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Saving Acount

6 replies

Flimingo · 01/11/2025 11:07

Which bank gives you best rate on saving acount?(UK)

OP posts:
dementedpixie · 01/11/2025 13:23

Maybe look at moneysavingexpert site

NotForTheMoneyandNotForTheApplause · 01/11/2025 13:26

There are quite a few comparison sites for savings, I'd use one of those for up to date accurate information

Mum2Fergus · 01/11/2025 13:29

Depends on a number of things…age, regular or one off deposit, type of access needed. My go to is Martin Lewis’ Money Savings Expert site.

StewkeyBlue · 01/11/2025 13:40

Look on MSE.
They always show the best current deals
Do you want access to the money as and when? Look at 'Easy Access'
Can you leave the money alone for a year? Look at 'Fixed Rate ' and see if the rates are better.
Do you pay tax and are you likely to earn over £1k in interest in a year? (e.g if you had more than £20k to put in) then an ISA would be good (ISA interest is not taxed, other savings accounts interest over £1k is taxed)
Do you have more than £85k to save? Do not put it all in one bank - your savings are protected up to £85k in any one institution.
All explained on MSE Savings | MoneySavingExpert

Flimingo · 01/11/2025 18:35

StewkeyBlue · 01/11/2025 13:40

Look on MSE.
They always show the best current deals
Do you want access to the money as and when? Look at 'Easy Access'
Can you leave the money alone for a year? Look at 'Fixed Rate ' and see if the rates are better.
Do you pay tax and are you likely to earn over £1k in interest in a year? (e.g if you had more than £20k to put in) then an ISA would be good (ISA interest is not taxed, other savings accounts interest over £1k is taxed)
Do you have more than £85k to save? Do not put it all in one bank - your savings are protected up to £85k in any one institution.
All explained on MSE Savings | MoneySavingExpert

Thanks.I can leave money for years,by the looks of it both ISA and fixed rate saving are good options from what you nicely put

OP posts:
rainbowunicorn · 02/11/2025 13:00

Flimingo · 01/11/2025 18:35

Thanks.I can leave money for years,by the looks of it both ISA and fixed rate saving are good options from what you nicely put

If you can leave the money for years without needing to touch it then it will do better in a Stocks and Shares ISA than it will in cash. You do need to be able to commit the miney for an absolute minimum of 5 years but preferably 10 or more to get a decent return.

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