What is the Highest Interest Rate / Cashback / Rewards You Can Get?

steveyt_2

at last...... a post that shows most of the options out there. Not going to quibble over the odd measly pound but the post shows how best to make the most of your savings. Well done

eskbanker

petewales wrote: »

Forgive what i'm sure will come across as laziness, but I have £50,000 lump sum that I would like to put into as high an interest account as possible. I don't have the time to open multiple accounts etc. I also need relatively quick access to my money. I already have a cash ISA.

Yes, it does come across as lazy, both in terms of reading this thread and others, but also in terms of not being prepared to put a bit of work in to get your money to work for you, but fair enough, that's your choice. Instead of earning 3-5% interest, your single account and easy access criteria narrow the choice down to the 1.5ish% accounts at http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#easyaccess

petewales

Eskbanker.thank you for your post. You've certainly made me reconsider my position. You are right. At the risk of being cheeky could I ask what you would do in my position? I'm happy to take your advice!

Pete

eskbanker

petewales wrote: »

At the risk of being cheeky could I ask what you would do in my position?

I'd read the first post of this thread carefully!

More reading at http://www.moneysavingexpert.com/savings/which-saving-account and other pages linked above (quick links and "Banking & Saving" section) plus other forum threads.

You'll need to assess options that balance highest interest versus interest-earning funding caps, as well as thinking about how much effort you're prepared for, how long you're looking to save for, whether there's someone to share with, etc.

petewales

Thank you eskbanker. I will devote some time to it this weekend. I really didn't even know opening lots of bank accounts was an option.

Holmesy999

I'm returning to the uk after a ten year absence with a large chunk and all I have opened is a hsbc very basic account that I had before I left and I have managed to open a virgin isa and a virgin online 1.4%ish saver. My credit rating isn't flash and I don't have a job as yet.

With the above list of higher paying accounts, which ones will favour opening without a high credit score/job? I am assuming anything without an overdraft?

Special_Saver2

colsten wrote: »

The COOP £4 is the same kind of payment as the Halifax £5. Somewhere someone has quoted the exact HMRC terms that make these payments taxable income. I have been adding the Halifax money to my taxable income all along, and plan to do the same for the COOP reward.

Coop statement on it is a bit opaque: http://www.co-operativebank.co.uk/assets/pdf/bank/currentaccounts/everyday-rewards/benefits-document.pdf

The 5p on the COOP debit card is a discount on a purchase, therefore not taxable.

Thanks a lot, I have updated the first post with this information.

colsten wrote: »

This is a good idea and would also be useful for the Barclays and Santander cashback offers. Although adding more and more information might make the post a bit difficult to digest.

BTW, I see you term the Halifax, Coop and Barclays reward payments "interest". This isn't the right way to say that they are taxable income. Interest is always a %age of a balance at the end of each day. These reward payments do not vary by the size of your balance at the end of each day.

Thanks, I have removed the word interest from the cashback and rewards accounts and have edited a bit to make the first post easier to read and digest.

Holmesy999 wrote: »

I'm returning to the uk after a ten year absence with a large chunk and all I have opened is a hsbc very basic account that I had before I left and I have managed to open a virgin isa and a virgin online 1.4%ish saver. My credit rating isn't flash and I don't have a job as yet.

With the above list of higher paying accounts, which ones will favour opening without a high credit score/job? I am assuming anything without an overdraft?

I don't know. I would assume, as you say, anything without an overdraft would be your best bet.

SS2

petewales

Just to advise i've opened a 123 account for the first 20K. Seemed to be the best place to start!

Any advice on where next, gratefully received!

YorkshireBoy

petewales wrote: »

Any advice on where next, gratefully received!

Where next? Certainly...how about the very first post in this thread, where all your options are neatly listed and summarised?

However, if you are looking at sole accounts then you WILL need to open a large number of them if you want to get your £50K making at least 3% AER.

Santander 123
N/W FlexDirect
TSB
BoS (x3)
Tesco (x2)
Lloyds

I make that 9 accounts!

If you can open joint accounts, and/or are prepared to dripfeed some regular savers, the return is substantially better!

That's the spoon feeding done. Now come back with a plan!

adindas

About a year ago I tried to open BoS Classic Account, got declined. I did an appeal still got declined. I did not request any O/D facility.

I already have a few bank accounts with TSB and Lloyds, some with an overdraft facility. I do not have a bad credit history. This is confirmed by the ability to Re-mortgage, get good deal for 0% BT deal and/or purchase credit card.

I am trying to reapply again this year to get access for 3% Interest as a stoozing pot. But I will try to find out how I could improve my chance to get accepted this time.

Any though, suggestion will be very much appreciated ......

Thanks