£14k to save maximum interest

col81

Hi, i have £14k to save and want the maximum return. Can you advise the best way to earn the max interest please?

Pompeydave1967

If it’s just a plain £14k fixed you can prob get around £34-35 / month in a 1 year at present. Not going to make a great deal of difference if rates rises but all depends where you have it stashed at the moment ie high street bank earning 0.01%.

col81

Can you advise who i can put it with to get the best return? thank you 

Pompeydave1967

Check out the top rates on fixed here in MSE , did you want app based ? I’ve got Atom at the moment , very easy to use & currently doing a 1 year fixed @ 2.95%. 

questions to ask though , do you need access to £££ ? Or is it simply put away and forget about it to earn interest ?

Albermarle

Compare The Best UK Savings Accounts | moneyfacts.co.uk

Stubod

..try googling "best savings rates"...or use

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

Notepad_Phil

Stubod said:

..try googling "best savings rates"...or use

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

In my opinion you should never google anything financial unless you are extremely careful and understand that scammers can very easily buy links that will be returned in such requests.

The same goes for other browsers or ads that you see on Facebook or other such social channels.

kaMelo

It's not the searching that is the problem as such,  the problem is when people blindly click on the first links the search returns  without even reading the details or the URL of the link they click.

Bridlington1

If you don't need to access the £14k you could look at topping up your pension or overpaying your mortgage (if applicable).

If you are looking to access your money in the near future, I would recommend high interest current accounts. If you haven't had a Nationwide FlexDirect account before, open one as they will pay 5% on up to £1.5k for the first year provided you pay in £1k/mth. Plus you can get £125 for switching a current account to them. There's also Virgin Money's MPlus account, which pays 2% on up to £1k. These are great accounts to use for an emergency fund.

If you want a guaranteed rate of interest and don't need access to your funds within the next year or so then there's the option of fixed rate bonds. Though with interest rates on the rise it may be worth opting for shorter fixes if you go for this option.

There's also the option of putting the money into easy access savings accounts and drip-feeding the contents into a series of regular savers, then closing the regular savers as and when the easy access rates begin to beat them.

poppy10_2

Stubod said:

..try googling "best savings rates".

Do NOT do this. So many scams out there

Exodi

Just to clarify since no-one has touched upon it -

Do you mean 'maximum risk-free interest'? If so a savings account or overpaying the mortgage may be the best option.

If you were willing to take risk, investing in the stock market has typically provided the highest rate of returns.

Otherwise, in line with the above advice, the main question will be:

Do you need instant access to the money or are you able to put it in a fixed account, locking it away for some time (perhaps a year)?

Fixed accounts pay more interest than instant access accounts.

Currently the best instant access acount is around 1.8% - meaning you'd earn about £250 interest in a year on your £14k.
Currently the best one-year fixed accounts is around 3% - meaning you'd earn about £420 interest in a year on your £14k.