Savings accounts

[Pammela]

Hi, we’re looking for a savings account with a high rate. It could be one that’s locked in for a year or an easy access one.

This is to be used to pay money in here in order to pay down some of our mortgage in 18m time. We would be paying monthly and have a deposit of about 2k to put in initially.

I have had a look but struggling to find anything much better than 4.4- we have one with this already.

thanks!

Castle Trust Bank 6.2% - 1 year fixed e-Saver.
https://savingschampion.co.uk/best-buys/personal/fixed-rate-bond

The Bank of England next base rate meeting is 3rd August, with many analysts expecting a further rate rise. It might be worth holding back a portion of your savings until then, to see if you can secure a higher rate.

For paying in monthly, open a First Direct current account to access their 7% Regular Saver for a year.

If you're a new customer and can switch to their current account from another provider using the Current Account Switch Service and deposit £1,000 within 3 months of account opening, you will also get their £175 switching bonus (equivalent to 17.5% on the £1,000).

https://savingschampion.co.uk/best-buys/personal/regular-savings-accounts

tesco bank is a 1 yr is 5.4%.

the high street bank are a bit rubbish

Just look on money saving expert. They have the top accounts listed on their website.

This sounds great. I thought you had to be an existing customer with a date cut off to access the 7% saver?

thanks, that’s a good point re the next meeting date. Terrifying that they’re planning to
raise rates again!

@Pammela First Direct. No cut off -You just need to open or switch to their First (current) account. Payments into the 7% Regular Saver are made from this account, so fund the current account monthly when the saver payment is due.
£25-£300 monthly.

If you want the transfer bonus of £175, but don't want to switch your main account, just set up a dummy account with another bank, deposit the £1000 needed to trigger the bonus, and then use the Current Account Switch Service.

You cannot access the bonus if you have held a FD account in the past.

There are also restrictions on the bonus if you have opened an HSBC account after January 2019.

T&C's here:

https://www.firstdirect.com/banking/current-account/

@Pammela - FD also have an interest-free £250 overdraft (subject to status) so you could potentially use this to invest in the Regular Saver and keep the interest when the overdraft is repaid.

%FORD MONEY hs a 1 year account paying 6.05%

Thanks so much! This sounds great. I’ll be looking into it asap!

Following this thank you.