Deposit account interest

[bluecar]

Our association carry 'a just in case' surplus. I think this should be placed in an interest bearing deposit/savings account rather than in the current account. Do any of your associations use an interest bearing account and if so would you mind sharing the bank/building society and the interest you are currently receiving.

Thanks in advance.

Bluecar

[bluecar]

[Trevor_D]

We've got our account with Lloyds. We keep a reserve account. (We're an independent site, so we have to do all repairs ourselves.) We haven't had to dip into it yet, but it makes us feel a bit safer.

Don't know how much interest it gets, but it can't be much at the moment.

[goodlife]

We've got similar 'surplus' account that you are planning...It is tied up for few years at the time for better interest rate..but as thing are, there is not much interest to have where ever you put it.
I think you just need to shop around and see what offers best.
We have it in Derbyshire building society but our 'term' is coming to an end so we need to shop around again too ::)
You need to think how likely you are going to need the surplus?...the longer the notice period for possible withdrawal is, the better the intrest rate should be.

[Trevor_D]

Ours is a straightforward deposit account, so we can transfer money either way as we need to.

[pumkinlover]

We keep it in an interest bearing account with the Yorkshire, but the interest isn't worth mentioning :(

[tonybloke]

our association has it in 3 separate business bonds

[bluecar]

As always, thank you for your comments.

Whilst the interest will be poor, it's better than no interest. Tonybloke - I'm not aware of business bonds. Who are they with?

Bluecar

[tonybloke]

Barclays, TSB Lloyds, and Bank of Cyprus (UK)
( 50K in each)