Best savings account?

mattyfez · 27 Jun 2025 at 17:42

ShiWarrior said:
My chip instant access is going down to 3 percent interest, I'll switch it back to chetwood unless there's a much better alternative?

If you just want a cash savings account (non-ISA)

Then:

cahoot Simple Saver

Our Simple Saver is an online savings account that gives you the flexibility to save and withdraw your savings whenever you like.

www.cahoot.com

looks tough to beat, but you have to lock it away for 12 months?

I've got my 'liquid cash' in this: https://www.oxbury.com/savings-acco...notice-base-rate-tracker-issue-8-455-aerstar/

But it's 90 days notice If I want to withdraw, which is a bit more flexible than locking it away for 12 months.

Just go on MSE and look what the best offers are.

Top savings accounts

Find the top interest rate savings accounts & maximise your returns with Martin Lewis' guide. Includes the top easy-access and fixed-rate accounts to help you find the most profitable home for your cash – and keep it safe.

www.moneysavingexpert.com

The bank of england is slowly lowering rates, and I cant realisticaly see them lowing the base rate much more..I think we'll see some stagnation in interest, certainly for the next 12 months, so it's just a case of chasing the best returns at the moment.

Disco_P · 27 Jun 2025 at 18:27

I get choice anxiety with investing. At least with interest, it's as simple as choose the highest

mattyfez · 27 Jun 2025 at 18:35

Disco_P said:
I get choice anxiety with investing. At least with interest, it's as simple as choose the highest

I used to be the same, but if you stick with 'safe' global ETFs, you don't need to make a choice, it's a pre-packaged, diverse fund that you have no say in how it's invested.

And a ~7%+ return is much better than a ~4% return.

Don't get me wrong, I still play it 'safe' by having over 50% of my money in cash savings, so that's my safety margin.

tom_e · 27 Jun 2025 at 19:23

I've been putting a few quid (under £100) a month into a S&S ISA since just after trump crashed the markets earlier this year, buying some ETFs. Currently up 7%ish.

My outlook is I'm never going to end up worse off if I leave it for the long term.

Semple · 27 Jun 2025 at 21:25

tom_e said:
I've been putting a few quid (under £100) a month into a S&S ISA since just after trump crashed the markets earlier this year, buying some ETFs. Currently up 7%ish.

My outlook is I'm never going to end up worse off if I leave it for the long term.

Yeah the best time to buy in was just after Trump crashed the markets. Mine have recovered about 90% since his announcements.

My worst ETF is in emerging markets and that has grown 0.8% in 4 years. Now it's back to my buy in point I think I'll flog it as clearly it's a **** fund.

DJMK4 · 28 Jun 2025 at 16:40

Ok so it's official. My trading 212 bonus rate has ended .. now on 4.10%

Jokester · 28 Jun 2025 at 17:45

Think it was Chip that knocked another 0.24% off their rate the other day as well.

DJMK4 · 28 Jun 2025 at 20:32

Jokester said:
Think it was Chip that knocked another 0.24% off their rate the other day as well.

I had an email from chip yesterday.

Trading212 are not going to drop rates again are they ?.

MatsyLR · 28 Jun 2025 at 20:51

DJMK4 said:
I had an email from chip yesterday.

Trading212 are not going to drop rates again are they ?.

if chip knocked down everyone else will follow

tom_e · 29 Jun 2025 at 00:26

My Tembo ISA is still holding at 4.64%

englishpremier · 29 Jun 2025 at 09:11

Plumb cash ISA is 4.92% but with a ton of caveats, and includes a 1.6% bonus for 12 months. Just thought I'd through it out there as someone asked about a Cash ISA. Personally, I'd stick with T212 despite the lower rate.

Blackstar_solar · 30 Jun 2025 at 08:18

DJMK4 said:
Ok so it's official. My trading 212 bonus rate has ended .. now on 4.10%

Is there an first year bonus etc? Mines still at 4.82%

mattyfez · 30 Jun 2025 at 12:33

DJMK4 said:
I had an email from chip yesterday.

Trading212 are not going to drop rates again are they ?.

Normal savings accounts and cash ISAs have what's called a variable rate.
They all track the BOE base rate to pretty much the same extent, caviats and temporary rate bonuses aside.

So if the bank of England drops rates they will all drop thier variable interest rate accounts accordingly.

This won't affect the interest rate on a fixed rate savings account, but (plot twist) they tend to offer slightly lower rates than the variable rate accounts.

Banks aren't in the business of losing money, so fixed interest rate accounts are calculated to take into account of base rate fluctuations.

Think of it a bit like the opposite of a mortgage.. You can stay on a variable rate and what happens happens, or tu can take a fixed rate for x years, etc.

jaybee · 30 Jun 2025 at 12:49

DJMK4 said:
Ok so it's official. My trading 212 bonus rate has ended .. now on 4.10%

Mine ends in a few days too.
I was on 4.10% + 3 month bonus of an additional 1.10% = 5.20%
Will go down to 4.10%.
What to do..

mattyfez · 30 Jun 2025 at 12:54

jaybee said:
Mine ends in a few days too.
I was on 4.10% + 3 month bonus of an additional 1.10% = 5.20%
Will go down to 4.10%.
What to do..

There's not much to do... We'll likely see ateast another 0.25% cut in the BOE base rate before the end of the year.
So savings rates are simply not going to improve, at least not for the short term.

jaybee · 30 Jun 2025 at 12:59

mattyfez said:
There's not much to do... We'll likely see ateast another 0.25% cut in the BOE base rate before the end of the year.
So savings rates are simply not going to improve, at least not for the short term.

This is my first experience with flexible cash ISAs so have not used any other places yet. Was wondering if I could transfer to another provider to bag their bonus period instead for a while. Haven't looked into it yet.

EDIT: A quick look at what's available and no, not really. All have limitations like not being flexible, or not allowing transfers at the higher bonus rate etc.

mattyfez · 30 Jun 2025 at 13:06

jaybee said:
This is my first experience with flexible cash ISAs so have not used any other places yet. Was wondering if I could transfer to another provider to bag their bonus period instead for a while. Haven't looked into it yet.

For sure you could absolutely do that.. Bear in mind some providers won't let you go back to them after you've left though... Chip being one of them.

But depending on the size of the savings account you might only be chasing a few extra pennies by switching accounts all the time.

I went from chip to T212 so my cash ISA is now 4.1%... Looking on MSE there's not much going really, to make me switch.

I, like you am considering moving my cash ISA to Plumb or whatever for their 12 month bonus but I'm not fully convinced due to other restrictions on the account.

It's really a personal decision.

DJMK4 · 30 Jun 2025 at 16:04

Blackstar_solar said:
Is there an first year bonus etc? Mines still at 4.82%

When i signed up to trading 212 it was only a 3 month bonus

darkgen · 1 Jul 2025 at 07:01

Seems Reeves is going to reduce the cash ISA limit and promote savers to invest in UK based use stocks and shares ISA options. Stupid cow clearly does not realise a) people will opt for more favourable non-UK based options (e.g. SAP500) and also b) putting building societies at greater risk considering they use savers dosh for funding loans.

mid_gen · 1 Jul 2025 at 07:31

darkgen said:
Seems Reeves is going to reduce the cash ISA limit and promote savers to invest in UK based use stocks and shares ISA options. Stupid cow clearly does not realise a) people will opt for more favourable non-UK based options (e.g. SAP500) and also b) putting building societies at greater risk considering they use savers dosh for funding loans.

Good. It's absolutely insane that we give out such a massive tax break to subsidise US businesses.