Best Way To Save Extra Cash

[trubz2025]

Hi All

I currently have a current account with Barclays however I would like another 'pot' where I can transfer extra funds to keep aside for holidays/cars etc.

Barclays have advised me I am unable to use their "saving goals" function unless I have a Rewards Saver account.

Does anyone suggest any accounts that are quite good. I've heard Revolut do good interest rates but I'm not sure how the daily interest works.

Ideally I would like an account where I can transfer money to and from and not tied into anything.

Thank you

I recommend Starling, they've got great 'pots' functionality and ability to categorise spend.

I've recently signed up for a Tandem savings account and really rate it. It's purely a savings account, and you can add as many pots as you want. It's 3.9% interest - it was a little bit higher until the rates came down recently. I like it because it's completely separate so I'm less likely to dip into savings. When you need the money you can withdraw it - takes about 10 mins to land in your account.

You get the interest monthly - on the date that you opened your account. So if you open an account today you'll receive the interest on the 12th of each month.

I used to save with Starling, but they stopped paying interest in March on current accounts. There is a savings account you can sign up for through Starling, that does pay interest (3.75%) but it doesn't have the pots function, and it turns out I cannot budget without the pots!

Hi OP. Savings accounts you can transfer in and out of are called Easy Access accounts. Bear in mind that these kind of accounts don't have a fixed interest rate so whatever rate you get when you sign up will most likely drop in a couple of months.

If you're willing to use an app and open a current account (you don't have to use it) then Chase are currently offering the best rate for their saver, 5%
https://www.chase.co.uk/gb/en/

If you'd rather not use an app, Cahoot (owned by Santander) are offering 4.55%
https://www.cahoot.com/products-and-services/cahoot-simple-saver

Feel free to ask if you have any more questions

As you might only want access 2 or 3 times a year? (holidays/cars) you could save into premium bonds. I believe you can set up a direct debit fir £25 or more each month or just buy them ad hoc. You could enjoy having the chance to win as you save. You can automatically reinvest prizes or have them paid into your bank I think.

Chase has decent rates and although it doesn’t have pots, you can open numerous saving accounts with them

You really should give Marygold a look too. You can open as many easy access savings account as you like. Also moving the money in/out is very easy and if you want you can link other accounts to get a view over all accounts in one app (a bit like Emma app used to do before charging).

It is free as well.

I’ve used Marygold as well. It’s brilliant! Lots of great features to help save as well.