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    SAVINGS ACCOUNTS - ANY GOOD ONES?

    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.

    23 Comments

    Original Poster

    I'll take that as a NO then?!!!

    How much are you going to save?

    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

    Original Poster

    Rhianne;7527672

    How much are you going to save?



    Say £20,000 or £30,000.

    magough;7527765

    I'm gonna keep an eye on this as i have no idea about this sorta thing … 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.

    magough;7527765

    I'm gonna keep an eye on this as i have no idea about this sorta thing … 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.

    bankofscotlandhalifax.co.uk/sav…p6=

    Original Poster

    Rhianne;7527811

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

    Rhianne;7527811

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

    Original Poster

    Rhianne;7527831

    4.25 % for 24 months fixed rate here … 4.25 % for 24 months fixed rate here http://www.iciciukpromotions.com/lms_ct0509/UK_FR234Y/index.asp?UserType=MSM2Best



    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?

    Original Poster

    sassie;7527861

    think i will trnasfer my sons savings to that, daqighter is already 16 so … 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 timebut 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.

    shibi din;7527876

    Wow, where did you find them? I've never heard of ICICI Bank … 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 - nationwide.co.uk/sav…1x1

    Banned

    shibi din;7527879

    Yeah, my girls are with Nationwide and they are rubbish. Been meaning to … 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

    sassie;7527958

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



    I've never won with my premium bonds!

    Banned

    Rhianne;7527987

    I've never won with my premium bonds!



    I have

    sassie;7527997

    I have



    How long did you have yours before you won?

    Was the prize worth winning??

    Banned

    Rhianne;7528029

    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

    Original Poster

    Rhianne;7527925

    5 year bond here - … 5 year bond here - http://www.bankofscotlandhalifax.co.uk/savings/steppedincome.aspExcellent rates!!!



    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;7527958

    debating whether to stick mine into premium bonds for them until the … 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

    well if i had 30.000 mine would be into premium bonds for a year

    Original Poster

    sassie;7528293

    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!!!

    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

    shibi din;7528426

    I suppose there is always the 1 in over 40 billion chance that I could … 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

    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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