Best savings account?

Merlin5 · 3 Nov 2022 at 11:17

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?

doodah · 3 Nov 2022 at 11:21

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.

booyaka · 3 Nov 2022 at 11:21

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.

Merlin5 · 3 Nov 2022 at 11:42

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.

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.

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.

dlockers · 3 Nov 2022 at 11:43

Just remember some of these 5% accounts have very low deposit numbers (like 150-250/mo). After a year you'll have made £50.

Karl · 3 Nov 2022 at 11:44

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.

Martynt74 · 3 Nov 2022 at 11:45

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.

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.

Raymond Lin · 3 Nov 2022 at 11:46

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.

Merlin5 · 3 Nov 2022 at 11:50

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.

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?

Martynt74 · 3 Nov 2022 at 11:51

Are you in a position to lock it away for a year or 2? That would get you the best returns.

200sols · 3 Nov 2022 at 11:52

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?

You get a sort code and account number and do a bank transfer into your savings account.

dlockers · 3 Nov 2022 at 11:52

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?

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...

200sols · 3 Nov 2022 at 11:53

Hsbc had 3% for 10k as well.

Merlin5 · 3 Nov 2022 at 11:53

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.

Thanks, I've not heard about Blue Benefits. I'll speak to Barclays about it.

200sols · 3 Nov 2022 at 11:56

Martynt74 said:
Are you in a position to lock it away for a year or 2? That would get you the best returns.

Even 6 months fix will get about 3.6%, maybe more next week.

Merlin5 · 3 Nov 2022 at 11:57

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...

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?

Raymond Lin · 3 Nov 2022 at 11:58

Merlin5 said:
Thanks, I've not heard about Blue Benefits. I'll speak to Barclays about it.

You can do it on the app, click a few buttons and you will have it in minutes.

Merlin5 · 3 Nov 2022 at 12:07

Martynt74 said:
Are you in a position to lock it away for a year or 2? That would get you the best returns.

Hmm, not sure. I think I probably can. That would be a fixed account with no access right?

200sols said:
You get a sort code and account number and do a bank transfer into your savings account.

Awesome, thanks.

Raymond Lin said:
You can do it on the app, click a few buttons and you will have it in minutes.

Thanks Raymond.

aardvark · 3 Nov 2022 at 12:12

zopa are pretty good with tiered rates for increased notice

Semple · 3 Nov 2022 at 12:19

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.