Savings account(s) for higher amounts

Alexander_J

Hi all,

I am looking for a savings account with instant access, or maximum of a 2 week notice period, and, quite obviously, as high a return as I can get.

I have around £500,000 - £600,000 to put into no/low risk savings and would be willing to split it into a maximum of 6 different accounts, I manage my finances myself and am not looking at anything too complicated as I don't want to have to pay a financial advisor to look after things.

Been looking round the banks and the rates at the moment are pretty disgusting, I've no desire to put it into property as seems to be the fashion, just looking for a savings account that doesn't screw me over.

Any help at all is appreciated, I'm sick of talking to banks, all of whom are trying to convince me that their pants rates are exactly what I need.

Many thanks in advance,

Alexander

G_M

Rates are not good, and you'll probobly want quite a few accounts for that amount if you want to keep a max of £50K with each bank to benefit from the guarantee scheme.

Look at the FSA rates page, Moneyfacts or Martins recommendations to find highest rates with instant access.

You'll have more choice if you include 3 month notice accounts too eg Investec who also offer a £50 referral bonus.

opinions4u

Alexander_J wrote: »

I am looking for a savings account with instant access, or maximum of a 2 week notice period, and, quite obviously, as high a return as I can get.

Using a comparison site like https://www.moneysupermarket.com/savings would be a good starting point.

I have around £500,000 - £600,000 to put into no/low risk savings and would be willing to split it into a maximum of 6 different accounts, I manage my finances myself and am not looking at anything too complicated as I don't want to have to pay a financial advisor to look after things.

To be honest, with that sort of sum it isn't just about sticking it in the bank. It's about making optimal use of the tax system and finding the right spread of investments to meet your needs. I'd recommend a chat with an IFA. It could save you tens of thousands of pounds.

Been looking round the banks and the rates at the moment are pretty disgusting

You may have heard on the news that interest rates in the UK are at a historical low.

I've no desire to put it into property as seems to be the fashion

You are behind the curve. Property transactions have hit a modern low in recent months and are certainly not "the fashion".

just looking for a savings account that doesn't screw me over.

The link above will help you find a decent account in the current market.

Any help at all is appreciated, I'm sick of talking to banks, all of whom are trying to convince me that their pants rates are exactly what I need.

What do you expect them to do? Send you to a competitior?

Gwhiz

Why do people come on this site, which has a savings comparison area, and then ask what are the best paying instant access accounts?

Is the Internet turning everyone into a new breed of people who cannot think, or do anything, for themselves?

ffacoffipawb

Gwhiz wrote: »

Is the Internet turning everyone into a new breed of people who cannot think, or do anything, for themselves?

No, Zanu Laber got there first.