Best savings Account - Compound Interest

matthewjames28

What’s the best savings account ATM. Interest rates are very low so which is good to start building compound interest. 

eskbanker

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....

matthewjames28

Best on there is 1.16% from NSandI

Sea_Shell

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.

eskbanker

matthewjames28 said:

Best on there is 1.16% from NSandI

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

Thanks. Looking to put money into stock market which I have started. And some in savings with decent returns in the future.  

matthewjames28

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?

grumiofoundation

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?

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.

https://www.thehanley.co.uk/savings-accounts/

grumiofoundation

matthewjames28 said:

Thanks. Looking to put money into stock market which I have started. And some in savings with decent returns in the future.  

What do you define as a decent rate? 

matthewjames28

grumiofoundation said:

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?

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.

https://www.thehanley.co.uk/savings-accounts/

Yeah as I thought. Always a catch.  

Archi_Bald

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?

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.