Best savings accounts

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GlasgowGirl

Facilitator
Jul 22, 2008
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Having just sold my house, I'll be looking for somewhere to stash my deposit while I look for my next property. In the current climate it is very tempting to stuff it under my mattress, but given that my mattress will be in storage along with everything else I own, I thought I should look for a savings account.

The best one I've seen so far is the ING Direct one which is paying 4% interest and doesn't include any notice periods for withdrawing money. The rate falls after 12 months but I would very much hope to have bought somewhere by then!

So I'm looking for recommendations and helpful warnings - anyone found a better deal than this? Anyone had good/bad experiences with ING or with savings accounts generally?
 
Tony

Tony

What Consumer Founder
Apr 7, 2008
18,307
3
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Bolton
Saving Bonds

That is a pretty good deal from ING. A friend was telling me about saving bonds where the capital is 100% safe, but your money is invested in the stockmarket - yikes. However, he reckons that saving rates are so low you have nothing to lose and the saving rates are so low you might as well put the money under your mattress. I'll find out what they are called and post a link

Tony
 
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G_M

New Member
Feb 1, 2009
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For a good interest rate, try Investec’s High 5 account. (Google will find it easy!)

The rate changes every week but is always = to the average of the top 5 accounts listed by Moneyfacts, so it's always nearly the best-paying account. This week's rate is 4.22%.
Downside is you need to give 3 months notice, you need a minimum balance of £25K, and it is post/phone operated. But it IS covered by the FSA’s £50K compensation scheme.
They'll also give both you, and an existing account holder (referree) , £50 when you apply. If you want to use me to get this, PM me or contact gentle_mike1 via hotmail for details.
 
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kris1anne

New Member
Jan 29, 2009
138
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Not an easy one...

Hi there Glasgow Girl. Whilst not a financial expert by any means, I know a man who is. He suggests looking at reports on the bank by these guys "Standard & Poor's" (you can google it) and splitting the funds between a couple of accounts.

Your money should be fairly safe, as it isnt like when you go for a share option - there are some insurances but he says to check out the banks credit rating, AAA being the best and take it from there. The good news is Banks need our money at the moment so are giving some great deals to savers!

Good Luck

Kris
 
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GlasgowGirl

Facilitator
Jul 22, 2008
287
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Thanks all, much appreciated. I have to admit I'm terrified of the idea of putting my money into the stock market at the moment, so I will probably stick with a bank account. G_M, that Investec account looks good - it wouldn't suit me just now as I need instant access and won't have as much as £25k, but useful to know about for future reference. Thanks also kris1anne, I will check out Standard and Poors.

I should get the cheque through from the solicitor on Saturday, so better make my mind up quickly!
 
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dorian12

New Member
Apr 2, 2009
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www.1stclaims.co.uk
If you are sure with that info regarding ING you could go with that. Recently one of my friends told me that the interest rate in not uniform through out the year. Better if You could, inquire again.
 
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G_M

New Member
Feb 1, 2009
11
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The ING rate is variable but with a fixed bonus on top:

"New ING Direct Savings Account customers can enjoy a great variable rate of 3.00% AER (including a 1.97% gross p.a. bonus fixed for 12 months)
Our variable rate is 1.00% AER*."

In contrast the Investec High Five has no bonus but "always pays the average of the five highest savings rates in the market, so you never have to shop around again for the best rates." Current rate this week is 3.11%. As and when rates rise, so will the High 5 rate. Also pays a £50 join-up benefit. Contact gentle_mike1 at hotmail for a referral.
 
G

G_M

New Member
Feb 1, 2009
11
0
0
For a good interest rate, try Investec’s High 5 account. (Google will find it easy!)

The rate changes every week but is always = to the average of the top 5 accounts listed by Moneyfacts, so it's always nearly the best-paying account. This week's rate is 3.25%.
Downside is you need to give 3 months notice, you need a minimum balance of £25K, and it is post/phone operated. But it IS covered by the FSA’s £50K compensation scheme.
They still give both you (referree), and an existing account holder (Referer) , £50 when you apply, paid direct into your account. If you want to use me to get this, PM me or contact gentle_mike1 via hotmail for details.
 
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