Best way to save £20k?

JohnLock · 7 February 2018 at 11:12AM

Hi,
We have 20k in savings sitting in a Halifax every day bank account.

I'd just like to know what would be the best way he could save this (in ISA or bank account etc) to get the maximum amount of interest every year?

Thank you.

MallyGirl · 7 February 2018 at 11:18AM

It depends on how long he wants to keep it. If intending to buy a house at some point then a HTB or LISA should be looked at. If it will be needed in the next 10 years or so then probably not S&S.
If he can get multiple banks account then following the savings guide at the top of the page and using interest paying current accounts and regular savers is probably the best.

JohnLock · 7 February 2018 at 11:25AM

Hi mally

We basically looking for an account or ISA that will give us the highest interest rates.
We don't need to access it - we just want to lock it away somewhere where it can accumulate at the highest rate.
Any suggestions?
Thanks

ColdIron · 7 February 2018 at 11:39AM

If you really want to get the highest interest rates you will need to open several accounts as all the good ones have restrictions on maximum balance or monthly deposit. There are several 2% to 5% accounts you could spread your money over and will take a little effort on your part. You could put it into fixed term 1 year accounts for just under 2%. If you want a single high rate easy access account they don't exist and you will have to settle for around 1.35%. Have a look at the How to Start Saving Get max interest from every penny link at the top as suggested by MallyGirl in post #2. Forget cash ISAs

Best way to save £20k?

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