What savings account for £50-60k?

Rohina

Hi everyone

Would really appreciate some advice on the best & highest interest rate account to save equity of house sale for a period of one to two years.

This all confuses the hell out of me!!!!

ReportInvestor

Hi Rohina,

I like the 5.6% fixed rates at the moment but these come in 12 month & 24 month fixed terms & you might want more access & flexibility.

e.g. 5.60% with Anglo Irish Bank - 1 Year
5.60% with Leeds BS - 2 Years - Minimum £10K

Otherwise there's 5.25% (variable rate) on 20 Days notice with Chelsea BS Call Direct 20 which includes a 12 month bonus.

Interest rates are expected to go up 0.25% around November and possibly/probably another 0.25% in the New Year. Although there's no guarantee that these City expectations will prove correct.

Yankie

Hi Rohina,
You can go for the fixed-term accounts (as in the above post) but if (like me) you want:
- instant access - no notice periods
- no min monthly deposit
- no fixed period of investment
- high interest (of course!)

There a few of them out there:
ICICI
Birmingham midshires
ING
Citibank

(fyi - I went with Citibank in the end who had a higher rate (5.2) no catches and give me instant access (got an ATM card with the account). Service & online banking are good so far.)

Good luck : )