Interest on £10,000 in 1 year?

longwalks1

Just wondered what sort of interest I could expect if I saved £10k for a year, a) in an instant access savings acct, and b) in one where u have to give notice.

Many thanks in advance

nzseries1

According to the link below, the best instant access account currently pays 3.15%, so 3.15% of £10k = £315. If you have to pay standard rate tax, that reduces to 80% of that = £252.

And I think the best 1 year fixed rate is about 3.65% (according to the link below) so 3.65% of £10k = £365, then take 80% to allow for tax = £292.

Pitiful if you ask me! But hey, risk free at least.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

D1zzy

2 x LLoyds Vantage will pay you 4% - so £400 -£320 net - instant acess

nzseries1

D1zzy wrote: »

2 x LLoyds Vantage will pay you 4% - so £400 -£320 net - instant acess

Problem there is you have to transfer in £1,000 per month per account, so if you're prepared to do that, then yes this is another option (you could just send £1,000 back between the two accounts each month).

D1zzy

nzseries1 wrote: »

Problem there is you have to transfer in £1,000 per month per account, so if you're prepared to do that, then yes this is another option (you could just send £1,000 back between the two accounts each month).

Yep £1000 A>B,B>A each month by standing order works fine - hands off and let the interest roll in

Jake'sGran

Egg Banking are paying 3.25% for instant access on my savings at the moment.

I had to open a new account and deposit NEW money to get this instant access account but if you withdraw money from the old account and put it straight into the new they continue paying the old rates on that so I put it back into my linked account then transfer it to the new one. Messy.:( but quite easy to do!

I only came on here to find the bext 2 yr fix at the moment!

longwalks1

cheers people, having a play with some shares money at the mo (£10k worth) and made £100 this week (not great i know) but 3 weeks like this week, I'll of matched any interest offered by a bank

Thanks again

G_M

britishboy wrote: »

cheers people, having a play with some shares money at the mo (£10k worth) and made £100 this week (not great i know) but 3 weeks like this week, I'll of matched any interest offered by a bank

Thanks again

And 3 weeks where you lose £100 per week....

But I wish you good luck!

Confused2010

Friend of a friend does really well making money from shares.....but he has the money to be able to do so without the worry of anything bad happening should he lose it all.

So my friend seeing him make all this money tries to jump on board...yup you guessed it:. The shares went down faster than john terry's shorts (you see what i did there)

Stompa

Jake'sGran wrote: »

Egg Banking are paying 3.25% for instant access on my savings at the moment.

It's currently only 2.50% for new accounts though.