Savings Advice

junkie_ball

Ok guys I know interest rates for savings is pretty much 0% at the moment. Can anyone recommend where i should be putting my savings. I may need it for a deposit for a house within the year so do not want to tie the money into any fixed terms.

Currently it's in a cash ISA but the interest is due to drop to 0.2% at the end of the month. Now that you don't pay tax on savings (or at least i won't on what i have saved and what i put away each month) I was wondering if a standard saver accounts other than a cash ISA would be a better option to get a better interest rate? I know i won't be using my ISA allowance if i do move it to a account other than a ISA but really not sure thats a big deal.

xylophone

Do you have a HTB ISA?

Have you considered interest paying current accounts?

Eco_Miser

The high interest paying accounts mentioned above are listed at https://forums.moneysavingexpert.com/discussion/5374614.

If you'd rather get 1% from a single account than 3% - 5% from multiple accounts NS&I income bonds are guaranteed by the treasury up to £1 million.

MikeMo

I am in the middle of selling my house and was wondering what would be the best savings account to put a large amount of money into, over £50'000

any adivce

jimjames

junkie_ball wrote: »

Ok guys I know interest rates for savings is pretty much 0% at the moment. Can anyone recommend where i should be putting my savings. I may need it for a deposit for a house within the year so do not want to tie the money into any fixed terms.

If you know where to look interest rates are not pretty much 0%, you can easily get 3%-5% if you want. Cash ISAs are pointless if you are looking to buy a house, HTB ISA is worthwhile as are regular savers, none of which pay 0%.

bigadaj

MikeMo wrote: »

I am in the middle of selling my house and was wondering what would be the best savings account to put a large amount of money into, over £50'000

any adivce

Mine.........