Help please - what is the best non on-line interest rate for £20K ?

loempia

I am looking for the best non-online and non-stockmarket interest rate for a lump sum of about £20K.
I am happy with a notice account but need advice please.

littlejaffa

i'd say the DirectSaver with a&l - it is phone or internet based, i opened mine in a branch and they were happy for me to go back to the branch if needed....you could use the phone version - 5.80% with no notice beats most notice accounts.

Ian_W

littlejaffa wrote:

i'd say the DirectSaver with a&l - it is phone or internet based, i opened mine in a branch and they were happy for me to go back to the branch if needed....you could use the phone version - 5.80% with no notice beats most notice accounts.

I use that account too - but there is a catch. If you withdraw anything during the course of a month there is no interest paid on any of the money for the whole month so it's not an account to use if you're going to be making regular withdrawals.
Way around it is to ensure you withdraw all the money on the first of the month, use what you need and put the rest into an interest paying account [even if it's not as good] and pay it back in on the 1st of the next month.
Also make sure you use your cash ISA allowance each tax year to shelter as much interest as poss from the taxman.