Best deposit account?

[Simpo Two]

Thanks to Scottish Widows being unavailable I just missed the Brittania Select Access Saver 3 which closed last week

That was 1.75%; is there anything else that good?

[KTF]

If you are prepared to jump through a few hoops you can get 3% on up to 20k on a Santander 123 account.

Multiple accounts can be opened as well.

[kiethton]

KTF said:

If you are prepared to jump through a few hoops you can get 3% on up to 20k on a Santander 123 account.

Multiple accounts can be opened as well.

that, and if smaller balances <£2.5k nationwide do 5%

[Simpo Two]

Thanks for the ideas; I'll skip the hoops and it's rather more than £2.5K - however BM Savings at 1.6% seems to be the best.

[Ozzie Osmond]

The catch being that an extra 1% interest on £2,500 only amounts to £25 a year and that's BEFORE income tax (where applicable) reduces the figure further.

For best rates without getting tied up for 2, 5 or 7 years have a look at Moneyfacts,

http://moneyfacts.co.uk/savings/instant-access-sav...

[Simpo Two]

Thanks Ozzie. Shocking really isn't it?!

[Ozzie Osmond]

Simpo Two said:

Thanks Ozzie. Shocking really isn't it?!

Yes, with inflation at about 3% the plain fact is that "savings" are simply "losses". The best you can hope for is to reduce the scale of loss by earning as much interest as is reasonably available.

Ten years ago I formed the view that governments and banks were hell-bent on destroying the value of money. They have succeeded admirably with that objective!

[Elderly]

If you are not prepared to go through a simple hoop to earn 3%,
have a look at these - I don't know their T's & C's.




The 123 works well for us; we have multiple accounts between us and have rolled
our cash ISAs into Santander too at what was the best ISA rate.

The cashback on utilities etc. works well too;
we have an historical small 'flexible' mortgage with Abbey (now Santander) with a drawdown facility, so I drew down a moderate sum @ 1.1% and deposited it in the 123 accounts @ 3%, and get a 1% cashback on the monthly repayments;
to me it seems like a win win win situation, and the hoop is simply dealt with by standing orders.

Edited by Elderly on Friday 4th October 09:02