Best place for £20k

13
Found 8th Feb
Hi,

can anyone recommend a savings account to put £20k in?

Open to ideas if anyone can recommend somewhere?

thanks

dan
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I would recommend that you put it into my savings account.
13 Comments
Depending on how long you want to tie it up for, this is a good place to start MSE
Edited by: "Toptrumpet" 8th Feb
I would recommend that you put it into my savings account.
SUMMONER27 m ago

I would recommend that you put it into my savings account.


That’s exactly what I was going to suggest although into my account, not yours! Lol,

The best rates seem to be in the fixed rate accounts where you can’t touch it for a minimum of a year up to 5 years. The longer you lock it away for the better the rate of interest.

Instant access accounts offer very poor rates at the moment unfortunately. Even the fixed rates are not great but about the best at the moment.
Comparison websites for the best interest rates , or look at alternatives such as premium bonds if you fancy taking a chance on the prizes , capital is safe and there's always that chance of winning a million , although I'll confess that I've only made £75 so far this year, but I'm holding on there!
I’ve often thought about Vanquis Bank or Atom Bank but when I last tried to open an Atom Bank account with the app it just kept playing up and I gave up in the end but it was about a year ago now. Has anyone else had any experience of either of these banks?
Pay off as much of your mortgage as you can without incurring fees then put the rest into the best % isa until your overpayment cap refreshed for the next year and repeat until the 20k is gone.
joedastudd1 h, 11 m ago

Pay off as much of your mortgage as you can without incurring fees then …Pay off as much of your mortgage as you can without incurring fees then put the rest into the best % isa until your overpayment cap refreshed for the next year and repeat until the 20k is gone.


He might not have a mortgage
What level of risk are you willing to take? Do you need the money at short notice or are you willing to tie it up for a long period?

If the answer to the above is yes then consider an Stocks and Shares ISA or even Top up your pension if you do not need the money and are a high rate taxpayer.
Well 4% a year is the best you could hope then I would consider Premium Bonds. You won't get interest but with £20k you have a decent chance of a few wins in a year and the money is they when you want it. I've just put a bit more then that in them but it'll be mid march before I get a chance to win anything so can't say it's been a success for me yet :-) but according to the premium bond calculator I would win at least over £1000 in a year.
XSerenityX1 h, 58 m ago

I’ve often thought about Vanquis Bank or Atom Bank but when I last tried t …I’ve often thought about Vanquis Bank or Atom Bank but when I last tried to open an Atom Bank account with the app it just kept playing up and I gave up in the end but it was about a year ago now. Has anyone else had any experience of either of these banks?



Try Googling Provident Financial Group (PFG) Vanquis bank and Financial Conduct Authority investigation. Its very current.

'................. The FCA has already cracked down on rent-to-own and home credit operators. In October 2017 it ordered BrightHouse to repay £14.8m to 249,000 vulnerable customers who had taken out purchase plans for washing machines, televisions and other household goods. The regulator is also investigating Provident Financial's treatment of customers at its Vanquis and Moneybarn businesses. ...............'


Some smaller banks are prone to offer high interest deposits to attract funds from clients where conventional, lower cost, market funds are less available to them.

Maybe it's all OK. Maybe it isn't. Dunno. But worth researching banks offering high interest
10k in Atom 1yr bond 1.9%
10k in ZOPA Core 3.8% (perhaps as an ISA depending on circumstances)
This assumes you don't need immediate access to the money.
rci freedom acc is pretty good for instant access

no introductory rate stuff to worry about
hardly worth worrying about at the moment. isas are a con the banks pay crap rates knowing you'll get it tax free
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