Best place to gain interest on £20k

[pinkyponkyplink]

I have almost £21k in a saving account earning 2.9% so I get around £50 a month interest. I can’t promise I won’t need access to it but I haven’t touched it for over 3 years, I’ve only added more into it.

what would be my best and safest option to gain more interest please? I’d like something I can log into on line

The limit is you can pay in £20k per tax year. However this may reduce to £12K

I’ve got a Cash ISA with Trading 212- have had it in there for over a year and all fine. My interest rate is 3.85 currently- it was higher when I opened it obviously, but it’s fine and I like the fact that it’s easy access. You won’t be able to put more than £20k in there for this tax year (you can add to it again from April). So I would open a savings account too for your monthly contributions. I’ve got one with Spring at the moment- interest rate is 4.11%

Both the ISA and the Savings account have very easy to use apps and transferring funds is quick and easy.

Do you have a First Direct account? If so, you can get a Regular Saver account where you put in a set amount every month and the money is locked in for a year, at the end of which you get 7% You do have to have a FD current account but I daresay you could open one with a small deposit.

I’ve set mine up now but it is only 3.8% I thought I read there was a bonus taking it over 4% if a new customer

No. I thought you could so put around £2000 in, planning on adding to it, but no. You can have other ISA’s that add up to that amount though.

Yes it's 3.85% plus 0.67% bonus for the first year (assuming you are a new customer and it's not an ISA transfer - which sounds to be the case from your posts).

It might take a while to update. If it doesn't, just ask them.

If you've opened it with £20k then you can't pay in any more until 6 April 2026.

I saw a post most of you want to invest

Have you missed part of your post?

@rockstuckhardplaceit isn’t a transfer from another isa. I had it in a bank account which is why I’ve moved it to an isa. Does the extra 0.67% kick in after the full year or should it kick in this month?

I don't know

Max for this tax year is 20K Put your other monthly savings into a regular savings account. You can put 12K into a cash ISA next tax year. If this is your only savings do not put into a fixed rate as you will not be able to touch it in an emergency.