24 replies to this topic

[blacktulip]

i need some advice on a decent interest savings account. i'm looking to save between £250-£500 a month and need an account without a cash card so i cant take it out. any ideas?

[bcjames]

I can't comment on interest rates, but Santander won't give me a card or a passbook for my savings account, instead I have a piece of paper. It's utterly impractical other than when I wan't to specifically pay money in, so my balance has actually stayed intact!

[TORZIEnJIM]

Compare the market.

What you might be better off with is one of the current accounts that pays interest. You have to pay a certain amount in each month but I believe nat west is the lowest at 500. Other wise you won't get a decent rate on a saver with card.

If you can't quite put that in a month bear in mind that's all that has to be put into the acc each mth. You can always take it out same day.

Lloysd was about the best (not sure of their current rate) but you ha to put 1k in pm but you can always draw straight back out.

Edited by TORZIEnJIM, 27 January 2012 - 11:30 PM.

[minimarco]

No savings account interest rate can even catch up to the rate of inflation. So depending on how long you want to save for and how much you want to save, any should do. Get them to set up a fixed deposit so the savings account will automatically withdraw from your checking account.

[TORZIEnJIM]

My advice comes from a large amount of banking experience by the way

[Shifty]

How about an ISA?

[TORZIEnJIM]

Have now edited my post to make sense.

No card with isa, not designed for withdrawals

[se_juggles]

as shifty said... you want a ISA mate... and a good bank to look at is natwest its not so much the intrest rate as the quality of the bank and natwest is the bank least likely to go boom when the EU gets butt *beeped* im going to use them till the problems are over then stick my cash into high intrest ISA's for intrest.... (my opinion) :)

gl

[Cooperman]

Unless you have over £85000 in an account with any UK bank the total sum, with the accrued interest, is guaranteed by the Bank of England.
Interest rates really are dreadful for savers now. You would make more interest if you took a buy-to-let mortgage on a small house or a flat and rented it out. Returns are in the region of 6% to 8% if you buy astutely, and your asset will appreciate in value over the years.

[TORZIEnJIM]

as shifty said... you want a ISA mate... and a good bank to look at is natwest its not so much the intrest rate as the quality of the bank and natwest is the bank least likely to go boom when the EU gets butt *beeped* im going to use them till the problems are over then stick my cash into high intrest ISA's for intrest.... (my opinion) :)

gl

[TORZIEnJIM]

as shifty said... you want a ISA mate... and a good bank to look at is natwest its not so much the intrest rate as the quality of the bank and natwest is the bank least likely to go boom when the EU gets butt *beeped* im going to use them till the problems are over then stick my cash into high intrest ISA's for intrest.... (my opinion) :)

gl

He wants withdrawals though, and no iSA will give that, and if it does the interst will be poor

Edited by TORZIEnJIM, 27 January 2012 - 11:42 PM.

[se_juggles]

as shifty said... you want a ISA mate... and a good bank to look at is natwest its not so much the intrest rate as the quality of the bank and natwest is the bank least likely to go boom when the EU gets butt *beeped* im going to use them till the problems are over then stick my cash into high intrest ISA's for intrest.... (my opinion) :)

gl

He wants withdrawals though, and no iSA will give that, and if it does the interst will be poor

ah if he wants withdrawals then there is pretty much no point you can have a savers account but the intrest rate on them is so pointless youll never have enough to notice lol your better off investing in the lottery every week

[mini93]

I had a bunch of savings in NS&I which didnt seem too bad, im not sure on all the in's and outs as it was selected for me when my grampy died. plus theres the added bonus you might win a prize from the monthly draw your automaticly entered in

[TORZIEnJIM]

Trust me, my first suggestion is your best bet.

[se_juggles]

ask around all the people you know... there might be someone who knows a good accountent and they will give you very good advice :)