Interest On Your Accounts

[jennyjoan]

Advice please - I have two accounts

1. Current Account with a very low amount of money but interest rate today 0.75%

2. Instant Saver with a large amount of money (for me) with interest rate of 0.10%


All my debts etc are paid from the Current Account etc

but some months ago my current account had been hacked into and so the banker suggested transferring to the Instant Saver account to keep "my monies" safe.

Would you move the monies again to gain the bigger interest rate. I;m not too good with all this so forgive me.

Or shall I leave things alone. I think a few weeks ago the interest for the Current Account had gone up to 1.75%.

[237SJ]

I`d probably keep the current account but I would move the savings to a better rate (at a building society)

[jennyjoan]

237 thanks for answer but surely the interest rate is not good anywhere.

[Tuvok]

“ the banker suggested transferring to the Instant Saver account to keep "my monies" safe. ”

That just screams red flag to me.

Surely if your account had been compromised, the bank would have blocked the account and opened a new one for you.

[237SJ]

Well, it's certainly better than 0.10%. You can get 1.3% (at least) in instant access accounts with the building society. Not sure about accounts where you live but have a look at https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

[jennyjoan]

Tuvok - there was no problem with the banker - she was genuinely concerned that no more monies could be hacked into

If I knew what I was talking about - certainly she would have opened another account for me - still could open another account but for the trouble it all causes for maybe a few pounds more - is it like worth it. Just wanted people's views on it. thanks

[Hopkirk]

If my current account was hacked, I would move bank!

I too have huge doubts about the advice you say your bank gave you. Something isn't right.

[237SJ]

I`m assuming your bank wanted you to shift some money from your current a/c to their savings a/c. Banks offer rubbish rates. On the link I gave you, the numbers in brackets refer to the table at the bottom which states any conditions on the a/c such as limited withdrawals etc.

[jennyjoan]

I am with Santander for years now and am online with them and to go through the hassle of setting up other accounts - my mind would boggle.

Sure I can't take with me - no pockets in my shroud LOL

[Khandro]

jennyjoan; Are you doing all this online or by talking to some one in person at you branch?

[Khandro]

crosspoated ! don't do anything online, you must be very careful.

[ToraToraTora]

I'd get premium bonds, I actually do better than savings, I've won 10 prizes in the last year.

[Hopkirk]

Good advice from TTT.
You might get nothing which isn't much less than your savings account.
You could win a million.

[Canary42]

Unfortunately when you use the banks to hold your money you are in the hands of the most ruthless profiteers.

They give you a pathetic Savings Interest Rate around 1% then lend your money out as overdrafts for which they charge 10% and upwards.

Doubles all round chaps.

[smurfchops]

I agree with Tora …. Premium Bonds every time. More you put in, more chances of winning and tax free.

[jennyjoan]

Ok khandro. No talked. I had been thinking pbonds. Are they accessible and how much can you lift. Can you. Get them from ATM.

Where do buy them and can I look at them online. Would u put all your savings in. Are they insured

[bednobs]

You can't get the money from the atm from bonds. You get them from ns&i

[bednobs]

There is a limit of I think 30k so it depends how much savings you have

[jennyjoan]

my last post wasn't finished as I was trying to type on Ipad - on big computer now.

A few questions - where do you buy Premium Bonds, can you get money whenever you can and how much a day and also can you get them from ATMs where you can access your money 24 hours a day.

As I asked are they insured so that you can't lose your money any time.

Thanks for your time and answers

[jennyjoan]

sorry didn't see some of the answers - will look now.

[barry1010]

£50K is the maximum amount you can invest in Premium Bonds. Buy and manage online https://www.nsandi.com/products/premium-bonds