Which Bank pays the most interest on savings? - HotUKDeals
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Which Bank pays the most interest on savings?

gd_miester Avatar
1d, 2w agoPosted 1 decade, 2 weeks ago
Hi, guys,
all this time iv only ever had a current account (HSBC), and i have now decided to open a savings account (or somthing that offers high interest rates).

Im looking for the best bank, with the highest interests rates.

Also, which bank do fellow HotUKDeals members use, and why? (if there is a particular reason).
gd_miester Avatar
1d, 2w agoPosted 1 decade, 2 weeks ago
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(12) Jump to unreadPost an answer
Responses/page:
#1
Nationwide are normally pretty good,

Steve
#2
#3
If you want high interest, get an ISA. You are allowed to put £3000 in every financial year (no matter how much you withdraw you can only PUT IN £3000).

If you go with a bank that does online banking it's very easy to access (i.e. transfer over to current account to allow you to withdraw cash from an ATM) otherwise you just go into the bank to withdraw cash directly from the ISA. They have good interest rates which are tax free.

I'm with Natwest and I think I get 4.5% on the ISA (which is what they all seem to offer).

If you want higher interest, investigate a "postal ISA" where you have to give notice (e.g. 60 days) prior to withdrawing money.

Current accounts give AWFUL interest rates. Current accounts are designed for "easy access" i.e. paying for shopping, direct debits etc. and are not designed for savings.

Also building societies do good interest rates for savings, but access is more difficult as you generally have to go in when they're open to withdraw cash.

Hope that helps.
#4
I recently opened an account with www.icesave.co.uk, they are currently paying 5.45% interest, though you can only access the account online. However, there is no limit on the amount of withdrawals you can make.
#5
jamesbryan
I recently opened an account with www.icesave.co.uk, they are currently paying 5.45% interest, though you can only access the account online. However, there is no limit on the amount withdrawals you make.


I dont wanner sound silly, but ill go for the question anyway.


Iv never heard of them, how can i trust them. What if they close down or run off with the money?
#6
My advice is to bank with Alliance & Leicester...you get 6.1% on your current account...as recommended above any savings should be put in a cash isa as a first step..you are allowed up to a £3000 deposit in a cash Isa in any financial year...with A&L your ISA can be linked to your online account making it easy to transfer funds from one account to the other.

If you intend considering an A&L account you can get a £50 cashback through Quidco ..or you and a friend could earn £50 each by a referral from an existing account holder...I'm not touting for business but if you're interested in the latter please PM me.
http://www.alliance-leicester.co.uk/home/index.asp
#7
gd_miester
I dont wanner sound silly, but ill go for the question anyway.


Iv never heard of them, how can i trust them. What if they close down or run off with the money?
Agreed, if you don't feel comfortable, DON'T give them your money!
#8
currychops
My advice is to bank with Alliance & Leicester...you get 6.1% on your current account...as recommended above any savings should be put in a cash isa as a first step..you are allowed up to a £3000 deposit in a cash Isa in any financial year...with A&L your ISA can be linked to your online account making it easy to transfer funds from one account to the other.

If you intend considering an A&L account you can get a £50 cashback through Quidco ..or you and a friend could earn £50 each by a referral from an existing account holder...I'm not touting for business but if you're interested in the latter please PM me.
http://www.alliance-leicester.co.uk/home/index.asp
Is that 6.1% tax free?

Also do you have to put a certain amount into the account every month?
#9
Well I cant say too much about them as I have only had the account for a month, but it would appear they are ligit. If you look around their website it will explain the guarantees that are in place to protect your money.
#10
markwills
Is that 6.1% tax free?

Also do you have to put a certain amount into the account every month?


Yes the interest rate is gross ..not tax free..and you have to have a minimum of £500 a month paying into the account.
#11
that would explain why they give 6.1% then!!! ;-)
#12
hi everybody. i dont really care about my mony as long as it is safe but can somebody please explain to me the difference between APR and AER? Thanks in advance

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