Which is the best bank account for me?

Legacy_user

I am with Santander......I have a 23k savings.....I have been getting 3.05% for the past year, the account has now dropped to 0.50%.

The next version of the Santander account I had is only offering 1.50%. This is awful. Instead of receiving £50 a month in interest I would have to accept £25, which is not good enough.

I have realised interest rates have dropped! which is frustrating!

What I want is:

-Somewhere to chuck my 23k with the best interest rate possible.

-Be able to access the money online. I often need to transfer money into my savings account and transfer money out.

-Preferably receive the interest monthly.

Anyone currently know of the best account for me?

Ellierose1

Open a 123 account with 20k and then 3% fix rate isa with the rest Can't think of anything paying 2% on 20 odd thousand. 123 also pays monthly interest

innovate

Agree. Open the 123 via Quidco and bag £55 in the process if you do it right.

Read up about the pre-reqs and charges though before you do anything.

Other alternatives exist and include:

1. £2.5K into Nationwide Flexdirect; 5% AER for a year
2. 3 x £5K into Lloyds Vantage accounts, 3% AER

All these have pre-reqs but can be easily met if you have £23K. Separate threads on all of the above, too.

System

cheers, the only direct debit I have is rent, not sure if that counts, but I need to have 2 direct debits.

I don't have a mortgage and I have a pay as you go phone.

I also cannot guarantee I will paying in £500+ a month as I am not secure in work.

I don't understand why savings accounts are so complicated, so much variety, all these extra bits and bobs and restrictions, it is confusing.

It should be a case of chucking your money in an account being able to access it and getting the interest on it.

Montmorencymon

Not very fashionable these days, but you might consider sticking a chunk of it into Premium Bonds.

The effective rate of interest won't be very high, and you can't manage it online (although you can buy them online these days), but it might be as high as some of the rubbishy rates paid on some accounts.


Obviously you'd only be able to put in as much as you can leave there without touching for long periods. And bonds don't qualify for the prize draw until a month after purchase.

With a few thousand in, you stand a reasonable chance of winning some of the small prizes (this is your "interest"), and you might be luckier.


I don't currently have any, but I might well consider it again one day. I probably have this weird fantasy about the government one day paying me a million quid, after all the tax I've paid to it over many years!