Finance Choices
Use Internet banking to make the banks work for you
For decades the banks have been allowed to give you shamefully low rates of interest. You put your life savings with a bank, for them to invest and make their record profits, and get interest rates in the region of 0.1% per year in return.
With inflation in the UK of between 1 and 2% your money is actually going down in value by over 1% a year, just because you're with a bank paying such poor rates of interest!
Internet banking to the rescue
Riding in on its white horse is the saviour of us all - the Internet bank. Internet banking was started sometime last century by the sillily named Egg. They promised to give you a better interest rate on your savings because they didn't have the costs associated with running a high street branch.
Now there are oodles of banks offering services over the Internet. Most of the Internet bank accounts available pay competitive interest rates, so you don't lose out to inflation and your money can actually gain in value, a bargain I think you'll agree.
Alliance & Leicester are paying new customers a whopping 5.5% interest on their current account. This rate is guaranteed until December 2005 so you can make a tidy sum. You even get £20 from the good folk at A&L to spend at your discretion.
The catch (has to be a catch doesn't there - grrr) is that this rate is only valid for the first £2,500 in your account. Every penny over £2,500 is only given 0.1% interest - miserly buggers.
The other catch (this ones not such a biggie) is that you have to be 21 or over and (ok two catches) you have to pay in £1,000 a month. This shouldn't be to big a problem, you simply pay in your salary each week/month and bobs your uncle.
If these catches catch you out then you will enjoy our nifty little current account table. The table provides you with a list of the latest current accounts, together with the interest rates paid and a few other important bits and bobs.
So now is the time to stop dallying. Stop the big highstreet banks coining in record profits of several million pounds a day and start making them give you a fair return for your money. If we catch you stuffing your fivers in the mattress Babs and I will be around to give you a preverbial kick up the bum!
BW
With inflation in the UK of between 1 and 2% your money is actually going down in value by over 1% a year, just because you're with a bank paying such poor rates of interest!
Internet banking to the rescue
Riding in on its white horse is the saviour of us all - the Internet bank. Internet banking was started sometime last century by the sillily named Egg. They promised to give you a better interest rate on your savings because they didn't have the costs associated with running a high street branch.
Now there are oodles of banks offering services over the Internet. Most of the Internet bank accounts available pay competitive interest rates, so you don't lose out to inflation and your money can actually gain in value, a bargain I think you'll agree.
Alliance & Leicester are paying new customers a whopping 5.5% interest on their current account. This rate is guaranteed until December 2005 so you can make a tidy sum. You even get £20 from the good folk at A&L to spend at your discretion.
The catch (has to be a catch doesn't there - grrr) is that this rate is only valid for the first £2,500 in your account. Every penny over £2,500 is only given 0.1% interest - miserly buggers.
The other catch (this ones not such a biggie) is that you have to be 21 or over and (ok two catches) you have to pay in £1,000 a month. This shouldn't be to big a problem, you simply pay in your salary each week/month and bobs your uncle.
If these catches catch you out then you will enjoy our nifty little current account table. The table provides you with a list of the latest current accounts, together with the interest rates paid and a few other important bits and bobs.
So now is the time to stop dallying. Stop the big highstreet banks coining in record profits of several million pounds a day and start making them give you a fair return for your money. If we catch you stuffing your fivers in the mattress Babs and I will be around to give you a preverbial kick up the bum!
BW
posted by Bruce Wayne at 2:22 PM
Use Internet banking to make the banks work for you
3 Comments:
help!! Im trying to get a bank account open for myself, and I have a bad credit rating...any tips on how to get one open or what banks/building societies to approach ?
thanks in advance!
Best account for people with bad credit is a Key Account with the Royal Bank Of Scotland, Can be opened up online you get a highline cash card you can set up DDs and standing orders, internet/telephone banking all you could ask for.
I've just got a basic Step account with NatWest.
We have a solo card each (joint account), can set up direct debits and standing orders up, internet/telephone banking, infact it is the same as my old account only the card is different and no cheque book (which i hardly used anyway)
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