Best savings account for £5000

trev1

I need some advice, I have £5000 that I would like to see work hard for me for a change. Ideally, I would need access to it quite quickly if needed. I have had a look around at bank accounts and read posts on this forum but can't make up my mind.

Newbie2saving

If you need easy access the lloyds classic current account with Vantage added on is paying the best rate on the cash you have. If you keep the balance between £5-7k and transfer £1k in a month (then immediately you can take it out again). That account is paying 4%. If you don't have the 1K to use every month (ie from wages) then I believe the best easy access account is 2.9% with the Post Office.

PS. you're right to chase the best rates, but in terms of 'working hard for you' interest rates are rubbish at the moment!

ses6jwg

opinions4u wrote: »

Have you used your cash ISA allowance this year, or do you have plans to?

If not you could do worse that a Halifax ISA at 2.8% (more if you bank with them). Santander may have a slightly higher rate but there is a service trade off when you deal with them.

There's also the 4% Lloyds Vantage opportunity with specific funding requirements.

Take a look at www.moneyfacts.co.uk for best buy rates.

To be fair I can understand people being put off for Santander banking, but Flexible ISA literally is a case of open the account, get the account number and sort code, write cheque for £5,000, deposit, done.