20k

Gregor2519

What’s the best way to make 20k savings make money without risk 

refluxer

Do you need easy access to the money or can you afford to lock it away for a certain amount of time ?

I would start by having a read through MSE's guide to the best savings accounts currently available...

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

xylophone

What’s the best way to make 20k savings make money without risk 

I am assuming that you are looking for the best  interest rate you can get on your savings?

Bear in mind that although there is no risk to capital, there is still inflation risk as no savings account currently available will pay you interest at + 10.1% (current rate of inflation as announced in CPI figures today).

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

tripled

If you find a way, I'd love to hear about it.

You can put it in a savings account. You can get a higher interest rate if you lock it away for a period of time. See the MSE Top Savings Account Guide. However, inflation will still erode the value.

You can invest it, however no investment comes without some degree of risk.

Gregor2519

Thanks it would be interest rate as I am really new at saving and have come into some money just want to do something with it but not risk it 

refluxer

Gregor2519 said:

Thanks it would be interest rate as I am really new at saving and have come into some money just want to do something with it but not risk it 

If you want to keep it as cash, then have a think about whether you need easy/instant access to the money.

If you might need access to the money at any time, then the best easy access account would be the sensible option but if you decide that you can afford to lock your money away without access to it, then a Notice or Fixed Rate account will generally give you a higher interest rate. You could always split the money between different account types if necessary to give you a mixture of both.

Beddie

Gregor2519 said:

Thanks it would be interest rate as I am really new at saving and have come into some money just want to do something with it but not risk it 

The highest rates are listed here, so choose one:

https://moneyfacts.co.uk/savings-accounts/

All perfectly safe, no risk at all.

SuzzleBumpkin

What they said. ⬆️ Those are the rates, as of today. If I were you, I’d stick it in the highest earning easy access account for now eg. Al Rayan. Wait until 3 weeks after November 3rd when all the interest rates have more-or-less settled, after the new interest rate increase, then decide how long you want to lock it away for. I suggest 95 days max, as the rate will go up again in 2023, and you may want to move it to a higher rate. By about mid 2023 you might want to lock it up for a year at an even higher rate. But keep your eye on interest rate predictions (use google) and the www.Moneyfacts lists. Using that info is the best way to make informed decisions. 

SuzzleBumpkin

i just had a look on moneyfacts. I’d choose the Ford account at 2.5% for now, rather than Al Rayan. It’s a great rate for now. Then choose something else at the end of November, as I said.