Just found a good interest rate.

While you are advertising, Nationwide gives 5% on its current account for anything up to £2500 for a year, providing you pay in a minimum of £1000 per month. Now it takes just a week to change accounts, it must be possible to keep doing that every year when the rest catch up. I think the Yorkshire Bank do something similar now.

You can also get cash back if you use your Santander 123 account to pay your council tax, telephone, gas and electricity by direct debit. The 123 credit card also gives cash back on purchases.

Thanks for that information about the 123. I use Santander and I am not getting that rate of interest. So next week will be down to Santander and
ask for details on 3 percent interest.

I'm having trouble with something here, "savings" ?

I personally wouldn't tie up savings for 7 yrs, on a return of 3.5% but if you have no need for these funds and have other monies available in instance access for emergencies then it's not a problem. The down side with tying up is that interest rates will rise and you'll be left behind with a lower return.

123 current account with Santander offers 3% up to £20000 and Lloyds current accounts 3% up to £5000 and you can have three accounts.
Both are current accounts so easy access and you receive the interest monthly.

Moving money to get the best rates is a must, the banks love people who leave there money for years in low paying accounts because they can't be bothered to switch accounts. I have no such problem.

To be serious about savings: if you go beyond the comparison sites you can sometimes find better rates with a local building society. The best seem to be for regular savings from about £10 per month to £250 per month. You can get around 4% which will beat current inflation.

We have always invested in cash savings accounts with Skipton, but gradually moving to other financial institutions as Skipton are not currently competitive with their interest rates.

My husband's Skipton fixed-rate ISA matured recently and the best rate they could offer was approximately 1.5%. We transferred and are receiving a better rate.

Love the assumption that everyone has at least £10,000 !

sunseeker reminds me of George Best saying he spent his money on booze, women and fast cars - the rest he wasted!

I haven't got £10,000 !

sunseeker

I'm afraid I waste my money on luxuries like food and heating oil

Ana there's enough hot air on this site without me adding to it!
Just don't tell Lil!

Ella, I didn't realise you were such a woman of means! You kept that quiet...

Nellie, I think it must be as I do have several different accounts with them.

Frank The rest of my money, is invested in various other bonds etc. and property.

FlicketyB

I am using my pensions to pay for the ISA.
I hope to be alive in 7 years time but I am sure my daughters will look after the money wisely if I don't spend it.
I know they have started saving to assist my granddaughters and I am helping as well.

Frank

Frank-In 7 years time the interest rate could be 10%. I would not put money into a fixed rate account for longer than 2 years.
If one lives in or near Nottingham the rate is 4% for a year at the Nottingham BS but one has to visit the branch.
I could be 6 feet under in 7 years time.

Frank, surely you are buying an ISA every year, that will gradually consume all your savings!

Quite!

3.5% on 10.000 for 7 years , you or someone is having a good old laugh !!

Ella46

The problem is you can only put so much in an ISA.
What will you do with the rest of your savings?.

Frank

Ella46 is that if you have other Santander accounts?.

Santander are paying me 4% on a fixed isa for just 1 year.

7 years!!! The rest might have caught up and overtaken in that time.