Savings Champion

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Personal accounts

Eight questions you need to ask your Wealth Manager

Ensure you get the best value by asking these essential questions

23rd April 2018 12:05

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FlexDirect Current Account	Current Account	Classic Plus account	Vantage Current Account	Club Lloyds Current Account

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Our Verdict
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Gross Interest Rate What's This? This is the initial rate paid, before any tax is deducted. The gross rate will include any bonus that applies at that moment, so it is important to also check the AER.
4.89%	2.96%	2.96%	1.98%	1.98%
Call Moneyline on 0800 321 3581 to see if there are better rates available for you personally Why? More suitable accounts may be available based on your age, postcode, whom you currently bank with and if you are happy to open or access your money just in the institution’s branch. Also we rarely show accounts in our best buy tables that require deposits of £25,000 or more as this only applies to a small percentage of savers, in fact only 2% have more than £85,000 in savings (source FSCS).
AER What's This? This stands for Annual Equivalent Rate and is supposed to help you to compare different savings accounts.
5.00%	3.00%	3.00%	2.00%	2.00%
Minimum Deposit
£0	£0	£0	£1	£1
For the best rates on deposits over £100,000 call 0800 321 3581. So confident are we that we can improve your savings situation that we will donate £50 to a charity of your choice if we can’t. Click here to find out more
Access
Online, Branch, Phone	Online, Branch, Phone	Online, Branch, Phone	Post, Online, Branch, Phone	Online, Branch, Phone
Facts
Easy access. Rate includes a conditional bonus for the first 12 months, subject to a minimum of £1,000 deposited per month. After the first 12 months, or if this condition is not met, the rate will reduce to 1.00%. The 4.89% gross / 5.00% AER interest rate is only paid on balances up to £2,500. Balances above £2,500 will not receive any interest. New customers can apply online but will be required to bring ID into a Nationwide branch to complete their application process, existing customers may also be required to do this. Existing customers can apply in a branch, online or via a mobile banking app. Interest is paid on the 1st of each month.	Easy access. The 2.96% gross / 3.00% AER interest rate is only paid on balances up to £3,000. Balances above £3,000 will not receive any interest. Maximum of 1 account if the customer holds a Tesco Bank Clubcard Plus Account. The rate is guaranteed until the 1st of April 2019. A minimum of £750 must be paid into the account each month, and you must pay at least three direct debits each month to qualify for the rate. Additional Clubcard points are available on money spent on the debit card for the account. Interest is paid monthly.	Easy access. The 2.96% gross / 3.00% AER interest rate is only paid on balances up to £1,500. Balances above £1,500 will not receive any interest. A minimum of £500 must be paid in to the account each month and you must register for internet banking, paperless statements and correspondence (when available) to qualify for this interest rate. Customers can open the account without having an existing TSB current account or can add it to an existing current account with TSB. £5 cashback is available each month, subject to having a minimum of two direct debits set up on the account to be taken out each month. Plus another £5 cashback each month if you spend with your debit card 20 times a month, offer ends 30th June 2018. Interest is paid monthly.	Easy access. Vantage can be added to an existing account or selected when applying for a new account. A minimum of £1,000 must be paid into the account each month, you must stay in credit and pay at least two different Direct Debits from your account each calendar month to qualify for this interest rate. The 1.98% gross / 2.00% AER interest rate is paid on balances up to £5,000. Balances above £5,000 will not receive any interest. Maximum of three Vantage Current accounts allowed across Bank of Scotland and Lloyds Bank (Which is currently closed to new business, but customers may still hold one). Although the account can be applied for and managed online or by telephone, the provider may need to see ID in a branch. Interest is paid on the 2nd of each month. From 1st July 2018 the rate will reduce to 1.50% AER / 1.49% gross.	Easy access. Rate includes a conditional bonus, subject to a minimum monthly deposit of £1,500 and a minimum of two different direct debits each month. If these conditions are not met, a £3 fee will apply and no interest will be paid for the month. Balances above £5,000 will not receive any interest. Interest is paid on the 1st of each month. From 1st July 2018 the rate will reduce to 1.50% AER / 1.49% gross.
Financial Services Compensation Scheme What's This? The Financial Services Compensation Scheme currently protects you up to £85,000 per person, per banking licence (Please note many providers share banking licences). Discover more in our FSCS Licence Information Guide If you want to ensure your savings are fully protected now and in the future, whilst getting the best rates of interest, our Concierge Managed Savings Service can help you. Request a free no obligation conversation to find out more
Own Licence	Own Licence	Own Licence	Shared Licence	Shared Licence