Savings Account

38
Posted 26th Feb
Hi all,

Does anyone know which is the best savings account at the moment? I don’t necessarily mean “savings” I mean more like a current account but with a good interest rate.

I’ve been searching and some banks are offering a % but it’s with a maximum balance eg up to £2500.

I have approximately £45,000 - £50,000 at the moment but I only want to put this into an account and just keep adding to it and let it build up really. I don’t want to lock it in to any sort of savings, I want to be able to access it as and when I choose.

I’m not saving for anything in particular, maybe a house or a car later on, but for now, I just want to put it in an account and keep adding to it until I know what I’m doing with it one day.

I wanted to know what you guys think, all advice greatly appreciated and thank you as always.
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38 Comments
Damn you’re rich must be nice 🏻
Safiyaaaaxo26/02/2020 19:08

Damn you’re rich must be nice 🏻


Haha! No mate, I’m really not lol
Edited by: "Hennah" 26th Feb
For a general saving account then I think 'marcus' is the best current rate. But you will essentially be losing money in real terms.

If you are looking at buying a home in the future (and you have never owned one) then maybe a LISA might be suitable. While the rates are still not great (Moneybox Cash LISA pays 1.4%), you could gain upto £1000 bonus.
The best deal I know is Nationwide, if referred you both get £100 Plus 5% on £2500.
Savings with no tie in Marcus. 1.30% easy access.
Raisin give a bonus to join upto £200.
Edited by: "bigwheels" 26th Feb
GAVINLEWISHUKD26/02/2020 19:20

For a general saving account then I think 'marcus' is the best current …For a general saving account then I think 'marcus' is the best current rate. But you will essentially be losing money in real terms.If you are looking at buying a home in the future (and you have never owned one) then maybe a LISA might be suitable. While the rates are still not great (Moneybox Cash LISA pays 1.4%), you could gain upto £1000 bonus.


Will have a google now - cheers

(I already own my own home so not a first time buyer)
Marcus gives the best rates at the moment. You get the bonus for a year, then you have renew the account to get the bonus again. They seem to have good customer service. I got money out from them a couple of days ago without any issue. I took out £40k in one day, and a lot of banks may block this but they were fine
bigwheels26/02/2020 19:22

The best deal I know is Nationwide, if referred you both get £100 Plus 5% …The best deal I know is Nationwide, if referred you both get £100 Plus 5% on £2500.Savings with no tie in Marcus. 1.30% easy access.Raisin give a bonus to join upto £200.



Hi, thank you

Yes I did read about the Nationwide but it’s on the maximum balance of £2500 and I wanted to know if this was the best deal at present..
Do you fancy locking a sum of it away for a year say 20k? if so, this is a good account...

blme.com/pro…118

...a year really does fly by and you can put the rest in an easy access savings, so it's there if you need it.
Send it to my bank, I'll look after it for you
.MUFC.26/02/2020 19:35

Send it to my bank, I'll look after it for you


I was waiting for someone to say this
maccy1i26/02/2020 19:32

Do you fancy locking a sum of it away for a year say 20k? if so, this is …Do you fancy locking a sum of it away for a year say 20k? if so, this is a good account... https://www.blme.com/products-and-services/savings/premier-deposit-account/?profitRateId=3da4c53c-6547-ea11-9fcf-005056825118...a year really does fly by and you can put the rest in an easy access savings, so it's there if you need it.


Thank you I shall have a look and a read now.
Also is it me, or do the children’s accounts seem to have a much higher percentage rate?
Banks give you a tiny few percent max and they invest it in business etc. You can invest it in my business you will get back more or find someone you can do it with such as buying a house.
Just bang it in premium bonds if you don't want to do anything long term or with risk.
Hennah26/02/2020 19:40

I was waiting for someone to say this


I'm very trustworthy

No seriously, I can't offer much financial advice but I can offer some rather predictable humour
Hennah26/02/2020 19:41

Thank you I shall have a look and a read now.


Just thinking you can earn a bit more while still having access to a bulk of your savings

They don't call it 'interest' by the way so don't worry about that, they're not allowed but your money is protected FSCS.


blme.com/abo…us/

So easy to open online but you can also ring them if you're not sure about anything, so there's always someone at the other end of a phone if any worries...and guess what, a real person answers the phone
g8spur26/02/2020 19:45

Just bang it in premium bonds if you don't want to do anything long term …Just bang it in premium bonds if you don't want to do anything long term or with risk.


Hi thank you. I’ll be completely honest, I don’t really know an awful lot about premium bonds - how they work etc. I think I need to have a good old google this evening!

If it’s as simple as you’re saying, then yeah I’m happy to do that.
Hennah26/02/2020 19:42

Also is it me, or do the children’s accounts seem to have a much higher p …Also is it me, or do the children’s accounts seem to have a much higher percentage rate?


Ok if you've got children and no morals
mutley126/02/2020 19:25

Marcus gives the best rates at the moment. You get the bonus for a year, …Marcus gives the best rates at the moment. You get the bonus for a year, then you have renew the account to get the bonus again. They seem to have good customer service. I got money out from them a couple of days ago without any issue. I took out £40k in one day, and a lot of banks may block this but they were fine


Thank you. Few people mentioned Marcus now and I’ve just looked online and it’s come up as the number one bank at the moment, I feel I’m really lacking in knowledge regarding any of this sort of stuff. Not good.
.MUFC.26/02/2020 19:45

I'm very trustworthy ;)No seriously, I can't offer much financial advice …I'm very trustworthy ;)No seriously, I can't offer much financial advice but I can offer some rather predictable humour


I’ll have a slice of the humour lol - thank you made me smile
Marcus is the best for your needs. But bear in mind that the best rates offered are still below the current inflation rate of 2.1%; the longer you keep the money in an account with a lower rate, the more it will lose value.

Obviously, I am not suggesting you take unnecessary risks but just saying you need to keep this in mind.
maccy1i26/02/2020 19:47

Just thinking you can earn a bit more while still having access to a bulk …Just thinking you can earn a bit more while still having access to a bulk of your savings They don't call it 'interest' by the way so don't worry about that, they're not allowed but your money is protected FSCS.https://www.blme.com/about-us/So easy to open online but you can also ring them if you're not sure about anything, so there's always someone at the other end of a phone if any worries...and guess what, a real person answers the phone


This, everything you’ve mentioned is exactly what I’m looking for.. money is protected, speaking to an actual human being etc etc.

I’ll have a read of the link you’ve sent - thank you for taking time out for me
maccy1i26/02/2020 19:47

Ok if you've got children and no morals


I have morals - well, some at least! Haha
Hennah26/02/2020 19:53

This, everything you’ve mentioned is exactly what I’m looking for.. money i …This, everything you’ve mentioned is exactly what I’m looking for.. money is protected, speaking to an actual human being etc etc. I’ll have a read of the link you’ve sent - thank you for taking time out for me


No probs, any interest is better than no interest and that rate at the moment isn't bad at all and the main thing is you still have the rest of your money for easy access, unfortunately, the interest rate at most banks has gone down a little bit this month but that's the sign of the times I'm afraid.

Of course, it's your money and think about it before taking anyone's advice really
Edited by: "maccy1i" 26th Feb
maccy1i26/02/2020 19:56

No probs, any interest is better than no interest and that rate at the …No probs, any interest is better than no interest and that rate at the moment isn't bad at all and the main thing is you still have the rest of your money for easy access, unfortunately, the interest rate at most banks has gone down a little bit this month but that's the sign of the times I'm afraid.Of course, it's your money and think about it before taking anyone's advice really


Thank you - appreciate it and will have a good think/research tonight.
Hennah26/02/2020 19:40

I was waiting for someone to say this


His comments are well out of order!

I'd marry you
Edited by: "Gollywood" 26th Feb
For easy access and constant interest Marcus is the best....i am getting 1.5% interest (changing to 1.45% on 10th March), This is paid monthly and i can have up to £250,000 balance.


ISA's are worth looking into, but downside is it is a fixed term.

I think new user Marcus rate is currently 1.35%
Gollywood26/02/2020 20:41

His comments are well out of order!I'd marry you


Thanks for making me laugh - needed it! X
Hennah26/02/2020 20:49

Thanks for making me laugh - needed it! X


Where I lack in £45k, I try to make up in humour...
Duggie200026/02/2020 20:48

For easy access and constant interest Marcus is the best....i am getting …For easy access and constant interest Marcus is the best....i am getting 1.5% interest (changing to 1.45% on 10th March), This is paid monthly and i can have up to £250,000 balance.ISA's are worth looking into, but downside is it is a fixed term.I think new user Marcus rate is currently 1.35%


Marcus keeps coming up - just had a good read and does seem to be coming up as the best banking option at present. Cheers
Hennah26/02/2020 19:42

Also is it me, or do the children’s accounts seem to have a much higher p …Also is it me, or do the children’s accounts seem to have a much higher percentage rate?


Children accounts offer more interest so if you have children, you could put the money into the children's accounts. They have low limits.

We don't have any children so we can't benefit. We want them to allow dogs to open bank accounts, then we'll be sorted
Hennah26/02/2020 19:49

Thank you. Few people mentioned Marcus now and I’ve just looked online and …Thank you. Few people mentioned Marcus now and I’ve just looked online and it’s come up as the number one bank at the moment, I feel I’m really lacking in knowledge regarding any of this sort of stuff. Not good.


I have 85k in Marcus but I wouldn't put anymore than that in there as I don't think they are as safe as your Tesco or Sainsbury's or high Street banks like NatWest, Barclays, nationwide. You are protected up to 85k so if you keep within that limit, your money will be safe with them.
mutley126/02/2020 21:02

I have 85k in Marcus but I wouldn't put anymore than that in there as I …I have 85k in Marcus but I wouldn't put anymore than that in there as I don't think they are as safe as your Tesco or Sainsbury's or high Street banks like NatWest, Barclays, nationwide. You are protected up to 85k so if you keep within that limit, your money will be safe with them.


Yes - very valid point. Thank you. The 85k limit slipped my mind but at the moment it’s only around half of that at the moment so well within the limit
Check Martin Lewis website out. He has good advice about savings
Hennah26/02/2020 19:47

Hi thank you. I’ll be completely honest, I don’t really know an awful lot a …Hi thank you. I’ll be completely honest, I don’t really know an awful lot about premium bonds - how they work etc. I think I need to have a good old google this evening! If it’s as simple as you’re saying, then yeah I’m happy to do that.


My mate has £50k of premium bonds and wins between £75 and £125 every single month on average. Think of it as having 50k lottery tickets that get refunded every month so you can play again next month and at anytime withdraw your money out. As 50k is the max, the prize money pays out to his bank account in a couple of days, if you have less than 50k you can take the prizes as extra bonds with the same criteria as the one you purchased. You can access and withdraw your money anytime you like but it takes a couple of days for the money to appear in your account.
Hennah26/02/2020 20:51

Marcus keeps coming up - just had a good read and does seem to be coming …Marcus keeps coming up - just had a good read and does seem to be coming up as the best banking option at present. Cheers


Put some in BLME fixed for a year and the rest in Marcus, win win
Go to the Martin Lewis website and look at what he has to say (sign up for the monthly email) as I suspect most of the above comments I just repeating his info .
Just a quick note to say thank you to each and everyone of you guys who gave me your opinions and advice. Really grateful x

All sorted today - and after I checked, in total there was £57k so happily surprised

Cheers all xx
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