Savings for £30k with access possible?

[paddyhasneeds]

I did have it earning 5.8% fixed with BOS but that has ended and dropped to 0.5% sadly.

Whilst I don't envisage needing access to the money it's possible, but would probably be in the form of closing the account in its entirety vs. "dibbing in" so I guess I'd settle for a reasonable interest penalty.

I bank with Lloyds and if I added this money to the "Incentive Saver" that I have with them, I'd be over the £50k per institution.

Suggestions welcome.

[anonymous-user]

Premium Bonds - right up to your max. Crap return but possibility of £1m. You can cash them in and get your money in about a week.

[paddyhasneeds]

garyhun said:

Premium Bonds - right up to your max. Crap return but possibility of £1m. You can cash them in and get your money in about a week.

Yes I have to admit there's a certain attraction to a "bit of a gamble" but without the risk of actually losing any money - I stuck a £1300 or so in a bunch of funds last year for a "bit of fun" and I'm "only" 5% down excluding the cost to "get out" but it made me realise I don't have the inclination to spend the amount of time monitoring and moving that any proper gamble would take.

I was just reading the thread on premium bonds and looking at some articles on Money Savings Expert and the returns do seem pretty st unless you get very lucky.

[Dave_ST220]

Do you have a mortgage? If you do get an offset.

[paddyhasneeds]

No, no debts at all.

[paddyhasneeds]

Not so much boring as safe, and make (some) money.

I never think of cars as an investment, I guess it's because I don't think I could buy one and store it somewhere as even then you have the risk that your "investment" will break (badly/expensively) when you need to use it).

[RDE]

I'm in a similar position (but with less than the OP) looking for a decent fixed rate savings account. I don't mind not being able to withdraw for a couple of years, but i'd like to make further deposits. Is there an account that will allow this? The best rate i've noticed has been Halifax, but they don't allow further deposits once you've opened the account/bond.

I know there are 'regular savers' accounts out there, but i'd rather not be tied down to a set amount each month just in case I have to make an unexpected outlay.

[Jespin]

Your best bet would be to choose the best fixed rate account available and then be prepared to open yet another when further funds arise. You will be restricted to instant access / notice accounts otherwise.

[RDE]

I suspected as much, but just wondered if there was an easier way. Cheers.

[benprince85]

I'm with Investec at the moment. Thumbs up from me.

Minimum 25k investment. Interest rate averages out over the top 5 payers - this worked best for me as i didn't want to have to keep changing accounts to follow rates or lock my money away. Their is a 90 day notice on it though which is quite long but perfect for me as it will prevent me from dipping into it at all.

PM me for more details if you wish, and also a reference which could earn us both £50

Aside from the money incentive, they seem like a good company, easy to get through too etc.

Ben

[MEVILAZY]

Have a look at the credit rating of Investec - not good.

Also, the customer service is shocking - I have phoned twice and no one ever phones back or e-mails despite the fact that the £ involved was substantial.