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SAVINGS ACCOUNTS - ANY GOOD ONES?

shibi din Avatar
6y, 10m agoPosted 6 years, 10 months ago
Halifax are offering a two-year fixed rate of 4.2%. I think this is pretty good myself, and I'm happy for some of our cash to be tied up for a couple of years.
Was wondering if anyone knows of any other decent savings accounts. As I say, willing to tie it up for a couple of years but don't want any of these 'specials' where they say they'll give, for example, 6% but you have to take another product of theirs out at the same time.
Thanks in advance for any suggestions.
shibi din Avatar
6y, 10m agoPosted 6 years, 10 months ago
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#1
I'll take that as a NO then?!!!
#2
How much are you going to save?
#3
I'm gonna keep an eye on this as i have no idea about this sorta thing but my great aunty has left my sons £1000 each and i want to put the youngest ones (10 yrs old), money into an account until he's 18.
Any ideas?
Not a large amount of money but evey little helps :)
#4
Rhianne
How much are you going to save?


Say £20,000 or £30,000.

magough
I'm gonna keep an eye on this as i have no idea about this sorta thing but my great aunty has left my sons £1000 each and i want to put the youngest ones (10 yrs old), money into an account until he's 18.
Any ideas?
Not a large amount of money but evey little helps :)

You're absolutely correct. :) In fact, I need to find a decent savings account for the children as well. Their savings are languishing in very low-interest savings accounts.
#5
magough
I'm gonna keep an eye on this as i have no idea about this sorta thing but my great aunty has left my sons £1000 each and i want to put the youngest ones (10 yrs old), money into an account until he's 18.
Any ideas?
Not a large amount of money but evey little helps :)


Bank of Scotland are offering 6% on their Children's saver account.

Pretty good rate.

http://www.bankofscotlandhalifax.co.uk/savings/savingsselector/cc_main.asp?Id=2&Stp1=2&Stp2=&Stp3=&Stp4=&Stp5=&Stp6=#result
#7
Rhianne
Bank of Scotland are offering 6% on their Children's saver account.

Pretty good rate.

http://www.bankofscotlandhalifax.co.uk/savings/savingsselector/cc_main.asp?Id=2&Stp1=2&Stp2=&Stp3=&Stp4=&Stp5=&Stp6=#result


That's very good!! Just need to find out if they will let me open two, and with a lump sum in each as well.

I got 6% on my savings with HBOS last year, but it was only for a year. That's why I need to find somewhere else now.
banned#8
Rhianne
Bank of Scotland are offering 6% on their Children's saver account.

Pretty good rate.

http://www.bankofscotlandhalifax.co.uk/savings/savingsselector/cc_main.asp?Id=2&Stp1=2&Stp2=&Stp3=&Stp4=&Stp5=&Stp6=#result


think i will trnasfer my sons savings to that, daqighter is already 16 so cant do hers, but they with nationwide and theirs is pretty crap and has been for a long time

but you can only transfer up to £100 a month to it and its alos only for a year
#9


Wow, where did you find them? I've never heard of ICICI Bank before!

Opens up a whole new set of questions - would I open an account with a bank I've never heard of??!! Would you?
#10
sassie
think i will trnasfer my sons savings to that, daqighter is already 16 so cant do hers, but they with nationwide and theirs is pretty crap and has been for a long time

but you can only transfer up to £100 a month to it and its alos only for a year


Yeah, my girls are with Nationwide and they are rubbish. Been meaning to move them for ages.
#11
shibi din
Wow, where did you find them? I've never heard of ICICI Bank before!

Opens up a whole new set of questions - would I open an account with a bank I've never heard of??!! Would you?


Came up on money supermarket.

NS&I are the safest option as they are backed by HM Treasury so you will get all your money back.

Nationwide bonds - http://www.nationwide.co.uk/savings/landing_pages/ebond_landing_page.htm?product=savingsebond&campaign=savingsebond&type=aggregator&site=moneysupermarket&placement=listings&creative=savingsebond&size=1x1
#12
banned#13
shibi din
Yeah, my girls are with Nationwide and they are rubbish. Been meaning to move them for ages.


debating whether to stick mine into premium bonds for them until the interest rate picks up
#14
sassie
debating whether to stick mine into premium bonds for them until the interest rate picks up


I've never won with my premium bonds! :p
banned#15
Rhianne
I've never won with my premium bonds! :p


I have :p
#16
sassie
I have :p


How long did you have yours before you won?

Was the prize worth winning??
banned#17
Rhianne
How long did you have yours before you won?

Was the prize worth winning??


not long, well it was better than the interest i would have got - lol

my friend had £30.000 in and won near enough every month, over a two years she certainly got more back than she would have got anywhere, even in a locked up bond
#18
Rhianne


Been on the phone to Bank of Scotland. Very helpful lady. She told me about this very same bond. After 5 years I would earn a total of £7,875 interest on the full £30,000.
I've repped you for your help, Rhianne. Thanks again.

sassie
debating whether to stick mine into premium bonds for them until the interest rate picks up


Sassie, after speaking to BoS about the children's savings account @ 6%, it's not such a great deal after all. Only allowed to put a maximum of £100 in each month, no lump sum to begin allowed. Maximum interest to be earned is £39.16. Better option might be a Guaranteed Reserve - 6 months @ 2.01% or 12 months @ 3%, and no faffing around having to set up standing orders.

Premium Bonds are rubbish now - minimum prize has been halved to just £25!!! Rotten beggars, don't know why they did that.
banned#19
well if i had 30.000 mine would be into premium bonds for a year
#20
sassie
well if i had 30.000 mine would be into premium bonds for a year


I suppose there is always the 1 in over 40 billion chance that I could win the big one!!!
#21
i agree with the premium bonds,I had £25000 in there for about a year and it won nearly every month, mustav won at least a thousand over the year
banned#22
shibi din
I suppose there is always the 1 in over 40 billion chance that I could win the big one!!!


there is hundreds of prizes, so your chances of winning with 30.000 are high, like i said my mate won more than the interest she could have got even at 6%
banned#23
premium bonds are a really bad investment, even more so now they have halved the payouts.


Average prize payout is about 0.5% of the fund value. Your chances of winning the top £1million prize are about 40 billion to 1, odds that make a jackpot win at the National Lottery seem a sure bet in comparison (around 14 million to 1).[LEFT][COLOR=#000000]

Of an average 40 billion bonds entered in the prize draw each month, the prize ratio works as follows:[LIST]
[*]Around 1 million bonds are awarded £25 prizes
[*]Around 20,000 bonds are awarded £50 or £100 prizes
[*]Around 2,700 bonds are awarded £500 to £1million prizes
[*]1 bond is awarded a £1million prize[/LIST]So you stand a 400-1 chance of picking up £25!! for each £100 invested. So with £30,000 in bonds, you stand an evens chance of picking up 8 wins in a year totalling £200. The same return as an account paying 0.6%
[/COLOR][/LEFT]

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