Especially as it's only 0.1 to 0.2 % higher interest than a lot of the competition
Best savings account?
- Thread starter Merlin5
- Start date
Especially as it's only 0.1 to 0.2 % higher interest than a lot of the competition
Soldato
Not really. The idea is that you have your money back within a week.
Obviously not point just chasing 0.1% or whatever, but you'd be unlikely to have any issues at all.
Last edited:
Its automatic. But its more spreading fear almost cements the issue of a 'failing bank'. It'd probably be swallowed up by a big bank in some botched deal anyway rather than failing.
In theory you are correct.
But when an institution starts to fail and there's a rush by everyone to pull thier money out it can snowball pretty quickly.
Look at Northern rock.. People queuing up at cash machines running dry..Well not dry but certain people couldn't get thier own money on demand.
And now look at our current government...
I wouldn't risk it for 0.3% extra.
That's how banks and a lot of different types of investments work.. It's all hype but if you need your money quickly and 'bank says no' you're stuffed.
Last edited:
Soldato
5.8% is he highest fixed rate atm
Rates higher than 6% are regular savers which are designed for monthly savings off your income.
Caporegime
Yeah, my nationwide is 8% but max £200 a month deposits.
I have some in Barclays rainy day and Santander which is 5.08%
I have some in Barclays rainy day and Santander which is 5.08%
Last edited:
Soldato
Yeah I have a bunch of them to encourage me to save each month.
BTW, the Santander limited edition saver is 5.2% AER even on monthly. It just says 5.08% when that's the gross amount and Santander themselves don't know that gross =/= AER on monthly interest accounts.
I've got £85k to put somewhere short term and wanted easy access and monthly interest, so went with Metro and their 5.22% yesterday.
Just relying on the FSCS being hassle free
I may go for this myself as I have similar money wise.
Did you find anything else at a higher rate with limited/no access for a year?
I didn't look at anything fixed/limited as my short term is only a month or two, but I see Metro are offering 1 Yr fixed at 5.91%
I've got £85k to put somewhere short term and wanted easy access and monthly interest, so went with Metro and their 5.22% yesterday.
Just relying on the FSCS being hassle free
I was hoping it would last more than a couple of days!
Metro Bank shareholders to vote on rescue deal
A deal to raise extra funds was struck last month after speculation about Metro's financial position.
www.bbc.co.uk
Soldato
Opened and funded a Nationwide Saver (8%} and Flex ISA (4.9%)... Opened both as the first one is max £200/month and I can put any extra into the ISA if I have any
Did the same the other day.
If the ISAs are dropping can I quickly get on a higher rate one ? I want ideally a pay monthly ISA account which I can stick maybe £10k in to in a lump and build from there, should be able open up but I don't want to dump all the 10k in until Dec payday?
What's the best flexible montly atm? If I open one now how long will the ?.
Wondering if I should stick it in metro Bank or zopa or
What's the best flexible montly atm? If I open one now how long will the ?.
Wondering if I should stick it in metro Bank or zopa or
Last edited:
Underboss
ive decided to put an extra £200 month aside..
into my work save as you earn scheme for 3 years
i get my money back or if share gone up in value i get more money, win win
into my work save as you earn scheme for 3 years
i get my money back or if share gone up in value i get more money, win win
Soldato
FYI getting the same money back after 3 years is a loss with interest rates so high. Just making sure that you're not getting missold
