My current savings account is paying 4.51% gross, since the 16th November. That is a drop of 1.5%.
I notice that a financial institution called Intelligent Finance (IF) is presently offering 5.9% gross. This seems attractive and IF is part of Bank of Scotland plc.
I'm wondering if IF have yet to reduce their savings rates; and if any readers have any experience of them?
I intend to wait until the end of the month when I'll make a decision.
If you take a look at the comparisons on www.motleyfool.co.uk You'll see that IF are pipped to the post by ING direct. Whilst ING's rate is slightly lower (5.84% gross) The interest is paid monthly whereas IF pay yearly. Thanks to the wonder of Compound Interest, ING will give you a better annual return.
ReplyDeleteAND they're not part of the degenerate RBS group!
Many thanks for that Mick. Do you know if that includes a bonus?
ReplyDeleteI'm wondering why Santander group have cut savings by 1.5% and, so far, ING and IF have not?
Tim