I’m Suffering From “Shitty Savings Account” Syndrome

Skinny Bank
This time last year I had two saving accounts’ with Halifax. I had a “Regular Saver” which gave me a 10% interest rate, and a “Guaranteed saver” which gave me a 6% interest rate. It was a good time to be saving.

A year later, both accounts have expired from their fixed rate period, and I’m left with one GOD AWFUL Guaranteed Saver account, which returns a super unimpressive 0.5% rate (same as the current base rate). The Regular Saver was only available for a year- the money saved was accumulated into my Guaranteed Saver account.

I went into my local Halifax branch on Saturday to review my options because there was no way I was going to rest easy with such a piss-poor rate. I don’t have enough money saved to earn huge amounts from interest, but I do believe that if I’m saving some money, I may as well get what I can from it.

The interest rates Halifax offered were pretty pathetic (I’m assuming that’s currently the same with every other high street financial institute); they all floated around the 2% mark, and that was before tax reductions. I was then told that I was better off seeing one of their “Financial Advisors”- apparently they’d have better options for me. Then I was left wondering who I was talking to in the first place, since I had to book an appointment to see them in the first place! Anyways, I booked an appointment for Wednesday afternoon to see the Financial Advisor.

I’ve seen one of their Financial Advisors’ before, and all they really did was try to sell me products which involved risk, and of course, boosts their commission. All I want is one or two no-risk savings accounts, which will get me the best return in this current time. I’ll have to make that clear when I step through the door, otherwise I’ll be counting sheep as they waste time on trying to sell me something that I’ll never buy.

In general, I’m happy with Halifax, even if they may not have the best products on the market. However, I am looking to open another savings account with another financial institute. I may just opt for Barclays because I already have a Current Account with them (which I barely use), so I imagine the setup will be minimal. If I go somewhere completely different, they’ll force me to open a current account before I’ll be allowed to open a savings account. VERY Annoying. I don’t want different accounts opened all over the place because that means only one thing- more junk mail.

Anyways, what rate are you getting from your savings account? And do you have any recommendations for any savings accounts? Is anyone else suffering from “shitty-savings-account” syndrome?

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4 Comments- Join The Conversation...

Guest Avatar
Dan Harrison 23rd June, 2009 @ 15:15

These 'independent advisors' are a load of tosh. All they want to do is sell you rubbish.

Recommend MoneySavingExpert.com for latest savings deals.

Dan

1
Guest Avatar
Jools 24th June, 2009 @ 06:23

Bastard IFA's! All the gear and no idea!!

I agree Money Saving Expert is great. Interesting fact alert: Did you know that before a certain date (will have to check) many financial contracts including loans and mortgages had terms and conditions in them that were unfair and it is now possible to sue (via a specialist) the company and claim the money back! Having a meeting with my old accountant tomorrow who is really into this and will get back to you when I know more - but apparently peoples mortgages have been paid off because of the errors in the T+C's!

Jools

2
The Landlord Avatar
The Landlord 24th June, 2009 @ 15:46

Meeting with the Financial Advisor was a waste of time, as expected. He kept trying to push pension schemes and ISA shares.

I just wanted a savings account =/

3
Guest Avatar
T 25th June, 2009 @ 17:42

Moneysavingexpert is very very helpful and if you go on the e-mail list they email you weekly with the best rates etc.

Godsend.

T

4

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