Savings Account

[Tinker]

Ok, i should have posted the following question here instead of 'People & Places'......Basically, I'm looking to open a savings account (saving around �20 p/month). I don't want a card or an overdraft limit, just a good savings account. I know there's loads around, so which should i go for and what kind of rates etc should i be looking at? I'm basically trying to create a good rapport with a bank/building society by opeining a savings account, so that when i need a morgage, they'll be familiart with my regular (albeit small) savings history.

[clarabel82]

If you are comfortable with Online banking then Lloyds TSB do an online saver, I think the requirements are you must have a current account with them first and I think you have to put in �250 to start with, although you could just transfer it back to your current account the week after I suppose. There is no minimum you have to put in there and can add to it or take savings out online 24hrs a day. if you go to http://www.lloydstsb.com it should give you all the information you need.

[stevie21]

If you can tell us whether or not you need to be able to access the money or keep it out of reach, if you have an opening balance, are comfortable with internet banking etc etc. then you might get a valuable answer. Incidentally, if you have a deposit and favourable results on a credit search (which this savings account may have little or no impact on) then you'll get your mortgage. I fear that (other than the amount saved) your savings will have little impact as far as the loyalty/history goes. I think moneyfacts.co.uk or .com give info on lots of savings accounts. ISAs can effectively be tax free equivalents of simple savings accounts so they may be a place to start as they'll pay a higher rate of interest (cash-mini ISAs that is). Remember that any interest rates quotes are before tax is deducted unless it's an ISA.

[Marsh]

www.moneyextra.com is useful for comparing rates. Watch out for rates that drop after the first 6 months so you have to move your money or get a poor deal. ING seem to keep their rates up near the top fairly consistently.

[georgit79]

Intelligent Finance are good too. I have a savings account with them.

[Miss Zippy]

Cash ISAs should always be your first savings option as they pay interest on your savings tax-free, so shop around and see who is offering the best cash ISA rate at the moment. However, I agree with stevie21 that your having a savings account with a particular bank/building society will little or no bearing on its decision to offer you a mortgage. A potential lender will look at your credit history as a whole and not just your history with them. Besides, it is so important that you shop around for a mortgage these days that is is highly unlikely that any bank/BS you open an account with today will necessarily offer the best mortgage for your needs in X years' time.

[johnjbloomfi]

If its just a bout creating a raport with a bank I wouldn't really bother as long as you have a clean credit history you'll get a mortgage when you need. But if you still want to try and build up a good rep with a bank. HSBC, Nat West and alliance & Leicester all use behavioural scoring as well as credit scorings i.e. award you points for your behaviour only issue is in the case of some users of behavioural scoring they do not report your behaviour to the credit reference agaencies so you don't build up much of a credit score outside (not that a savings account would do that anyway)