Governor Money: Simplifying Your Savings?

Written by Karen Bryan

Governor MoneyGovernor Money claim to simplify your savings by allowing you manage all your savings accounts online, including Cash ISAs, from one account. This means you only have to sign into one account to see and administer all your savings accounts through your Governor account. However this means you can only select savings accounts from financial institutions who work with Governor. They only have a few providers signed up, mainly small building societies, although the Bank of Ireland has recently appeared too.

On 20 November 2011 I did some research into the best fixed rate account for Cash ISAs. Govenor had the highest rates for these two fixed rate Cash ISAs:

  • 4.05% 3 year fixed rate Cash ISA with Saffron Building Society, 0.05% higher than next best with Northern Rock or NatWest/RBS.
  • 4.5% 5 year fixed rate Cash ISA from Bank of Ireland, 0.1% higher than the next best with the Halifax.

My concern would be that by the time I transferred the funds to my Governor account, the fixed rate Cash ISA in which I wanted to deposit my money might no longer be available.

In the past I found a higher rate of interest from a savings product on Governor than on the providers own website, so it’s always worth checking out the rates on Governor.

I think that Governor finance is best suited to people who can’t be bothered to do too much research into finding the highest rates for their savings and want to cut down on admin. I reckon if you are a seasoned best buy seeker, like me, you’re better off at keeping looking for the best deal from all the financial products on the market, as opposed to being limited to only those signed up with Governor.

Update January 2013

Govenor Money have now stopped accepting saving. They say that the current low interest rate environment is making it impossible for them to offer a selection of competitive savings products.

Disclosure

This article is based on my personal research and understanding of Governor Money, please read all the terms and conditions carefully before signing up to any financial product. You may wish to consult with a qualified, professional indepedent financial consultant to discuss your specific needs. I will receive a commission if you sign up and deposit money with Governor.