villarule123 Posted April 12, 2013 VT Supporter Share Posted April 12, 2013 Looking for a bank/building society purely for saving money for next house deposit, which would benefit me the most? I'm a total novice! Link to comment Share on other sites More sharing options...
The_Rev Posted April 12, 2013 Share Posted April 12, 2013 Most people will just tell you which bank or building society they have an account with. Based purely on that, I recommend Nationwide. Your next job is to go to a financial forum and ask them who they think will win the League 1 playoffs. 2 Link to comment Share on other sites More sharing options...
AVFCforever1991 Posted April 12, 2013 Share Posted April 12, 2013 Most people will just tell you which bank or building society they have an account with. Based purely on that, I recommend Nationwide. Your next job is to go to a financial forum and ask them who they think will win the League 1 playoffs. Brentford 1 Link to comment Share on other sites More sharing options...
ender4 Posted April 12, 2013 Share Posted April 12, 2013 pick the one with the highest interest rate. and don't put more than £85k in one account. Link to comment Share on other sites More sharing options...
rjw63 Posted April 12, 2013 Share Posted April 12, 2013 If you want a bank you can do everything online with, First Direct are awesome. I applied for a £2k loan last year, took ten minutes online and the cash was in my account immediately. I only ever have to go into HSBC to pay in cheques. Link to comment Share on other sites More sharing options...
GarethRDR Posted April 12, 2013 Share Posted April 12, 2013 (edited) I can't read that second sentence without one of those f**king awful short-term/mega-interest loan adverts popping into my head. Edited April 12, 2013 by GarethRDR Link to comment Share on other sites More sharing options...
GarethRDR Posted April 12, 2013 Share Posted April 12, 2013 On-topic, I've been with HSBC for a while and I've no complaints. I was with Nationwide and they weren't great, but NatWest are by far and away the worst. All comes down to personal experience though, high-street banks are all much of a muchness. But f**k NatWest with a shitty stick. Link to comment Share on other sites More sharing options...
snowychap Posted April 12, 2013 Share Posted April 12, 2013 (edited) pick the one with the highest interest rate. and don't put more than £85k in one account.Don't put more than 85k with one financial institution (or rather any institutions which may share a banking authorisation - First Direct and HSBC, I think, are an example) - though I think that becomes £170k if it's you and a partner (i.e. it's a joint account/they're joint accounts).Do as per the first line but do also have a think about why some places are offering larger rates than others. Even if your money is covered by the FSCS, if something goes belly up then I guess you'd have to wait a while before getting hold of it.All that said, my mother has just opened up a Santander 123 account to take advantage of the 3% gross interest for balances between £3k and £20k.My advice would also be to have a look through the Martin Lewis website - savings. Edited April 12, 2013 by snowychap Link to comment Share on other sites More sharing options...
CI Posted April 12, 2013 Share Posted April 12, 2013 The Bank of Cyprus may be worth a punt 1 Link to comment Share on other sites More sharing options...
villarule123 Posted April 12, 2013 Author VT Supporter Share Posted April 12, 2013 I'm not interested in loans, just high interest banks as I'm only going to be using it as a savings account for around £20-30k and for another account for my daughter's savings Link to comment Share on other sites More sharing options...
villarule123 Posted April 12, 2013 Author VT Supporter Share Posted April 12, 2013 I have my mortgage with Natwest, they were the only ones that would accept me as a first time buyer, even with 20% deposit. They are shite though, I can't wait until the 3 years is up so I can get slightly less ripped off with the interest rates Link to comment Share on other sites More sharing options...
GarethRDR Posted April 12, 2013 Share Posted April 12, 2013 Have you got your ISA's sorted out? Link to comment Share on other sites More sharing options...
villarule123 Posted April 12, 2013 Author VT Supporter Share Posted April 12, 2013 What about them?? Link to comment Share on other sites More sharing options...
GarethRDR Posted April 12, 2013 Share Posted April 12, 2013 Just are they topped up? £5340 per tax year paid into a tax-free ISA should be your first port of call. Link to comment Share on other sites More sharing options...
CI Posted April 12, 2013 Share Posted April 12, 2013 £5760 now I think Link to comment Share on other sites More sharing options...
bickster Posted April 12, 2013 Moderator Share Posted April 12, 2013 Use the mattress your money is safer Link to comment Share on other sites More sharing options...
GarethRDR Posted April 12, 2013 Share Posted April 12, 2013 He's not wrong. Link to comment Share on other sites More sharing options...
snowychap Posted April 12, 2013 Share Posted April 12, 2013 Unless you're incontinent. Link to comment Share on other sites More sharing options...
bickster Posted April 12, 2013 Moderator Share Posted April 12, 2013 Unless you're incontinent.You have a mattress in S E Asia too? Link to comment Share on other sites More sharing options...
villarule123 Posted June 16, 2013 Author VT Supporter Share Posted June 16, 2013 (edited) Does anyone know what the penalty % Natwest give for exiting a mortgage early? We want to move house sooner to get my daughter into a better school, and we'd also save money as the interest rate on our current mortgage would half, we currently pay at 6.9% interest! I've read it would be between 2-5% of the mortgate for the penalty, even the worst case would be that we don't lose any money, we'd just be able to move sooner. Also, would be still be classed as first time buyers as we're still in our first fixed rate period? I'm guessing that we've had a mortgage for 2 years with no problems would work in our favour with the new application? Edited June 16, 2013 by villarule123 Link to comment Share on other sites More sharing options...
Recommended Posts