What Are the Best High Interest Savings Accounts?
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Hello, I am looking for a high interest savings accounts.
can you anyone advise on the best ones?
It depends on whether you are looking for regular savings (the best rates ) , an easy access account , fixed rate (term account) or a cash ISA .
Will also depend on how long you are looking to save for ? (a few months or a few years ) and how much you are looking to save ? ( £10s , £100s , £1000s or more ) .
Best rates I have are with Yorkshire Building society (Loyalty accounts for members over a years standing ) . Regular savings accounts with TSB , First Direct and Nationwide paying 5% - 7% but limited to £50 - £300 a month deposits . Of course there are always Premium Bonds with the advantage of tax free prizes and if you have a reasonable amount to save the prize fund works out at 3.3% .
Yorkshire Building Society rates www.ybs.co.uk/savings/compare-savings-account-rates
This is money rate table www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html
Hope the info gives you a start . I would always consider a Cash ISA as you can go over your PSA with £25k saved . Whereas an ISA will forever be tax free.
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Lynibis You don't have to do that as all the info is on the MSE website and much more besides www.moneysavingexpert.com/ . MSE (free) and Which (subscription ) are invaluable references for me .
Golfforall well I meant that as googling him will bring up everything he deals with along with loads of other money spinning ideas.
Only use an isa if you’re likely to earn £1K in interest, if not use several providers so your savings are protected. The FSCS protects 100% of the first £85,000 you have saved, per financial institution (not per account).
Pjran Think it would be difficult these days to earn less than £1000 interest with £85k deposited 
. On the 3.5% -4% currently widely available you would need £25000 -£30000 deposited to breach the PSA .
The reason we should consider an ISA is that the accumulated total will remain tax free for ever , whereas we only get £20K a year to put in (this years allowance ends in just 3 weeks ).
So if you were lucky enough to have £85K to save . I think £20K this month , £20K after April 6th in a cash ISA should be your starting point .
Quick tip. The highest rate payers, particularly introductory offers often become very average after the introductory period is over. If you have time to frequently shop around then go for it. If you lack the motivation or have less time go for a long-term competitive rate. I’ve often heard Skipton Building Society quoted in this regard.
There are banks if you lock away your money for a year or more you'll get a higher rate, but given what has happened recently... Well, you decide.
Chase has at 3% and always accessible should you want to take it out.
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