looking for a high interest bank account

spaceboy

Currently have £15,000 in a Halifax ISA which is getting 0.25% interest. Was considering changing to another ISA but it seems bank accounts can give a lot higher interest these days.

My current account is now a Halifax Reawrd one. Which ones should I look at?

Hazzanet

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts?_ga=1.24911741.659503632.1398317524

spaceboy

It seems most of them only do the high interest rate up to £2000 or so.

anoncol

Your aren't limit to a single account.

I think i'm in double figures now!

YorkshireBoy

spaceboy wrote: »

It seems most of them only do the high interest rate up to £2000 or so.

TSB - 5% on £4K
Nationwide FlexDirect - 5% on £2.5K
Club Lloyds - 4% on £5K
BoS Vantage - 3% on £15K (3 accounts)

So that takes care of £26.5K...and you only have £15K

If you want things really simple (and forego some interest), then just open 3 x BoS Vantage and set up 3 cross funding SOs. Just collect your interest when you can be bothered.

PeacefulWaters

spaceboy wrote: »

Currently have £15,000 in a Halifax ISA which is getting 0.25% interest. Was considering changing to another ISA but it seems bank accounts can give a lot higher interest these days.

My current account is now a Halifax Reawrd one. Which ones should I look at?

1. Spend a minute to change your existing ISA to an easy access version paying 1.25%. Even if it's only in there for a few more days!

http://www.halifax.co.uk/isas/options-for-existing-customers/convert/

2. Read the posts above and get cracking on interest paying current accounts and ensuring you meet their T&Cs.

badger09

Was my answer in your West Brom ISA thread yesterday not enough to get you started :cool:

p00hsticks

YorkshireBoy wrote: »

TSB - 5% on £4K
Nationwide FlexDirect - 5% on £2.5K
Club Lloyds - 4% on £5K
BoS Vantage - 3% on £15K (3 accounts)

So that takes care of £26.5K...and you only have £15K

If you want things really simple (and forego some interest), then just open 3 x BoS Vantage and set up 3 cross funding SOs. Just collect your interest when you can be bothered.

Even simpler for 3% is the Santander 123 that would cover the whole £15k (and room for aonther £5k) in a single account

colsten

p00hsticks wrote: »

Even simpler for 3% is the Santander 123 that would cover the whole £15k (and room for aonther £5k) in a single account

If your objective is to minimise the number of accounts needed, then the Santander 123 is clearly the best option. But if you want to maximise the interest earned, it would be silly to pass on the 4 and 5% accounts, and on the best regular savers. See a worked example in this thread: https://forums.moneysavingexpert.com/discussion/5066151

YorkshireBoy

p00hsticks wrote: »

Even simpler for 3% is the Santander 123 that would cover the whole £15k (and room for aonther £5k) in a single account

That would be around (the equivalent of) 2.84% once the monthly fee has been deducted...unless OP wants to move some cashback generating DDs too.


Suppose it depends if the OP (who's been noticeably quiet since asking for help) wants 'ease' or 'return'?

Fruit_and_Nut_Case

kensdenial wrote: »

cit bank give the high interest rate

Thanks for another really useful post. Definitely up to your usual standard.