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Best way/bank for £8k savings

Hello, I wanted to ask a question,

What is the best bank which offers the highest savings rate? Or another method for £8k

I do NOT want to

Buy shares
Invest in stock market
Bet
Buy gold
Set up a business


What's the safest and risk free method.? Which bank offers the best saving rate?


Thank you

P.S. what was the inflation rate in 2012,13,14?

Thank you very much :smile:
A simple google search will help.

Step 1: Visit www.google.com
Step 2: Type in best savings accounts comparison
Step 3: Go on the site and see whats on offer
?!!?!?!?!
Profit
in
Original post by Bill_Gates
A simple google search will help.

Step 1: Visit www.google.com
Step 2: Type in best savings accounts comparison
Step 3: Go on the site and see whats on offer
?!!?!?!?!
Profit


It really is that simple
Original post by krisshP
Hello, I wanted to ask a question,

What is the best bank which offers the highest savings rate? Or another method for £8k

I do NOT want to

Buy shares
Invest in stock market
Bet
Buy gold
Set up a business


What's the safest and risk free method.? Which bank offers the best saving rate?


Thank you

P.S. what was the inflation rate in 2012,13,14?

Thank you very much :smile:


An ISA
Reply 5
Avatar for krisshP
krisshP
OP
14
Original post by Bill_Gates
A simple google search will help.

Step 1: Visit www.google.com
Step 2: Type in best savings accounts comparison
Step 3: Go on the site and see whats on offer
?!!?!?!?!
Profit



Original post by Emma:-)
An ISA



Original post by commandant
It really is that simple


ISA Savimgs rate is rubbish! So are most other saving accounts
Its lower then inflation


How often does inflation rate change?

If the rate of inflation is 2%
Thr savings rate is 1%.

Won't I lose money?

What gives me a safe return of 4% o 5%
Original post by krisshP
ISA Savimgs rate is rubbish! So are most other saving accounts
Its lower then inflation


How often does inflation rate change?

If the rate of inflation is 2%
Thr savings rate is 1%.

Won't I lose money?

What gives me a safe return of 4% o 5%


Yes everyone is losing money, our masters are trying to get us to spend in order to get the economy going again.

Basic economics brah, higher the return usually higher the risks.

I would recommended an emerging markets fund or peer to peer lending (Zopa)

Bill
Original post by krisshP
What's the safest and risk free method.?

Nothing is risk free and you'll get below inflation if you just place it in a bank. I suggest you invest it, direct or through an ISA. Russia is looking good at the moment :wink:
Look for the one with good interest rates...
I can remember tsb Santander and Lloyd's

ISAs are rubbish
Go for the Santander 123 account. They offer 3% AER (2.5% if you pay tax) on your balance.

If you can't get accepted for that, it'll have to be an ISA. I use FirstDirect and get 1.7%

With 8k you'll get 1.5%

You could also open their regular saver account, where you pay in £300 a month and get around £100 (if you don't pay tax, otherwise £80) a year. This equates to around 2.2% AER for £3600 of your money. Since the ISA is paid monthly and easy access, you can put it all in their at £1.5% and set up monthly payments to a regular savings account.
(edited 9 years ago)
Original post by krisshP
ISA Savimgs rate is rubbish! So are most other saving accounts
Its lower then inflation


How often does inflation rate change?

If the rate of inflation is 2%
Thr savings rate is 1%.

Won't I lose money?

What gives me a safe return of 4% o 5%


Theres naff all around at the moment that gives you that sort of return.
If you find anything- then let me know.
Reply 11
Avatar for a729
a729
16
Original post by tehFrance
Nothing is risk free and you'll get below inflation if you just place it in a bank. I suggest you invest it, direct or through an ISA. Russia is looking good at the moment :wink:


TSB, Santander & Lloyds all pay me interest above the rate of inflation :smile:

It's virtually risk free with the £85k guarantee per financial institution
Reply 12
Avatar for a729
a729
16
Original post by Emma:-)
Theres naff all around at the moment that gives you that sort of return.
If you find anything- then let me know.


TSB classic plus current account pays 5% on up to £4k- 2 accounts with 2k each
Original post by Emma:-)
Theres naff all around at the moment that gives you that sort of return.
If you find anything- then let me know.


TSB & Lloyds.

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