Your preferred online high-interest savings account?

[Shut Up Legs]

I'm shopping around for a better one, as the one I started a few years ago has had increasingly lower interest rates over the last 6 months, plus I found that the interest rate drops to zero once it tops a certain amount (which it will do in a year or so, I think).
Any suggestions? My main criteria are:

• high interest
• online access
• trustworthy bank

Obviously, ones you recommend may be from the UK and I may not be able to use them, but at least it may give me some ideas.

Regards & thanks,

--- Victor.

 

[vickster]

High interest savings in the UK...? Rates were just cut here again probably be paying the banks to look after our cash soon!

 

[srw]

https://money.comparethemarket.com/savings-accounts/cash-isas/

At the moment, the best bet for all of your criteria in the UK is ... the UK government, in the shape of National Savings and Investments. 1% instant access tax-free, which is four times as much interest as any bank will be able to get from the government with the same access conditions. We are living in a world of very low interest rates, and if we follow the rest of Europe they'll be negative pretty soon.

The first home for anyone's money should always be to reduce any borrowing. Once you've done that, I'd be looking at pension saving because of the tax advantages. After that - I'd suggest taking some risk.

(Disclaimer - none of this is personal advice. For that, you need to pay someone.)

 

[Accy cyclist]

Just stick it in a lockable box and hide it somewhere in the house.

 

[vickster]

Just stick it in a lockable box and hide it somewhere in the house.

Making sure said box is also completely fire proof

 

[rich p]

Bung it all on a sure thing.
@Marmion is the expert pundit...

 

[ColinJ]

My suggestion is ... THIS!

I have won four lots of £25 so far this year.

 

[Accy cyclist]

Making sure said box is also completely fire proof

It is. That was a requirement when i bought it.

 

[Pro Tour Punditry]

Bung it all on a sure thing.
@Marmion is the expert pundit...

en primeur wine, that's where you invest.

As for "quick money" I can sort that for you with my sure fire winners

 

[swee'pea99]

I got a letter the other day saying that the rate on one of my accounts was being reduced. My first thought being, 'but it's bugger all now'. I found they'd cut it from 0.25% to 0.05%. Which I think means that if I keep a grand in there for a few years I'll have enough to buy a pint. Maybe a half.

 

[PaulSB]

I'm retiring soon and my wife did so recently. We put a lot of my wife's pension lump sum into premium bonds - we win most months.

For bank accounts try these. All require minimum amounts paid in each month. Pay in the minimum on day one and transfer it out again on day three to keep one lot of cash circulating round each account.

Nationwide 5% on £2500 for 12 months.

TSB 3% on £1500 from January- currently 5% on £2000

Santander 1.5% on £20000

Halifax 4% (I think) on £5000 but you need two active monthly direct debits. That is a pain.

With each of the above if you're married / in a relationship you can open two single name accounts and one joint name giving three times the return. It's a PIA to work out but these are the best option in the UK.

With some effort you can get a lot of cash earning 1.5% up to 5% which is very good at present.

 

[Jenkins]

I got a letter the other day saying that the rate on one of my accounts was being reduced. My first thought being, 'but it's bugger all now'. I found they'd cut it from 0.25% to 0.05%. Which I think means that if I keep a grand in there for a few years I'll have enough to buy a pint. Maybe a half.

I got the same letter from Santander on an account I hold some cash in for emergencies - the new interest rate is 0.01%. Withdrew all bar £100 and put it into Premium Bonds as they can be converted to cash fairly quickly and, as @ColinJ above shows, there's at least the chance of a small return occasionally.

 

[Dan Morinary]

Buy silver. Not abstract bonds etc. but real silver. Bury it in the woods. Buy a shotgun, plenty of dried food, and guard it. You will thank me for this independent financial advice soon.

 

[ColinJ]

I got the same letter from Santander on an account I hold some cash in for emergencies - the new interest rate is 0.01%. Withdrew all bar £100 and put it into Premium Bonds as they can be converted to cash fairly quickly and, as @ColinJ above shows, there's at least the chance of a small return occasionally.

I had £3,000 sitting in the Halifax a few years back earning very little interest so I bought premium bonds with it. I held them for about 6 months and won three lots of £50 before I had to cash the bonds in.

I'm not sure how many bonds my sister has but she won £75 this month.

The average yield is only 1.25% but it certainly beats blowing the money on lottery tickets!

 

[Profpointy]

to the OP and indeed anyone else, do you have a mortgage? If so, paying off chunks gives you 2.5 to 3% straight off. I have an offset mortgage which is even better as every spare penny can go in but I can get it back out if car blows up and I need £10k or whatever so don't need to keep a float.