Savings Account

so many different views and opinions. some people like a friend of mine spent over £7500 on her wedding :eek:. Looking to spend only £2-2.5k lol. Congrats HoneyBadger
 
Depending on when you need the money, I'd be tempted to stick it in an s & s isa. Obviously there is some risk but if the event is some time away there's a good chance you'll do better than a savings account.
 
I've been using NS&I and Premium Bonds for years - the "winnings" are usually better than interest rates.

Never had any issues with withdrawals and currently have a large chunk of money with them across two accounts.
 
I've got about 5k sat doing nothing in savings account but those trustpilot reviews are pretty concerning. I found a calculator which reckons I could expect around 25 quid over 2 years with 2k's worth.

Has anyone actually got a decent return from them?
 
CliffyG said:
I've got about 5k sat doing nothing in savings account but those trustpilot reviews are pretty concerning. I found a calculator which reckons I could expect around 25 quid over 2 years with 2k's worth.

Has anyone actually got a decent return from them?
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There is no decent return, if you put money in a savings account it is so you have some cash which is set aside for various needs or emergencies, depending on your budget/income and circumstances.

You are agreeing to loose to inflation over a long period, for the protection of available cash which cannot go down in value nominally should you need it.

I have figured out how much i want to have available, and that amount has been reached. If my circumstances change, i might increase the amount or decrease it.

Other than that, all money is invested in a S&S ISA, which is where you get decent returns, also i used my savings 1 year ago when the market crashed, and have since built them back up.

So instead of being sacked, and forced to use savings, the government paid me furlough. So obviously, i can invest my savings instead.

But back to premium bonds, the more £ you have, the closer you will be to the 1% return, with £25 being the minimum prize. You could also get nothing for 5 years, or you could win twice in the 1st year.

Edit: Premium bonds are the best savings product on the market right now in the UK. However i need access, and reliability. For me 0.01% with my bank is perfectly fine and i can transfer the money instantly.
 
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Not fussed about interest rates but have called my bank and it turns out they have an option to limit withdrawals to once per year with no fees up to £5000. So no matter what i do in can't in fact withdraw more than once a year. Stops the potential to dip into it :)
 
Mr Mcgoo said:
So I'm looking for a saving account that I cannot withdraw from until I reach a certain amount saved. Does anyone know of a bank or building society that can do this ;)
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No idea what amount you want to save, but if it is sufficient for a property deposit, then that may be the best option.
 
Just open an ISA Trading 212 and invest everything in a market tracker - v low risk and better returns than a normal savings account.

Plus get some willpower to not withdraw....

or give it to me to hold on to :)
 
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