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

colsten

bigfreddiel wrote: »

I'm getting just over 7%

That's quite strong beer you have been drinking there.

Awenthomas

Hi Special_Saver2,
Good post. You have described each point very clearly.
Thanks for the post.

laurel01

Hi everyone, is the Santander 123 account still the best option for saving a lump sum of £20k even allowing for the £60 pa fee, or is it best to spread it over a few high interest current accounts? Thanks.

YorkshireBoy

laurel01 wrote: »

Hi everyone, is the Santander 123 account still the best option for saving a lump sum of £20k even allowing for the £60 pa fee, or is it best to spread it over a few high interest current accounts? Thanks.

Santander was NEVER the best option for saving £20K as far as I'm concerned...even when the fee was £2. Why did you think it was?

To your question...

Santander would return a max of 2.66% over the year. What's the return you could get by spreading "it over a few high interest current accounts" paying 5%, 4%, and a 'clean' 3%?

laurel01

YorkshireBoy wrote: »

What's the return you could get by spreading "it over a few high interest current accounts" paying 5%, 4%, and a 'clean' 3%?

I don't know but if it's more than £414 it's worth doing.

YorkshireBoy

laurel01 wrote: »

I don't know but if it's more than £414 it's worth doing.

So, because you know that 5, 4, & 3 are all bigger numbers than 2.66, all you need to do now is read the 5% loophole article on the main site to see if it's possible to get £20K in those accounts paying 5, 4, & 3%.

laurel01

Cheers YorkshireBoy.

colsten

YorkshireBoy wrote: »

Santander was NEVER the best option for saving £20K as far as I'm concerned...even when the fee was £2.

I agree with you, and nobody will be able to prove differently.

YorkshireBoy wrote: »

Why did you think it was?

May be because MSE lists it a best buy and people ignore all the 'ifs' and 'buts' the article contains?

Sineadg30

Hi I have been re-directed to this thread. My questions is I currently have £10,000 saved in and ISA but am going to be opening a HTB ISA and so will need to close my existing ISA. Would it be best to put my existing saving in a savings account or current account and if so which would offer me the best rates? I would also need to be able to draw this money out at any time as I could potentially need it when I plan to buy. Thanks.

racheljane87

Hi

I have a similar question to Sineadg30. I have a Nationwide STB ISA and I'm going to open a Nationwide HTB ISA (so I don't have to close the STB), but I also have about £7.5k sitting in two matured Santander ISAs that I'd like to be accruing interest. It was suggested to me in another thread that I put them in a current account, and having now read about drip feeding into a savings account it's a tempting idea. My main issue is that, for ease, I'd rather transfer the money in one go into a current account, but it looks like most of them have a penalty or don't pay interest if you're not paying in an amount every month - rather than just having a large amount sitting in the account. What's the best course of action in this case? TIA.