Looking for an instant access Savings Account?

azzap

Looking for a recommendation. I'm looking for an instant access savings account that pays more than my current 1.5%. I have £20-25k to invest. I know there is a Santander current account and a Lloyds account (x4) though this is more effort and blips on my credit file than I would like. Can anyone recommend an easy to manage alternative that pays greater than 1.5%?

redux

Various bank current accounts are the best options at the moment, so you might have to accept some credit searches.

TSB Classic Plus is another, 5% on up to £2000, and takes only a few minutes to open online.

Pincher

Santander 123.

azzap

redux wrote: »

Various bank current accounts are the best options at the moment, so you might have to accept some credit searches.

TSB Classic Plus is another, 5% on up to £2000, and takes only a few minutes to open online.

Up to £2k is no use. 1.5% on £20k is better.

azzap

Pincher wrote: »

Santander 123.

Great rate but the 2 active DD requirement is off putting. I don't want to switch my long standing current account.

Thanks

YorkshireBoy

azzap wrote: »

I know there is a ... Lloyds account (x4)

One sole plus one joint only I'm afraid.

Can anyone recommend an easy to manage alternative that pays greater than 1.5%?

I don't think there is one, but a quick check on the relevant article (links at the top of the page) will confirm.

YorkshireBoy

azzap wrote: »

Great rate but the 2 active DD requirement is off putting. I don't want to switch my long standing current account.

Two current account credit searches only. Not an issue.
Open 1-2-3
Open Club Lloyds
Set up monthly cross funding £1,500 SOs
Open 2 x Tesco savings accounts
Set up requisite DDs on Tesco pulling from both the above
Job done...sit back and make more than twice the interest you would do if you were able to get a savings account paying 1.5% AER on the entire £25K.

SeduLOUs

azzap wrote: »

Great rate but the 2 active DD requirement is off putting. I don't want to switch my long standing current account.

Thanks

Set up very small direct debits to charities then?

You don't have to move your entire account, but it would be sensible to move two DDs that attract cashback (telecomms/broadband/TV at 3% would be best), and it will help to negate the £24 fee.

azzap

YorkshireBoy wrote: »

Two current account credit searches only. Not an issue.
Open 1-2-3
Open Club Lloyds
Set up monthly cross funding £1,500 SOs
Open 2 x Tesco savings accounts
Set up requisite DDs on Tesco pulling from both the above
Job done...sit back and make more than twice the interest you would do if you were able to get a savings account paying 1.5% AER on the entire £25K.

Sounds like a lot of effort in setting up (and credit file hits) and then managing. Though if these rates remain for a while, I guess it would worth the effort for the interest.

jimjames

azzap wrote: »

Sounds like a lot of effort in setting up (and credit file hits) and then managing. Though if these rates remain for a while, I guess it would worth the effort for the interest.

Your choice. Effort vs rates. If you don't want the effort then you'll have to stick with the low rates.

azzap

jimjames wrote: »

Your choice. Effort vs rates. If you don't want the effort then you'll have to stick with the low rates.

True. Is 1.5% instant access a bad rate? Santander sounds the easiest to go for at 3% on £20k if I can set up two DD's as per the requirement (albeit a strange one).