Best Everyday Savings Rate Account?

Topaz99
Topaz99 Posts: 45 Forumite
in Savings & investments
I have around £20,000 that I want to save in a new bank account (UK) for the best rate of interest.

I have had some Financial Advice, and have been told that this currently would be Virgin Money Double Take E-Saver Account currently at 1.50%

I just want to save a lump sum, so no monies deposited per month, and easy access.

Just before i do this, I just wanted to check to see if there was anything else to match or better this account, or whether it was a no-no to go with Virgin Money or any horror stories?

There used to be a lot of talk of Atom Bank as an internet only account with good rates of savings but not sure if thats still a good account/bank to go with?

Thank you for any help.:o

Comments

  • redpete
    redpete Posts: 4,692 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Have you checked the Top Savings Accounts article, link at the top of this forum page?

    This shows Marcus offer 1.5%, this is easy access, no restrictions on withdrawals or additions. I've had an account with them for some months, the website is easy to use and I've had no problems either putting money in or taking it out. I think the Virgin account you refer to is limited to two withdrawals per year.

    Don't know what horror stories you are thinking of.
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • george4064
    george4064 Posts: 2,810 Forumite
    First Anniversary Photogenic Name Dropper First Post
    To be honest, everything you need to make an informed decision yourself is here: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

    Typically amongst the 'best paying accounts', you will be able to earn more interest with a fixed account or notice savings account compared to an instant access savings account.

    These are the kind of things you need to consider what is the best for your situation.
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2021 - #027 £15,268 (76%)
  • xylophone
    xylophone Posts: 44,345 Forumite
    Name Dropper First Anniversary First Post
    A flexible cash ISA with Coventry BS?

    https://www.coventrybuildingsociety.co.uk/consumer/product/savings/cash_isa/easy-access-isa-online-2.html
  • Topaz99
    Topaz99 Posts: 45 Forumite
    xylophone wrote: »
    A flexible cash ISA with Coventry BS?

    https://www.coventrybuildingsociety.co.uk/consumer/product/savings/cash_isa/easy-access-isa-online-2.html

    I think my ISA allowance is already 'spent' for this year unfortunately, and is an ISA as quick access as a Bank Account/Savings, should I need it?
  • george4064
    george4064 Posts: 2,810 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Topaz99 wrote: »
    I think my ISA allowance is already 'spent' for this year unfortunately, and is an ISA as quick access as a Bank Account/Savings, should I need it?

    Same rules apply to as my previous post. You pay (by receiving lower interest) for instant access, hence you will receive higher interest if you opt for a 1 year, or 2 year or 5 year fixed account vs instant access cash ISA.
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2021 - #027 £15,268 (76%)
  • xylophone
    xylophone Posts: 44,345 Forumite
    Name Dropper First Anniversary First Post
    is an ISA as quick access as a Bank Account/Savings, should I need it?

    An ISA is a savings account.

    You would move funds from the Coventry ISA to your nominated bank account - it takes a day or two normally.

    And the fact that this ISA is flexible means that money can be moved out and replaced within the current tax year.
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