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  • FIRST POST
    • JohnLock
    • By JohnLock 7th Feb 18, 10:12 AM
    • 8Posts
    • 0Thanks
    JohnLock
    Best way to save £20k?
    • #1
    • 7th Feb 18, 10:12 AM
    Best way to save £20k? 7th Feb 18 at 10:12 AM
    Hi,
    We have 20k in savings sitting in a Halifax every day bank account.

    I'd just like to know what would be the best way he could save this (in ISA or bank account etc) to get the maximum amount of interest every year?

    Thank you.
    Last edited by JohnLock; 07-02-2018 at 10:16 AM.
Page 1
    • MallyGirl
    • By MallyGirl 7th Feb 18, 10:18 AM
    • 2,444 Posts
    • 7,441 Thanks
    MallyGirl
    • #2
    • 7th Feb 18, 10:18 AM
    • #2
    • 7th Feb 18, 10:18 AM
    It depends on how long he wants to keep it. If intending to buy a house at some point then a HTB or LISA should be looked at. If it will be needed in the next 10 years or so then probably not S&S.
    If he can get multiple banks account then following the savings guide at the top of the page and using interest paying current accounts and regular savers is probably the best.
    • JohnLock
    • By JohnLock 7th Feb 18, 10:25 AM
    • 8 Posts
    • 0 Thanks
    JohnLock
    • #3
    • 7th Feb 18, 10:25 AM
    • #3
    • 7th Feb 18, 10:25 AM
    Hi mally

    We basically looking for an account or ISA that will give us the highest interest rates.
    We don't need to access it - we just want to lock it away somewhere where it can accumulate at the highest rate.
    Any suggestions?
    Thanks
    Last edited by JohnLock; 07-02-2018 at 10:29 AM.
    • ColdIron
    • By ColdIron 7th Feb 18, 10:39 AM
    • 3,889 Posts
    • 4,738 Thanks
    ColdIron
    • #4
    • 7th Feb 18, 10:39 AM
    • #4
    • 7th Feb 18, 10:39 AM
    If you really want to get the highest interest rates you will need to open several accounts as all the good ones have restrictions on maximum balance or monthly deposit. There are several 2% to 5% accounts you could spread your money over and will take a little effort on your part. You could put it into fixed term 1 year accounts for just under 2%. If you want a single high rate easy access account they don't exist and you will have to settle for around 1.35%. Have a look at the How to Start Saving Get max interest from every penny link at the top as suggested by MallyGirl in post #2. Forget cash ISAs
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