Viewing 19 posts - 1 through 19 (of 19 total)
  • Is it possible to get interest on savings these days?
  • nickjb
    Free Member

    I have some money left over after buying all the coke and hookers I need. It’ll be towards a property purchase that might be next month, might be next year. My bank have given me a savings account with a whopping 0.04% interest. I see there are a few current accounts with decent, special offer interest but they seem to limit the amount interest is paid on. As I may need the money back in a hurry long term investing isn’t an option. What’s out there, or do I just look forward to my £30 windfall from my current bank?

    robdob
    Free Member

    Max out an ISA for a start. I’ve got a lot of money waiting to use as a deposit on our next house and I’ve maxed out 2 ISA’s.
    Unfortunately the more interest you want the more you have to keep your money locked away.

    lunge
    Full Member

    I’ve had a look at this recently and came to the conclusion, oddly, that the special rates on current accounts were where the best money was. Yes, there are some limits to the amount and on how often you pay in, but for me at least they worked out the best. I’ve currently got 5% on a Nationwide account up to £5k then 1% above that, not too bad at all.

    nickjb
    Free Member

    Looked at the Nationwide. Current deal is 5% on first £2500 then 0% on the rest. Slightly better than my current deal but pretty marginal for the hassle

    boriselbrus
    Free Member

    Yes look at current accounts first.

    3% on £20k at Santander
    5% on £5k at TSB
    Plus several accounts will bribe you to join – £150 at Clydesdale, £125 at first direct, £100 at Halifax etc

    I’m struggling to find an ISA that is even tempting at current rates but once money is in then if rates go up in the future you can transfer potentially large sums to better rates. Don’t forget that next year you can earn £1k a year tax free without an ISA though.

    allthepies
    Free Member

    4% isn’t it ?

    allthepies
    Free Member

    As above, always look at what your current bank can provide!

    First Direct do a regular saver account, 6% gross interest on monthly investments of up to £300. You do need to be a First Direct current account holder though.

    http://www1.firstdirect.com/1/2/savings/regular-savings-account

    dogmatix
    Full Member

    The Santander one also gives you money back on direct debits. Look at what the market is saying about the upcoming RBS share sale. Be carefull though, it may not be the same generous offering as it was with the post office.

    richmtb
    Full Member

    Yep as above look at some of the current accounts

    3% on Santander 1-2-3 is pretty good. I also have Santander Mortgage so moving to this account was a no-brainer

    I get around £40 a month from interest and cashback.

    Best rates I’ve seen for cash ISAs is around 2%

    dogmatix
    Full Member

    I’ve just worked out how much richmtb has in saving and I am going to try my damndest to get his bank details 😮

    ajc
    Free Member

    123 account. If you have a partner you can have one each and a joint account giving you decentish interest on 60k

    craig24
    Free Member

    Santander 123 account for me also. 3% up to 20K, plus monthly cashback on certain direct debits – http://www.santander-products.co.uk/banking/calculator/123ca.html

    hjghg5
    Free Member

    TSB is 5% but only up to £2k (not 5k).

    brooess
    Free Member

    I’ve just had my savings rate dropped from 1.5% to 1% – it’s pretty bad out there. Current accounts are the only decent rates but IME you have to play around with regular injections of cash and 2x direct debits per month.

    But with Central Banks deliberately keeping rates low as a rate rise would clarify rather shockingly just how much debt we’re in and official figures hiding the real inflation that’s going on, I wouldn’t hold your breath for any changes any time soon.

    Low rates also help keep the charade that is the housing market going on for a little while longer.. it helps dupe us into feeling rich

    footflaps
    Full Member

    Don’t forget to knock off 20% (or 40%) from the headline rate if it’s outside an ISA…

    bear-uk
    Free Member

    ISA 🙄
    Current accounts as already said.
    If you need some DDs then open a couple of Tesco accounts and DD £5 a month to them.
    Just set up a standing order on the same day for any accounts and transfer 1K or whatever is needed to meet the terms and transfer from each other.
    This system works great up to around 50/80K if you can get 3 123 accounts going.
    Then transfer any interest into another monthly savings account.
    Edit.
    Consider stocks isa after that
    Edit again.
    If your feeling brave then try Peer to Peer lending.
    I am getting 12% on my investments.

    andyl
    Free Member

    Lloyds current is 5% on up to 5 or 6k for 1 year and I got 6 free cinema tickets
    Lloyds monthly saver is 5% and you can put a few hundred a month into it (again for 1 year)
    Lloyds saver somethng or other is also 5% on up to 5k for a year.

    Other banks have similar schemes so take out lots of accounts all offering 5% and max them out.

    Then look at ISAs

    Just waiting for my flat sale to complete so will be having to mess around doing all this. Sadly my 5% lloyds accounts are coming to an end so i will have to look around. Moneysavingexpert is your friend here.

    Oh and if they need you to pay a certain amount in each month then just set up standing orders to move cash around. Bit messy but worth it and a lot less hassle and risk than other means of investing money.

    If your feeling brave then try Peer to Peer lending.
    I am getting 12% on my investments.

    How easy is it to access the money or is it locked in for a set period?

    surfer
    Free Member

    Oh and if they need you to pay a certain amount in each month then just set up standing orders to move cash around. Bit messy but worth it and a lot less hassle and risk than other means of investing money

    I used to do this with credit cards taking full interest free balances then investing the cash and paying the minimum. At the end of the free period withdraw the money and pay it off. I made a few thousand but they have tightened it now so you have to do balance transfers etc and cant get the cash. You have to be methodical but it was easy money.

    If your feeling brave then try Peer to Peer lending.
    I am getting 12% on my investments.

    You have to sell your loan parts to other buyers if you want to get out before the loan matures so it can take a bit of time. Also good returns are lost with only a small amount of bad debt. You also pay tax unlike an ISA.

    wanmankylung
    Free Member

    Looked at the Nationwide. Current deal is 5% on first £2500 then 0% on the rest. Slightly better than my current deal but pretty marginal for the hassle

    Can you not have several of those accounts?

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