Best savings account?

Merlin5

Merlin5

Merlin5

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I've got a certain amount of money in a Barclays Everyday Savers account where the interest is very low, about 0.25%. With interest rates going up to 3%, I'm wasting my time keeping my money with Barclays. Can anyone recommend a better place to accumulate more interest?
 
Several recent mentions of a Santander savings account (think it had a deadline for the rate though), offering >2.5% I think. I'm with Chase who are currently on 2.1%. Martin Lewis did say today, some are taking the mick by not offering competative rates. You can find more info below :).

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#fixedsavings

These obviously all relate to rates before today's increase.
 
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booyaka said:
Check the usual places

moneysupermarket / moneyfacts - take your pick.

Without sounding harsh - you could literally have googled "best savings rates" yourself in the same time as making this post.
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doodah said:
Several recent mentions of a Santander savings account (think it had a deadline for the rate though), offering >2.5% I think. I'm with Chase who are currently on 2.1%. Martin Lewis did say today, some are taking the mick by not offering competative rates. You can find more info below :).

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#fixedsavings

These obviously all relate to rates before today's increase.
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Thanks guys and thanks for the links. Barclays might be better than I thought. I see they do an account called Barclays Rainy Day Saver at 5.12% for a limited amount of money, so I'll speak to them about that.
 
Just remember some of these 5% accounts have very low deposit numbers (like 150-250/mo). After a year you'll have made £50.
 
Marcus are offering ~ 2.5% which is a very easy win at the moment, because it's up to £250k.

Santander's savings account at 2.75% is a regular saver (The one I can see anyway!) which only allows you to pay in up to £200 a month, meaning at the end of the 12 months you get £35 in interest. Okay if that's all you can save per month, but not so good if you've got a lump sum you want to lock up for a year.
 
dLockers said:
Just remember some of these 5% accounts have very low deposit numbers (like 150-250/mo). After a year you'll have made £50.
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Barclays has no max :)

The annoyance for me is that the best accounts are all existing client offerings with banks i'm not with. The ones i have accounts with (Santander and FD) are rubbish.
 
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If you have Barclays then pay £5 for Blue Benefits, then open a Rainy Day Account for 5.07% interest. If you have 2 Direct Debits set up then you get the £5 back, another £3 if you have a Barclays mortgage.

I basically now get £3 for free by having this because i have a mortgage with them anyway.

Next best I think currently is Santander at 2.7%. Chase is 2.05% i think....all are instant access.

Apart from Barclays, the rest should really be higher than like 2% now. Rainy Day account's 5% only applies to £5k, the amounts over that gets pittance.
 
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Karl said:
Marcus are offering ~ 2.5% which is a very easy win at the moment, because it's up to £250k.

Santander's savings account at 2.75% is a regular saver (The one I can see anyway!) which only allows you to pay in up to £200 a month, meaning at the end of the 12 months you get £35 in interest. Okay if that's all you can save per month, but not so good if you've got a lump sum you want to lock up for a year.
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If I want to transfer a lump sum of a few thousand straight into say an easy access account like Marcus at 2.5%, that would be the best way to get maximum interest right? If I'm going to use an online only account like Marcus, do I just sign up and then they contact Barclays to get the money transferred?
 
Merlin5 said:
If I want to transfer a lump sum of a few thousand straight into say an easy access account like Marcus at 2.5%, that would be the best way to get maximum interest right? If I'm going to use an online only account like Marcus, do I just sign up and then they contact Barclays to get the money transferred?
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You get a sort code and account number and do a bank transfer into your savings account.
 
Merlin5 said:
If I want to transfer a lump sum of a few thousand straight into say an easy access account like Marcus at 2.5%, that would be the best way to get maximum interest right? If I'm going to use an online only account like Marcus, do I just sign up and then they contact Barclays to get the money transferred?
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You shouldn't be worried about "consolidating" and "lump summing" - you should be maxing everything available.

E.g. £5k in Barclays @ 5%, and then check if you can swing a joint account for another £5k, then whatever is left into the next best etc...
 
Raymond Lin said:
If you have Barclays then pay £5 for Blue Benefits, then open a Rainy Day Account for 5.07% interest. If you have 2 Direct Debits set up then you get the £5 back, another £3 if you have a Barclays mortgage.

I basically now get £3 for free by having this because i have a mortgage with them anyway.

Next best I think currently is Santander at 2.7%. Chase is 2.05% i think....all are instant access.

Apart from Barclays, the rest should really be higher than like 2% now. Rainy Day account's 5% only applies to £5k, the amounts over that gets pittance.
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Thanks, I've not heard about Blue Benefits. I'll speak to Barclays about it.
 
dLockers said:
You shouldn't be worried about "consolidating" and "lump summing" - you should be maxing everything available.

E.g. £5k in Barclays @ 5%, and then check if you can swing a joint account for another £5k, then whatever is left into the next best etc...
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Right. I won't be able to swing a joint account but yeah, if I do £5k at 5% and the remainder I want to transfer at 2 to 3% with some other account/bank, that's probably the best way?
 
I keep contemplating moving my savings to a better rate account. But if I'd locked in 6-9 months ago as rates were starting to climb then you'd get stuck on a low interest account for whatever duration you signed up to. (yes I know you can bail with normally the loss of interest).

I imagine now the rates are at 3, we'll start to see new accounts close to that rate.
 
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