Saving Account

[delboypass]

Can anyone make sense of this account....??

Looks like a good deal

Yorkshire first time buyers saving account

Does anyone know what teh best saving account is with regualr access..currently only getting 4.5% at at highstreet banks.

[Jason]

http://www.ybs.co.uk/savings/branch_based/ftb/index.jsp

Basically you get 2.73% AER, and if you take out a mortgage with them at the very end you get double the interest you earnt.

Drawbacks:

-Interest isn't earn't on the bonus interest.

-You have to pay in at least £100 by cash or cheque.

-You have to take a mortgage with them in the end, or forfeit all your lovely bonus interest

-Maximum amount of £50,000 (a £50k deposit gets you nowhere now a days)

A good idea for the banks, grabs em young, and ensures they take a mortgage out with them. I'd steer well clear!

Edit:

Actually it says "The bonus only becomes payable when a full mortgage offer is issued to you by the Society", so it's not clear if you only need an 'offer', or you need to take out that offer!

Edited August 1, 2006 by Jason

[dnd]

Don't forget that real inflation is probably running at around 10%+ and M4 supply at 13% - it's eating into the value of your cash

AFAIK no investment (not even property) is giving that kind of return and even if we could we would be 'standing still'

Gold perhaps?

Edited August 1, 2006 by dnd

[delboypass]

Don't forget that real inflation is probably running at around 10%+ and M4 supply at 13% - it's eating into the value of your cash

AFAIK no investment (not even property) is giving that kind of return and even if we could we would be 'standing still'

Gold perhaps?

so surely if thats true then we should all go and buy houses as the only way to cure it is to run up interest rates therefore decreasing the real value of todays money...