Best place to put savings

CashMoney

Hi, need some advice on where to put my savings which are currently held in a credit union savings account. They have always paid more than the abysmal banks have over the past 3 years but this year they only paid out 1.5% in dividends which was disappointing considering how much rates have gone up in past 12 months. 

I have approximately 55k in it. I am happy to consider moving some into a interest paying current account if it’s worth it so don’t mind splitting it between a current (or multiple current accounts) and savings account(s). The only catch for the savings account is that it has to be an easy access savings account or one that lets you withdraw a limited amount of times.

What is the best option(s) to get the most out of my savings?

Many thanks in advance

eskbanker

https://www.moneysavingexpert.com/banking/savings/which-saving-account-old/ is an MSE piece putting forward a 'savings fountain' of prioritised options to consider - as the URL suggests it's not maintained now but links to the 'best buy' articles in each category, which will be up to date.

AmityNeon

A limited or unlimited?

Kroo's current account pays 3.03% AER from tomorrow (1 Feb).
Depending on your tax position, you may also want to consider Virgin's Cash ISA, which pays 3% AER.

TomJ

You might also consider regular savers.  The best rate is First Direct's at 7% on up to £300 pm although that's tied in for the whole year unless you're prepare to lose interest.  Lloyds pay 5.25% on £400pm and 4.5% on a further £250 pm which is instant access...
See
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1 for a very comprehensive rundown.

Albermarle

TomJ said:

You might also consider regular savers.  The best rate is First Direct's at 7% on up to £300 pm although that's tied in for the whole year unless you're prepare to lose interest.  Lloyds pay 5.25% on £400pm and 4.5% on a further £250 pm which is instant access...
See
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1 for a very comprehensive rundown.

To take advantage of the First Direct regular saver, you need to have a First Direct current account.
However if you switch to this current account, you will get  £175 cashback for doing so