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Best savings Account - Compound Interest
matthewjames28
Posts: 10 Forumite
What’s the best savings account ATM. Interest rates are very low so which is good to start building compound interest.
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https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
Don't build your hopes up too much about compounding, the effect is less significant when rates are at current levels....0 -
Best on there is 1.16% from NSandI0
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Some of the better accounts for interest (current accounts) have a balance cap for interest, so your interest doesn't compound, unless you withdraw it and earn interest elsewhere.How's it going, AKA, Nutwatch? - 12 month spends to date = 2.60% of current retirement "pot" (as at end May 2025)0
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Best unrestricted easy-access account, if that's what you happen to be looking for, but there are plenty of accounts with better rates but subject to conditions, such as capped interest-earning amounts, maximum amounts per month in regular savers, fixed-term products, etc....matthewjames28 said:Best on there is 1.16% from NSandI0 -
Thanks. Looking to put money into stock market which I have started. And some in savings with decent returns in the future.0
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Just done a quick calc, are these worth doing, not a great return but guess it can be kept in there for years more. Or am I incorrect as it’s a home deposit saver?0 -
Only available to those saving for a house and must be opened in branch. Can only be open for 3 years. Pay a penalty of 180 days interest to access for any other reason than a mortgage with Hanley.matthewjames28 said:Just done a quick calc, are these worth doing, not a great return but guess it can be kept in there for years more. Or am I incorrect as it’s a home deposit saver?
https://www.thehanley.co.uk/savings-accounts/
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What do you define as a decent rate?matthewjames28 said:Thanks. Looking to put money into stock market which I have started. And some in savings with decent returns in the future.0 -
Yeah as I thought. Always a catch.grumiofoundation said:
Only available to those saving for a house and must be opened in branch. Can only be open for 3 years. Pay a penalty of 180 days interest to access for any other reason than a mortgage with Hanley.matthewjames28 said:Just done a quick calc, are these worth doing, not a great return but guess it can be kept in there for years more. Or am I incorrect as it’s a home deposit saver?
https://www.thehanley.co.uk/savings-accounts/0 -
It's an excellent rate for a Regular Saver and worth going for if indeed you are eligible for it and have access to their Branches.matthewjames28 said:Just done a quick calc, are these worth doing, not a great return but guess it can be kept in there for years more. Or am I incorrect as it’s a home deposit saver?1
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