Which interest-saving account is best for my needs?

Bungle20120 · 3 February 2021 at 2:31PM

I have £3,000 saved now and I want to open a savings account that will earn me the highest rate of interest whilst allowing me to deposit around £1,500 per month. Is there such an account? It seems accounts that allow such large monthly deposits only attract 0.01% which isn't worth bothering with. Thank you

cricidmuslibale · 3 February 2021 at 2:37PM

Have you considered depositing the c. £1,500 per month into several Regular Savers with different banks / building societies? These accounts should allow you earn at least 1% AER interest and some allow you to deposit up to £500 per month, most others up to £250 per month!

Alexland · 3 February 2021 at 2:38PM

No there isn't such an account. To get the highest rates of interest you need to split your money up across mutliple current and savings accounts to take advantage of various promotional offers.

grumiofoundation · 3 February 2021 at 2:38PM

Not sure where you are looking but can get easy access accounts paying 0.5%
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
https://www.moneysavingexpert.com/savings/best-cash-isa/

You could also open a number of different regular savers (different restrictions and criteria per account) which would get you upwards of 1%.

Could also look at premium bonds which although they don't guarantee any interest with average luck over a decent time period should get ~0.8%.

If you are saving for a house purchase look at lifetime ISA
https://www.moneysavingexpert.com/savings/lifetime-isas/

Which interest-saving account is best for my needs?

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free