I need some information about savings accounts and which I should be using. I currently have £5,000 in a Yorkshire Bank standard savings account, at a 0.08% net rate of interest...
I rarely touch it so I want to put it into a higher interest account, and I'll be putting another £5,000 in with it too so making £10,000 in around a year.
Does anyone have any experience of which type of account I should be using? it will probably be in there for a couple of years until I decide to use it as a deposit for a house. I plan to keep £2,500 in my Yorkshire Bank account as a back up so I won't need to touch my other savings.
I know nothing about bank accounts so could use some help.
Use an e-ISA as you don't pay tax up to a certain deposit limit (keep an extra 20%). HSBC do a good one as I recall, but you'll have to swap them around every year or so as they'll kill the interest rate
Keep an eye on inflation because it is eating into low interest accounts making your money worth less over time. Santander have a tasty high interest account but they want long term commitment and long notice for withdrawls, not sure if its a tax free ISA but they only work if you pay tax. Money saving expert .com is the place to get info on ALL things financial. Martin Smith is the consumers knight in shining armour.
How does this sound? [url]http://www.ybonline.co.uk/personal/savings/fixed-term-and-notice-accounts/term-deposit/[/url]
1.28% but no withdrawals or deposits allowed for 1 year which is fine for me, so for £5k it should be £64 after a year?
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