Which savings account...

Liz777

Hi all, 
It's been a long time since I had any money to save, but I've sold my house and will be moving into rented for a while. I have an amount of equity coming to me and I don't just want to leave it in my current account. I had a look on this site at easy access accounts (may be buying a house in 8 months or so) but I've not heard of any of the companies! 
Can anyone recommend an account, obviously looking for a good interest rate (although I know that doesn't really exist anymore!) 
Thanks! 

grumiofoundation

Any of accounts listed are fine. As long as bank has FSCS protection no problem. If you want to go with a (high street) Bank you have heard off you will have to settle for a lower interest rate. 

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Best easy access saving accounts pay 0.5% currently. 

You can get slightly more using notice savings accounts which might be of interest (no pun intended)? 

Putting some of the cash in premium bonds (max 50k per person) would probably be a good idea. Although return not guaranteed long term with average luck would expect ~0.8% (with small chance of much more?

ChilliBob

The rate you'll get depends on how you define a while. If you can lock all or some of it up for a year (or longer) you start to approach 1% rates, If not it's quite a bit lower. Worth looking at the rates of Raisin and Hargreeves Lansdown savings too (although this doesn't seem as competitive anymore).

Do remember you get 85k protection per institution, so if you have a fair bit spread it around and remember some banks share a licence so the protection wouldn't apply - e.g. Investec and Moneybox (i think, from memory)

Oh and if you're tempted by NS&I due to protection for an unlimited amount then see the threads about them being a bit of a nightmare at the moment (oh and very poor rates!). That's not to deter you from premium bonds though, also from them. 

PRAISETHESUN

If the funds are from the sale of your previous house then you'll be protected by the FSCS temporary high balance protection, up to £1m for 12 months - so no need to split it up unless you'll be holding onto it for longer then that: https://www.fscs.org.uk/media/press/2020/aug/thb-coverage-extended/

Check the MSE best buy lists for easy access/notice/fixed term savings. Anything there should be suitable for you.

Albermarle

Most people have not heard of some of the smaller banks and savings institutions , but if they are listed in a respectable comparison site like MSE or this one , you will be fine .https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/
Just FYI the one at the top of the list ( Aldermore) I have significant savings with and their on line service is very good.