Online High Yield Savings Account

loutus_flower

Hi, 
I know the interest rates are shocking right now but I'm looking for an online high yield savings account. 
Do we having something like that in the UK? 
Can you someone give me some recommendations? 
Thanks in advance. 

Zanderman

There is no such thing as a high yield savings account - online or otherwise.  Not in the UK.  Probably not anywhere in the current circumstances.

The best savings accounts are reviewed on various sites, including MSE, such as here:
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Which you'll see says that at present the best are 0.4% easy access or up to 1.3% fixed.

If you've been reading about 'high yield' accounts they won't be savings accounts, they'll be investments (which risk your capital) or they'll be scams (which nick your capital).

Eyeful

Low risk saving accounts & bonds are covered by the FSCS up to £85k. You get them from
NS&I, Banks, Building Societies. Check they are covered here:
 https://www.fscs.org.uk/check-your-money-is-protected/
Look here for interest rates:
https://moneyfacts.co.uk/savings-accounts/

If you get bonds or "high yield accounts" from anywhere else they are going to be "risk investments" with the potential of losing all your money. So be very careful when choosing these as they might be a scam.

jimjames

Virgin pays 2% on their current account. Probably the highest rate you'll find. But it's a current account not savings and limited to £1000 so depends how much money you have.