Want to consolidate my savings and put them in one place - 20k

[SleepFreeZone]

I don’t mind tying them up for 3-5 years. I just want then to work for me. I’m not interested in stocks and shares, I’m thinking more an ISA or high (I know it doesn’t really exist anymore) interest savings account. Something like that where it’s risk free.

Any thoughts?

I should add that I have around 5k in two separate ISAs so I know I can add to each of those whilst moving them somewhere else. At the moments the ISAs I’m with are tracking at under 1%.

Have you had a look at Moneysavingexpert? I'm sure there will be other suggestions from wise MNers, but it's a good place to start, though I confess a very pedestrian suggestion!

Can't you just transfer all the money into one of your ISAs? Wherever it goes, your 'savings' will be losing money as all interest is less than inflation anyway.

Since you aren't getting much of a bite here on MN, I wonder if it's the right place for this question. I think there's a forum on moneysavingexpert or similar that you might find a bit more helpful?

Without knowing circumstances it’s hard to know whether this is true for you but in general, ISAs aren’t as valuable for most people as they used to be as bank interest is tax free anyway up to £500 per year for higher and £1000 for basic rate taxpayers. If you won’t get close to that you don’t necessarily need to keep it in an ISA.

If you do want to stick with an ISA, Coventry Building Society are offering a 5 year fixed deal at 2.3% - that’s the best I can find. Tesco bank are offering 2.5% on a 5 year savings account over 5 years too. However given that rates are now (possibly) starting to rise - albeit slowly - you might be better with a lower rate now but flexibility to move money to chase interest rates as they increase.

If you are willing to be a bit proactive and move things round you can get a lot more on smaller sums. Look at Nationwide and TSB current accounts which I think will give you 3-5% on parts of your total pot. And regular saver accounts often pay 5% ish too and are worth a look - I have one with First Direct and one with Santander.

Lastly if you are saving for either a first house or retirement you can get 25% extra from the government through a LISA account, though you have to give that back if you access it for other reasons. So depending on your circumstances and reasons for saving that could be worth a look too.

if you dare use tsb you may get 5% on £1500. they are still in big chaos despite dropping out of the news.

for the rest - easy access 1.4%, one year fixes 2%, 2 year a bit more. all way below inflation.

isas do allow you to withdraw even from fixes, although at a loss.