What to do after maxed out savings account?

Phaelok

Hi everyone,

I am close to having £20k with Santander and have been saving for the past year and a half.

I have been looking at a range of savings accounts, ISAs notwithstanding, and want to try to get the best return from an account without having to open up so many in order to benefit from the short term interest rate. I am eligible for the 2% Santander ISA account, however I know other accounts (TSB paying at 5%) only allow a certain amount for a lower rate.

Could anyone recommend the next best place for my money? I am able to save between £1000-£1500 every month, with the intention of putting a deposit down for a house within the next year or two.

Many thanks for your help:)

noggin1980

Do you have a partner? you can have 3 Santander accounts between you, 1 each and a joint one.

Phaelok

noggin1980 wrote: »

Do you have a partner? you can have 3 Santander accounts between you, 1 each and a joint one.

No I am single...long story

anna42hmr

Phaelok wrote: »

Hi everyone,

I am close to having £20k with Santander and have been saving for the past year and a half.

I have been looking at a range of savings accounts, ISAs notwithstanding, and want to try to get the best return from an account without having to open up so many in order to benefit from the short term interest rate. I am eligible for the 2% Santander ISA account, however I know other accounts (TSB paying at 5%) only allow a certain amount for a lower rate.

Could anyone recommend the next best place for my money? I am able to save between £1000-£1500 every month, with the intention of putting a deposit down for a house within the next year or two.

Many thanks for your help:)

There are a few you can consider:

• TSB Plus, 5% for up to 2k
• Nationwide flex direct 5% up to 2.5k
• Lloyds Club 4% for 4-5k, this also allows access to a club lloyds monthly saver where you can pay in 400 per month (again 4%)
• Bank of scotland vantage 3-5k is 3% (can open up to 3 of them in sole name).
• Tesco bank, 3% up to 3k (can have 2 of them in sole name)

guitarman001

Good list there.
I'll use some of those.
Unfortunately when you start to have >50-60k in savings the options are really dire.

anna42hmr

guitarman001 wrote: »

Good list there.
I'll use some of those.
Unfortunately when you start to have >50-60k in savings the options are really dire.

thats true, but with the others above and santander 123, you can get at least 50k in them if use all and have only what is allowed in sole names, for those who can have money they can save in a relationship that increases. not to mention after these are all full, then there are others that pay interest too, but at a lower rate, for example Yorkshire bank's direct account (2%)

not that i have an issue as much finding these accounts any more now that a lot of my savings have been poured into the deposit when i bought my home this year lol!

Aretnap

You can get up to 6% on regular saver accounts. The best ones will only pay the high rate if you keep putting the money in for a year, so are probably not such a good option if you think you're likely to need to put down the deposit within the next 12 months - but if you're looking at something longer than that they'd be a good option for the money you're saving now.

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

jimjames

guitarman001 wrote: »

Good list there.
I'll use some of those.
Unfortunately when you start to have >50-60k in savings the options are really dire.

Unless you're saving for a specific event like moving house, beyond a certain amount of cash it would make sense to start diversifying into other assets like S&S etc.

guitarman001

Thing is, not sure if saving for a house or emigration which is why the % into S&S I have is low.

It's beyond a joke now. I have close to £50k maturing soon and the girlfriend has ~£20k maturing. Where on Earth are people meant to put that sort ofm oney if they want a decent return!? (And I already use Santander 123 account... just the one).

System

How about the Newcastle Big Home ISA? Save up to £1270 per month, rate = 2.02%.

You also get cashback deals on their mortgages (not saying their mortgage is a good deal overall, but it is an option).

colsten

The Newscastle BHS ISA isn't bad, given we have 0% inflation. But paying into any cash ISA now can lock you out of the STB/HTB ISA should it actually see the light of day in autumn.