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What Would You Do Advice Please
18 Answers
Saved up over last 4 years in an account ,had 9000 in account got interest lately of wait for it 25 quid .so looking to invest it in summit not to make me rich but at least something worth while .what bank account would you good people advise
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For more on marking an answer as the "Best Answer", please visit our FAQ.There's nothing much around, and it's not our place to recommend. Do what I did, hike up and down all the banks and building societies in your high street and see what rates they are offering for longer-term investments. Don't forget to make sure that you are using all your ISA allocation this year - it may not be paying much interest but at least you'll not be paying tax on it.
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest
This may help. other comparison sites are available.
The best account depends on whether you are a taxpayer (ISAs may be better if you are), whether you want to manage it by post/branch/online, how much notice you are prepared to give, and whether you can tie some or all up for a fixed term
This may help. other comparison sites are available.
The best account depends on whether you are a taxpayer (ISAs may be better if you are), whether you want to manage it by post/branch/online, how much notice you are prepared to give, and whether you can tie some or all up for a fixed term
An ABer posted this earlier, I'm certainly going to look into it
http://www.rocinvest.co.uk/self-storage.html
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I`m assuming you had the money in an ISA that had a bonus period and you didn`t move it when the period came to an end. If you don`t move it when the bonus ends, you will get a terrible rate. If you still a tax payer, move it to another ISA. I find the Daily Mail site thisismoney good for clear savings rates lists.
I had money in a "cash" account last year earning 2%. This year they said they were reducing it to 0.5%
I went in the branch and the best they could offer THIS year was 1%.
You may be lucky to get more than 1% at the moment.
Note: Check the interest you are getting EVERY year on EVERY savings account you have. The banks often offer a good introduction rate to tempt you but after a year or so drop it to nothing hoping you wont notice (though they SHOULD write to you).
I went in the branch and the best they could offer THIS year was 1%.
You may be lucky to get more than 1% at the moment.
Note: Check the interest you are getting EVERY year on EVERY savings account you have. The banks often offer a good introduction rate to tempt you but after a year or so drop it to nothing hoping you wont notice (though they SHOULD write to you).
Is the money in an ISA?
If so DONT withdraw it or you lose your ISA "protection".
If it is an ISA see if the bank can transfer it to a better ISA in THIER bank.
If not try to find a better ISA in another bank.
But if you DO find a better ISA still DONT WITHDRAW IT, get your bank to transfer the money to the new bank (they can easily do this), then you keep your ISA protection.
If so DONT withdraw it or you lose your ISA "protection".
If it is an ISA see if the bank can transfer it to a better ISA in THIER bank.
If not try to find a better ISA in another bank.
But if you DO find a better ISA still DONT WITHDRAW IT, get your bank to transfer the money to the new bank (they can easily do this), then you keep your ISA protection.
Well, the better rate, the more restrictions there will be. For example you might get 2% but will have to have the current account from that bank to qualify. Or you might get 1.8% but will lose lots of interest if you make (for example) more than two withdrawals per year. Likewise, you might get an OK rate but you will not be able to transfer previous ISAs into it - you will be restricted to the £5760 for this year and the rest of your £9000 will have to go elsewhere.
Nationwide current account is paying 5% on balances up to £2500.
Santander 123 account is paying 3% on balances between £300 and £20000.
Savings accounts are all rubbish at the moment, including ISAs. You could gamble the interest and invest in Premium Bonds - at least your money is safe, it's only the interest you are gambling. Assuming you are a tax payer you'd be gambling around £200 a year, at most.
You could also look at peer to peer lending - a bit risky but could be worthwhile.
http://www.moneysavingexpert.com/savings/peer-to-peer-lending
Santander 123 account is paying 3% on balances between £300 and £20000.
Savings accounts are all rubbish at the moment, including ISAs. You could gamble the interest and invest in Premium Bonds - at least your money is safe, it's only the interest you are gambling. Assuming you are a tax payer you'd be gambling around £200 a year, at most.
You could also look at peer to peer lending - a bit risky but could be worthwhile.
http://