Best place for large monthly savings

SueH100

I would like to begin saving £2k pcm with easy access to it. I don't want to open a new current account. Where do you suggest would be the best place to put this money please?

bowlhead99

The best interest rates (other than relatively small amounts of money in high interest paying current accounts) are generally to be found by using 'regular saving' accounts.

However, these only take limited amounts of money per month - e.g. Nationwide give 5% on up to £250pm, Lloyds 3% on up to £400pm, both instant access ; there are others like M&S, First Direct, Santander etc - you would need multiple accounts to get most of your money being saved at high rates. And as they are a marketing tool to attract or retain customers, you typically have to have a current account, so if you don't want to open a new current account you are stuck with whatever regular saver your existing bank offers, and will have to find somewhere else to put the excess.

Tesco offer an online saver account paying 1.42% instant access which I find reliably easy to use. Marcus from Goldman Sachs is 1.5%. You could search under the banking and savings section of the main MSE site rather than the forums to see other offers (if you don't want to bother to read all the hundreds of existing recent posts on the subject here on the forums).