What to do - ISA v's Saving Account

Where is it best to put your money - ISA or Savings approx 40k - don't need access - would like the best return 
Thoughts please 

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  • jimjames
    jimjames Forumite Posts: 17,150
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    edited 31 August at 1:45PM
    If you want the best return then just choose the account with the highest rate for the period you want to lock it away for. Plenty of options if you look on the best savings account pages here. Bear in mind you can only put £20k into an ISA each year
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Albermarle
    Albermarle Forumite Posts: 18,781
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    Ronnie49 said:
    Where is it best to put your money - ISA or Savings approx 40k - don't need access - would like the best return 
    Thoughts please 
    A cash ISA is a savings account, it is just protected from possible tax on the interest.
    Suggest you read this .
    Best savings accounts: 5% easy access or 6.2% fixed rates (moneysavingexpert.com)

  • Eirambler
    Eirambler Forumite Posts: 122
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    Ronnie49 said:
    Where is it best to put your money - ISA or Savings approx 40k - don't need access - would like the best return 
    Thoughts please 
    It will depend on your tax situation, but for a single basic rate payer 20k in the best paying ISA and 20k in the best paying savings account is likely to be the best combination. 
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