have the HSBC Flex Saver currently at 2% AER. I don't live in the UK anymore but I have my house which I rent out in the Midland area.
I would like to open an high interest savings account, I wont be withdrawing from it and I be putting minimum £300 a month.
Also something which can be easily opened online, as I am not in the UK to sign physical paper work
Any ideas?
Start with Chase, I opened mine in minutes with very little effort. I think the only ID i need was my driving licence all done through the app?
Last edited:
Underboss
- Joined
- 20 Oct 2002
- Posts
- 33,778
- Location
- Oxfordshire / Bucks
i like chip, downloaded app, added my barclays account to it, that's it
simple and easy access , free withdrawals
simple and easy access , free withdrawals
Seeing this thread again, I'm looking at opening a decent savings account.
Current I have the HSBC Flex Saver currently at 2% AER. I don't live in the UK anymore but I have my house which I rent out in the Midland area.
I would like to open an high interest savings account, I wont be withdrawing from it and I be putting minimum £300 a month.
Also something which can be easily opened online, as I am not in the UK to sign physical paper work
Any ideas?
Since you are actually looking to put money aside each month then a regular saver would probably be your best bet, they tend to have higher rates than standard savers, you can get them in the 7% range, but unfortuantely they generally restrict the monthly deposit to 200 - 250.
Depending how easy it is for you to open other accounts, now that you live abroad, First Direct (who are linked with HSBC) offer a regular saver of 7% @ max £300 / month and you could put any excess in a standard saver, there's plenty of those around the 4.5 - 5% mark. Chase/Chip/Atom, all app only banks that are easy to open and manage.
Wouldn't risk it when you've got somewhere like Chip offering higher interest, no limit and FSCS cover.
Dont get one would be my tip
From what I've seen the rates are actually looking lower on the 3+ yr fixed then they are on the 1-2 yr, which shows they are expecting interest rates to drop by then.
So logically locking in now for 2 years even 3 at a higher decent rate is the move if rates are going expected to drop?Dont get one would be my tip
From what I've seen the rates are actually looking lower on the 3+ yr fixed then they are on the 1-2 yr, which shows they are expecting interest rates to drop by then.
Gilts? how would i go about doing that?
Yea, 1 or 2 yr is what I'd do if I was fixing right now, maybe have a split and do both? That way you can re-assess the best option with half of it in 1 yr.
As for the gilts, you'll have to wait for 200sols to answer that one.
I'm tempted to switch to this, especially as you get a £200 joining bonus too. It's a pain that you have to switch your current account to them, not just open a new account.
My current account is with Santander and I want to stay with them (one because of the faff of moving, and two because they offer some decent cashback).
Maybe I need to open a new current account specifically to use for switching deals that has a couple of trivial DD's associated to it. Just seems like so much of a faff.
Investment account that allows you to buy individual gilts, I use interactive investor. A quirk of recent times is a bunch of low coupon (or low interest) gilts issued during the low interest rate times so most of the gain will come at maturity and you dont pay capital gains on gilts.
E.g https://www.ii.co.uk/bonds/united-kingdom-025-31012025/LSE:TN25
These will mature at a value of £100, so the yield to maturity is 4.71%. You'd need a savings account north of 8% to match this for higher rate taxpayers. No matter what happens they will always mature at a value of £100 so you just hold.
If someone crashes the bond market again its time to hoover up.
Last edited:
As you're with Santander, open a new account with them just for switching. Of the half a dozen new accounts I've opened in the last year, theirs was the one that didn't impact my credit score.
I've currently got 7 current accounts, it's a little bit dumb.