2007: Mr Bean’s Holiday – Bendelack
Banks continue to remain in the news. Santander are chancing their arm by increasing their standard variable rate by 0.50% for their mortgage customers. I can see no good reason for this with the base rate being so low – perhaps they had to pay out rather more than expected with their Rory McIlroy bonus as he won the US Open last week. There has been much press coverage about whether a free bank account is really free and indeed even one that is always in credit still isn’t really “free”. I’ve blogged about this before and so won’t cover the same ground here.
Since I last updated you with some of the top rates, there have been quite a few changes. So here is a more up to date list of some of the top rates available. Remember this is not advice, just a list. If you are a client and want advice about accounts please get in touch, if you aren’t then either get in touch to see if there is mileage in working together or otherwise please ensure that you do your own research and always remember that the FSCS only cover up to £85,000 per person per Bank – and that is really per Banking License (some banks share a license). In the event of collapse, you are only covered for £85,000.
Instant Access Accounts
Bank: Virgin Money 2.60%
Building Society: Newcastle 2.60%
Cash ISA – Fixed Rate
Online: Bank of Cyprus UK 3.50% (3 year fixed)
Bank: Halifax 4.00% (5 year fixed)
Building Society: Kent Reliance 3.75% (5 year fixed)
Cash ISA – Variable Rate
Online: Aldermore 3.15% (60 day notice)
Building Society: Kent Reliance 3.51% (2 year tracker)
I would like to underline that this is not advice in any way. There are many aspects to selecting a deposit account besides the headline rate, the financial security of the institution, its ethos and general customer service to name just a few issues – also a local physical branch is important to some people. Anyway I hope that this helps. Enjoy your Bank Holiday weekend, after the banking scandals of money laundering, systems failures, LIBOR and charging for accounts, I imagine that many retail bankers will be looking forward to the day off.
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