Best bank accounts.

[Mottie]

And of course we have all got used to F*A* interest after the financial crash,

That’s when we maxed out our PB's as we were getting practically SFA at the time.

We prefer 12 month fixed interest accounts (both savings and isa's) for the bulk of our savings as now that interest seems to be coming down, you know what you’ll be getting for the next 12 months. There’s not really anything we need instant access to nowdays apart from our regular ISA top ups in April. The only instant access variable account we have a fair chunk in at the moment is the Post Office but that drops from 3.96% to 0.9% in March so will look about then, holding back enough to max out our ISA's in April.

 

[Ivor Windybottom]

the Post Office but that drops from 3.96% to 0.9% in March so will look about then,

Wow. That's a heck of a reduction. Was this a new customer teaser rate for a year?

I can't be bothered with any of that stuff. Just find the best ongoing flexible account and forget it. Which we did when Marcus were offering the best rates, but then they just stopped competing. But it's not worth faffing about to get another 0.75%.

 

[Mottie]

Wow. That's a heck of a reduction. Was this a new customer teaser rate for a year?

Yes and no. Most variable rates include a fixed portion that is guaranteed for a certain time. I’m imagining they make their money through those that don’t read the T&S's, forget or just can’t be bothered.

 

[MNW67]

Wow. That's a heck of a reduction. Was this a new customer teaser rate for a year?

I can't be bothered with any of that stuff. Just find the best ongoing flexible account and forget it. Which we did when Marcus were offering the best rates, but then they just stopped competing. But it's not worth faffing about to get another 0.75%.

Marcus has a 0.49% bonus which you can keep renewing. Takes it to 3.75% at the moment.

 

[JohnD]

"Bait and switch"

How banks trick the mug punter.

 

[motorbiking]

I often thought there would be a great business model for a company to take care of all the moving around behind the scenes and make a small profit from say a monthly fee.

 

[foxhole]

Banks the last place to keep money if you want good interest rates .

 

[JohnD]

Interest rates are almost invariably below inflation, so keeping cash is guaranteed to lose value,

 

[Ivor Windybottom]

If you've got money, need it within the next few years and don't want to gamble with it then whatever interest rate you can get is the least bad option.

Lots of people are earning pathetic rates or even zero from the big banks. That's the big shame.

 

[motorbiking]

You also need balance. Nothing wrong with a mix of stock and cash etc.

 

[pete01]

Does anyone else feel really uncomfortable moving money to a new bank?

 

[Ivor Windybottom]

Check their FSCS status on the government website - don't rely on them sticking the logo on their website!

 

[MNW67]

Does anyone else feel really uncomfortable moving money to a new bank?

Do you mean moving a lot of money at the same time. Or the general principle of using a different bank.

 

[Harry Bloomfield]

Does anyone else feel really uncomfortable moving money to a new bank?

Not if it is covered by the government guarantee, and the Switch, makes it effortless these days.

 

[pete01]

Do you mean moving a lot of money at the same time. Or the general principle of using a different bank.

If I was to say move 10 or 20k to the chase bank that would have me in a panic