comm save/ savings account

[bigal383]

hello does anyone know the best savings account for us royal mailers . ive just started a small one up for the young daughters with comm save does anyone know much about them plus anyone know the best account to put a lump sum in.

cheers guys

[boo634]

Hi I have used penny post since I started set amount taken very week I think the last interest payment was 4.50 percent which is a lot more than any bank you can also borrow of them but I use it purely for saving hope this helps B

[N1-22postman]

For a lump sum If you have not opened up a cash ISA this year Commsave have a Blue Acorn cash ISA paying a minimum 3% fixed for 12 months ( withdrawals permitted with no loss of interest provided 60 days notice is given ) so you would benefit from not paying tax on the interest. This is a much better rate of interest than you would get with the banks and building societies ( less than 2% ) and it is covered by the Financial Services Compensation Scheme so your money is safe.
Alternatively open a Santander 123 current account, pay your wages into it and keep at least £3,000 in it to earn 3% but you have to pay a £24 annnual fee although they have cashback on bills which I find pays back more than the £24 annual fee so in fact it pays you to have it.

[Decky Boy]

I started saving with CommSave this year as they are paying 3% on regular savings. I also moved my Cash ISA to Comm Save who are paying 3% Tax Free on this lump sum. I like the idea that my cash is earning interest at a better rate than on the High Street but more importantly that my money is being made available to collegues at a low interest rate