Best place to save £50k?

ziggycj

I have managed to save £50,000 across a number of accounts (for a house deposit) but want to put it in the highest interest account available for this amount.

I can't find any info except investments but I can't risk the money as that's my deposit.

What savings accounts allow you to save £25,000+?

Thanks

capital0ne

Three Santander 123 accounts pay 1.5% up to £20k - after the £5 monthly fee you'll earn £50/month
(assumes youhave partner so 2 single accounts and 1 joint account

or NS&I - Premium bonds, £50k is the max amount and you should win about £50/month,but it could be £1 million or it could be £0

or NS&I Income Bond 0.75% interest

Sam_J

It depends how much hassle you want to go to. If you want the absolute maximum rate then you should open a bunch of current accounts - Lloyds Club, TSB Classic etc. - and lots of the 4%+ regular savers. It also depends on if you want immediate access to the money, or can afford to lock it away in a fixed term account.

If you plan on buying a house soon, I would just pop it somewhere like Tesco Bank online savings account at 1.2% (easy to open and access, and close to the highest rate) or perhaps have a bit of fun with premium bonds that have an average return of 1.15%.

ziggycj

Thanks both. I currently do the split option but was hoping to consolidate everything but it looks like multiple accounts is the best method. I still have money left over (no joint accounts) so I'll probably go with the tesco account for the remaining money.

Thanks

Eco_Miser

ziggycj wrote: »

I have managed to save £50,000 across a number of accounts (for a house deposit) but want to put it in the highest interest account available for this amount.

I believe that is Birmingham Midshires at 1.3%, but I can't see the point of consolidating until you are almost ready to complete, at which point the interest is irrelevant.