Savings

[jrtv]

I have £10,000 in a barclays e-saving account getting 0.75% interest which is compleaty useless, I have used up my Isa this year to the max so needed a better rate on the money, I called in the bank and was offered a 6.6% interest fixed for 6 years, I am now 64 so this money would be tied up till I was 70, I have £2000 spare after this and will only be on a state pension next year, is this a good deal or is my money going to be tied up to long at my age ?

[dzug2]

Well you have a life expectancy to at least your late 70s unless you have health problems.

It's a reasonable deal but as with everything there are risks. You can't avoid that.

You may want to look at a shorter tie-in (and maybe a lower rate)

[237SJ]

You are getting a terrible rate of interest. Haven`t looked at the finance pages of the newspapers recently but I would say with your savings you should be getting at least 2%. I have an e saver account with Santander which pays about 2.5%. Lots of accounts these days give a 1% bonus for the first year, so you put your money in their account and when the year is up you move it. Look at www.thisismoney.co.uk which is the Daily Mail`s website and is quite concise. You will get better rates for fixed terms but you need to think about whether you will need the money in the future and what the penalties are