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25-01-2019, 06:34 PM
1

Savings Accounts

Anyone here got savings and if so, have you found any good strategies for maximising the interest from it?

i.e. Savings Accounts or investments, bonds etc

Generally savings accounts seem to be around a paltry 2% interest rate with the exception of a couple at 5% which require you to have other accounts and direct debits.

Money Saving Expert site didn't help me much either, just listed the current savings accounts.

I'm loathe to give someone else savings money for the paltry return of just 2%. There must be better options.
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25-01-2019, 06:46 PM
2

Re: Savings Accounts

You are lucky to get 2% !
I have spent a frustrating day checking my accounts .
Those I put money in a year ago have gone down at the same time while offering NEW savers better rates.
They are under no obligation to offere these rates to people who already have accounts with them .
So my post office account was at 0.25% but they are offering 1.38.
Well you would think it would be easy to swap around would nt you ?
It isn't !
I logged on about eight times and phoned three times before I got someone to talk me through their unhelpful platform .
They are all the same make it as difficult as possible for savers to get good rates,
The best rate easy access rate at the moment seems to be with Marcus Goldman Sacks 1.5 %
If you can get 2 % please let me know !
The big banks are pants and offer loyal customers absoutely sweet FA.
You can get a little higher on fixed rate bond.
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25-01-2019, 06:47 PM
3

Re: Savings Accounts

This might be of use:


https://www.moneysupermarket.com/savings/


I agree Muddy, I would welcome 2% at the moment, too.
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25-01-2019, 06:52 PM
4

Re: Savings Accounts

Thanks Mups
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25-01-2019, 06:58 PM
5

Re: Savings Accounts

Tesco Bank - 3% to 3K; with regular saver at 5% for one year
Santander 123 - 1.5% to 10K; with regular saver at 3% on 200 pm
TSB - 3% to 1500 with 5% on some contactless payments.
Nationwide Flexplus - 3% to 2500. with regular saver at 5% to 250. Flexplus charges 13 pm, but free travel holiday to age 70; Mobile phone insurance and roadside assistance + others.........

Keeps your brain moving transferring money around!!!
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25-01-2019, 07:02 PM
6

Re: Savings Accounts

My brain doesn't want to faff about with all that pony and trap.
I just want to put my savings in one place and leave them there.
All these need you to change you direct debits etc etc .
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25-01-2019, 07:05 PM
7

Re: Savings Accounts

I got 2.3% earlier this year but only because it was a 5 year ISA.

Interest rates are dire, as always.

Out of my non ISA savings accounts the best rate I've got is...erm....hang on, I need to check...1.75% but that's a restricted account that I only have because I have other accounts with that bank.

The next best is my Santander 123 current account at 1.5%.

You can get more if you're willing to tie it up for longer or invest more or even take risks with the capital.

Peer to peer lending was popular a while ago, higher interest but there's risks attached.
https://www.moneyadviceservice.org.u...u-need-to-know
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25-01-2019, 07:14 PM
8

Re: Savings Accounts

Originally Posted by Muddy ->
My brain doesn't want to faff about with all that pony and trap.
I just want to put my savings in one place and leave them there.
All these need you to change you direct debits etc etc .
That's the only way to get a bit of interest these days!
Keeps you young!
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25-01-2019, 07:22 PM
9

Re: Savings Accounts

Originally Posted by Muddy ->
My brain doesn't want to faff about with all that pony and trap.
I just want to put my savings in one place and leave them there.
All these need you to change you direct debits etc etc .
I'm with you here Muddy, I got pretty sick of juggling money around for the sake of .2 or.3% so I actually accepted a lower interest rate just to get a chunk of my money all under the same roof.

Saying that I'm still dealing with 4 different savings institutions....would be easier just to spend it
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25-01-2019, 09:16 PM
10

Re: Savings Accounts

I concur with many of you. I don't want to spread savings around lots of different companies and accounts but unfortunately the various savings accounts mandate a maximum amount that you can put in which is typically peanuts. It's a dilemma.
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