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Best place to save £600?

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Its been so long since ive been able to save ive lost track on what is the best interest rate and where to get them.

Within a day or two i will have £600 sitting in my bank account gaining no interest. I want to move it to an account where it will gain some interest.

I dont want to gamble with it. I dont want to draw on it at all unless i have to (sort of major catastrophe crisis). I just want to put it in and leave it there.

Any help would be appreciated.
«1

Comments

  • wjr4
    wjr4 Posts: 1,306 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    There are lots of posts on this forum about the best bank accounts but for £600 why wouldn't you just leave it in your current account?
    I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.
  • fun4everyone
    fun4everyone Posts: 2,367 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    Open a TSB Classic plus current account paying 5% and place it there in my opinion.
  • System
    System Posts: 178,344 Community Admin
    10,000 Posts Photogenic Name Dropper
    rjw4 wrote: »
    There are lots of posts on this forum about the best bank accounts but for £600 why wouldn't you just leave it in your current account?
    Nothing sinister... just that it gains no interest.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Eco_Miser
    Eco_Miser Posts: 4,848 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Judi wrote: »
    Within a day or two i will have £600 sitting in my bank account gaining no interest. I want to move it to an account where it will gain some interest.
    It might be time to move to a current account that pays interest.

    Lots of accounts listed here.
    Eco Miser
    Saving money for well over half a century
  • enthusiasticsaver
    enthusiasticsaver Posts: 16,054 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Switch to current account paying interest or just open a new one. TSB is a good one as mentioned above for up to £2k.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • xylophone
    xylophone Posts: 45,607 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Switch to current account paying interest or just open a new one. TSB is a good one as mentioned above for up to £2k.

    Remember to go paperless and that you must deposit at least £500 a month - this can be in and out again.
  • Hi Judi - Have you ever thought about Premium Bonds? There are loads of chances to win and your money is 100% safe? Try NSandI.
    Hope it helps
  • Tesco pays 3% on up to £3k with no monthly pay in
  • Another vote for TSB account, pays 5% on balances up to £2k. Hurry though, I think this rate will drop at the end of the year.
  • raldisplay wrote: »
    Hi Judi - Have you ever thought about Premium Bonds? There are loads of chances to win and your money is 100% safe? Try NSandI.
    Hope it helps

    I mostly do that, as whenever I have extra money that I don’t want to risk, I go with Bonds, as that’s secure yet always have genuine opportunity to gain something or at worst, we can’t lose anything at all like said by him.
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