National Savings Account

[KittyGlitter]

I've got a National Savings Account and I'm wondering whether to close it on account that the interest rates are lower than other banks. My dad's view is that I should keep it because they are reliable and 'you shouldn't have your eggs in one basket'. I have bank accounts elsewhere, just wondering what people's opinions are on National Savings. Thanks.

[stevie21]

One of the benefits of having your eggs in one basket is that if you transfer from a current account to a savings account both at the same bank then the transfer is instant.

If you do this from one bank to another it can take 3 working days. If you do this once a month for one year then that's 36 days interest lost on your hard earned cash. This would only really make a noticeable difference if you were transferring lots of money but that's more than one month that you're not getting *any* interest on the money you're transferring.

Also, if you have any dispute with the bank over something on the current account you can say "apease me or I'll move all my savings to another bank"

Beyond that I have no opinion whatsoever on National Savings :)
Personally I'd move your money to whoever pays the most interest.

[sammy snake]

I agree, go to whoever offers the best interest rate.  Provided you go witha well known financial instituion, then all are 'reliable' these days.  Just keep an eye on the interest rates to make sure you are getting a good deal and don'y end upo with an account that has been superceeded by another offering better interest - not all Banks advise customers that they can get a bette dear in other accounts!