Best Savings account for a relatively large amount ?

RocketRonnieRadox

Hi All,

I have some savings that are around the £200K mark and am looking for a savings account to put it in with the best interest rate while still being protected by the FSCS protection.

NS&I are giving 1.16% - is there anything better ?

Thanks

System

I don't know about better, but I do know that National Savings don't restrict you to £85k limit protection as the protection is limitless (I use the term loosely, but hope you know what I mean - it's fully protected by the government). At least you won't have to shop around depositing smaller amounts to remain under the £85,000.

I haven't looked into it, but I think I heard (or read) that NS&I are reducing their interest rates. Sorry for the vagaries of my comments - last day of school holidays and my brain is pretty much shot to bits!!!!!!

eskbanker

NS&I is the only place where you can put £200K on a fully protected basis, unless the money is from a recent life event (such as a property sale or inheritance) where it can be protected by FSCS for up to six months wherever it is.

Many other savings providers offer better interest rates though, so I think it's fair to say that most on here would split the money into sub-£85K chunks and check out the offerings at http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

In particular, assuming that you don't have a likely requirement to need all of this money in the foreseeable future, you'd be better to use fixed-term accounts for at least some of it rather than keeping it all instantly accessible at worse rates.

If it's money that genuinely won't be needed for a long time then you might consider investing some of it, possibly in a pension if really long term....

Alexland

eskbanker wrote: »

such as a property sale

Such as a qualifying property sale of your main residence.

https://www.fscs.org.uk/your-claim/temporary-high-balances/

justjohn

split it between Marcus and virginmoney account 1.5% & 1.43% ish interest

badger09

justjohn wrote: »

split it between Marcus and virginmoney account 1.5% & 1.43% ish interest

Marcus now 1.45%
Virgin 1.43% - only 2 withdrawals pa


Other accounts are available;)

https://www.moneysavingexpert.com/savings/

quirkydeptless

badger09 wrote: »

Marcus now 1.45%
Virgin 1.43% - only 2 withdrawals pa


Other accounts are available;)

https://www.moneysavingexpert.com/savings/

Ooh, hadn't noticed that drop. Just checked and I see the bonus on the Marcus account has been shaved from 0.15% to 0.1%, hence the drop.

Fortunately I took advantage of the bonus extension, so I get to keep my extra 0.05% for longer :dance: [I'll try not to spend all that extra money at once ]

Robwales

and Cynergy (1.5%) now not open to public like it was last week - see link above for best easy access

quirkydeptless

Some of the leaves on my Magic money tree are beginning to turn red, yellow and brown and dropping off