Which bank would be best for my needs?

kimberleyanddarren

I have saved up some money and would like to move it into a bank account which is going to give me the best interest. Could anyone recommend me an account i should open and how much interest is on that account? I dont mind what bank it is as long as it gives me a good return on my money.
Thanks

:T

Loughton_Monkey

kimberleyanddarren wrote: »

I have saved up some money and would like to move it into a bank account which is going to give me the best interest. Could anyone recommend me an account i should open and how much interest is on that account? I dont mind what bank it is as long as it gives me a good return on my money.
Thanks

:T

You will not get any sensible replies without saying a lot more. For example, roughly what sort of amount? What exactly are your 'needs'. How long can you tie it up, or do you want instant access? Are you a basic/high taxpayer? Do you already have an ISA? Do you want to risk high returns v loss of capital?

opinions4u

How much do you have?

What access do you want?

Do you pay tax?

Easy access take a look at www.theaa.com/savings at 2.8%.

Easy access tax free cash ISA take a look at www.halifax.co.uk/savings for 2.8%.

For alternatives take a look at www.moneyfacts.co.uk/savings. You may get higher rates for being prepared to tie you money up for a longer period with no access. If you wish to dabble in more exciting things (e.g. pensions, stocks & shares ISAs etc) then track down an IFA at www.unbiased.co.uk.

kimberleyanddarren

Basically i have about 3,500 saved up in the hope that i can continue saving for my mortgage down payment, so i just want it to sit still for about another year or so till i can save the rest and gain as much interest as possible.

I am not paying tax at the moment although my fiancee does pay basic tax (we would get a joint or singular account based on whatever would work out easiest)

I am abit of a newbie to all this so i hope you will bare with my lack of knowledge!

triplea35

If you are under 35 and can save between £100 and £300 per month then I would suggest Santanders First Homesaver Account paying an excellent 5% gross. You could deposit the full £3500 on opening and as long as you keep depositing at least £100 and no more than £300 each month you will be entitled to this rate of interest.

http://www.moneysavingexpert.com/news/banking/2010/01/savings-loophole-allows-under-35s-to-earn-5

If you open the account in just your name you can apply for all the interest to be paid gross or if you open in joint names you can get your half of the interest paid gross.

A few other conditions to the account such as you must be prepared to attend a mortgage interview in the 90 days before closing the account but no condidition that you must take out a mortgage with them or indeed use the money to purchase a house.