Savings Account

Discussion in 'General Chat' started by HMHB, Apr 3, 2016.

  1. HMHB

    HMHB
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    Is there such a thing as a Savings Account which pays reasonable interest and also allows you to pay DDs from that account?

    I think I have one Savings Account at First Direct that allows this but the interest rate is 0.05% !!
     
  2. Foster

    Foster
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    I dont think any savings account has decent interest
     
  3. hippo99

    hippo99
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    Just open a couple of different current accounts that pay a reasonable amount of interest.
     
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  4. HMHB

    HMHB
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    By decent, I meant something approaching 1%. I know this is crap but it has to be better than the 0.05% I'm currently getting :D
     
  5. krish

    krish
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    As @hippo99 suggested above there are current accounts that pay better interest than most savings accounts, about 3-5%, but usually only up to a balance of 2K-3K (and conditions of £500-£1,000 paid in per month, which you can transfer straight out ;), and perhaps a DD or two)
    - e.g. TSB, Tesco Bank, Yorkshire Bank, Halifax (not an interest rate as such, but a £5/month 'reward'), Nationwide Flex Direct (only for 12 months)
     
  6. imightbewrong

    imightbewrong
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    Santander 123 every time, if you want a new current account instead and qualify.
     
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  7. domtheone

    domtheone
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    Yup. As others have said. Current accounts are the new savings accounts.

    I'd have a few 123 accounts if i could lol.
     
  8. domtheone

    domtheone
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    Shows what sad times we're facing when you class 1% as decent:(

    I suppose the 123 account paying 3% is decent.

    5-7% is my kind of decent but, unfortunately, more risk is needed for that.
     
  9. HMHB

    HMHB
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    What I was going to use the account for was my car. I have 18 months of payments left and then the lump sum at the end, assuming I keep it.

    I have all the money saved up for all these payments so was thinking of having it all in a separate account so I don't have to worry about the payments from my normal account.
     
  10. RBZ5416

    RBZ5416
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    Maybe chuck it in Premium Bonds? Obviously you can't pay directly out of it but you can have your monthly payment rounded up to the nearest £50 & withdraw that to a current account within a few days. At least you have a chance of beating the returns from a bank & it's 100% safe. Even if you win nothing you've only lost the tiny bit of interest you'd have got from a bank. And that would be taxable!
     
  11. hippo99

    hippo99
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    I have a Club Lloyds current account & that's pretty decent. The interest is tiered, but you can have 5% on a balance of £5k.

    A couple of conditions for this account but pretty standard
    ie
    *you need to pay in min £1.5k per month (either via salary or transfer in from a account from different bank) to waive the monthly £5 account fee.
    *you need to have 2 direct debits set up.
     
  12. domtheone

    domtheone
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    Yeh that was going to be next on my list but i'm pausing for a while having opened a 123 and TSB account to go along with my H'fax one:D

    I hardly have any DD's at the moment too but when i do....another current account me thinks.

    At least most us get a 20% "extra" on interest boost come the end of this month.:clap:
     
  13. hippo99

    hippo99
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    You could always set up a direct debit for a credit card, & just do a minor purchase on the credit card each month. Doesn't have to be utilities/bills etc :smashin:
     
  14. HMHB

    HMHB
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    I've already maxed out my premium bond account :)
     
  15. RBZ5416

    RBZ5416
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    upload_2016-4-3_18-21-2.jpeg
     
  16. imightbewrong

    imightbewrong
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    Should be netting £500 per year - are you lucky, unlucky or on par? :)
     
  17. HMHB

    HMHB
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    Averaging £50 a month so far :)
     
  18. imightbewrong

    imightbewrong
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    Ooh - slightly lucky :thumbsup:
     
  19. imightbewrong

    imightbewrong
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    (although worth noting that is the pre-tax return from having a maxed-out £20K in a Santander 123 account - 3 accounts with a spouse would give a gross return of £125pm - no chance of a million quid win though).
     
  20. RBZ5416

    RBZ5416
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    Is it worth looking at paying the car off early? The finance is maybe costing more than you'll achieve in savings, unless you're on a 0%.
     
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  21. HMHB

    HMHB
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    I've searched online for advice and the general opinion seems to be that it's not worth paying a pcp type deal off early. I think you still pay the same amount as you would if you let it run its normal course
     
  22. jassco

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    Call them and ask for a settlement figure. I've done it a couple of times and it does save money (pretty sure they were pcp deals - def not hp)
     
  23. HMHB

    HMHB
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    Thanks very much for that suggestion. I'd assumed I wouldn't save anything worth bothering about if I paid it off early. Just phoned for a settlement figure and I will save £550 so paying it off on Monday :)
     
  24. RBZ5416

    RBZ5416
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    Hurrah.

    Even after my consultancy fee you'll still be £50 up. :)
     
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  25. HMHB

    HMHB
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    Thanks to you too :)
     

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