12% interest?

sammyw

Hi, I'm sure I saw a tv advert for an account that gave you 12% interest. Did anyone else see this or was it my imagination. A friend of mine as a lump sum to save and at the moment it's only getting about 2%. Which account is the best to put it into without needing regular payments?
Hope someone can help

grumbler

However, this is for regular savings (Regular Saver) up to £250 p.m.
For a lump sum see Instant Access, Moneysupermarket* and Moneyfacts links in the blue box above. Also don't forget about Mini-cash ISAs ...

_s79

never seen that before, its a good read and its another option than a pay monthly ISA.

EagerLearner

_s79 wrote:

never seen that before, its a good read and its another option than a pay monthly ISA.

ISA is still better as tax free and also you can earn more interest as you can put up to £3k anytime within 12 months, whereas regular saver is max £250 per month 3k but charges tax on your interest... also on the regular saver you only earn say 12% on £250 x 12, whereas if you have £3k in your ISA you earn interest on 3k x 12...

_s79

EagerLearner wrote:

ISA is still better as tax free and also you can earn more interest as you can put up to £3k anytime within 12 months, whereas regular saver is max £250 per month 3k but charges tax on your interest... also on the regular saver you only earn say 12% on £250 x 12, whereas if you have £3k in your ISA you earn interest on 3k x 12...

yes, thats a good point. Myself though, it offers quite a good way to save £3000 for next years ISA - with not being able to touch it for 12 months

cloud_dog

The merits of regular saver accounts have been covered numerous times before.

Bottom line benefit is when you use it to move money from a normal savings account and you have already used up your ISA allowance.

cloud_dog