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What places offer the highest rates of interest? Watch

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    apparently people say that you can't get higher than about 2.5% currently, without taking on a lot of risk. what places offer the highest rates of interest with minimal/no risk?
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    Nationwide have the best at the minute. Their current account offers 5% on balances up to £2.5k for the first year (I predict rates will have gone up by this time next year, so it's a very good deal for now).

    First Direct offer a good deal for 12 months in my opinion. It's a regular saver advertised at 6% per year. Because of the way it is calculated, the effective interest rate is about 3.25%. You put in £300 a month and by the end of it you'll get 3.25% of £3600 if you put in the maximum amount.

    Club Lloyds offer 4% if you have £4-5k.

    Santander's 123 current account offer 3% on balances up to £20,000 if you have a lot of money but they are notoriously bad for customer service.

    Hope this has helped. There are good deals out there and the stock market is not the only way to get a decent rate for the first time in a few years. I hold regular savers with First Direct and HSBC and FlexDirect with Nationwide.

    I'd also add, First Direct offer unbelievable customer service!
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    (Original post by wannabeaca)
    Nationwide have the best at the minute. Their current account offers 5% on balances up to £2.5k for the first year (I predict rates will have gone up by this time next year, so it's a very good deal for now).

    First Direct offer a good deal for 12 months in my opinion. It's a regular saver advertised at 6% per year. Because of the way it is calculated, the effective interest rate is about 3.25%. You put in £300 a month and by the end of it you'll get 3.25% of £3600 if you put in the maximum amount.

    Club Lloyds offer 4% if you have £4-5k.

    Santander's 123 current account offer 3% on balances up to £20,000 if you have a lot of money but they are notoriously bad for customer service.

    Hope this has helped. There are good deals out there and the stock market is not the only way to get a decent rate for the first time in a few years. I hold regular savers with First Direct and HSBC and FlexDirect with Nationwide.

    I'd also add, First Direct offer unbelievable customer service!
    Thank you for the detailed post.

    Nationwide - I have more than 2.5k.

    First Direct - I have more than 3.6k

    Club Lloyds - I have more than 5k and I don't have 2 direct debits

    Santander - I have more than 20k

    Anywhere else you would recommend for me? Do you think it's a good idea to set up multiple accounts and put seperate amounts of money in each one, to gain the interest?
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    (Original post by Movember)
    Thank you for the detailed post.

    Nationwide - I have more than 2.5k and won't be paying in 1k a month like they are asking.

    First Direct - I have more than 3.6k

    Club Lloyds - I have more than 5k and I don't have 2 direct debits

    Santander - I have more than 20k

    Anywhere else you would recommend for me? Do you think it's a good idea to set up multiple accounts and put seperate amounts of money in each one, to gain the interest?
    For Nationwide you can just set up a flow of £1k in, £1k out each month from your main current account.

    Yes, it's clear that splitting your money is the best way to maximise interest.

    Having a large amount of savings, it seems strange that you don't know how to research the best savings accounts online...
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    (Original post by Movember)
    Thank you for the detailed post.

    Nationwide - I have more than 2.5k.

    First Direct - I have more than 3.6k

    Club Lloyds - I have more than 5k and I don't have 2 direct debits

    Santander - I have more than 20k

    Anywhere else you would recommend for me? Do you think it's a good idea to set up multiple accounts and put seperate amounts of money in each one, to gain the interest?
    You should probably get a financial advisor with that amount of money, you are beyond the realms of putting savings in current accounts and I'm amazed that you don't know this yet...
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    With this much money, Your best bet is to buy index funds or mutual funds which can offer you lot more returns than current accounts
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    (Original post by Movember)
    Thank you for the detailed post.

    Nationwide - I have more than 2.5k.

    First Direct - I have more than 3.6k

    Club Lloyds - I have more than 5k and I don't have 2 direct debits

    Santander - I have more than 20k

    Anywhere else you would recommend for me? Do you think it's a good idea to set up multiple accounts and put seperate amounts of money in each one, to gain the interest?
    You can have two santandar accounts, so thats £40k you can save at 3%.

    How the hell do you not have two direct debits?

    Just set a couple up for a couple of charities for each account, say £1/month - who knows you might be able to do less.

    Why don't you just say how much you have? :P
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    Interest sucks pretty much everywhere in this current economy... what you need my friend is a deflationary currency
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    (Original post by iEatMuFFiNS)
    Interest sucks pretty much everywhere in this current economy... what you need my friend is a deflationary currency
    Why?

    When you convert back you'd be killed by the new exchange rate.
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    (Original post by Quady)
    Why?

    When you convert back you'd be killed by the new exchange rate.
    I was actually refering to a digital currency..
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    Hi,

    This isn't directly related to this thread, but i'm really confused. This morning, my mum paid a cheque into my building society account. I had withdrawn the money a month ago only to pay the same amount back into my building society. I was discussing with my mum and she said "it's a shame you bothered taking the money out because you won't get interest on it now". I said I don't understand, why won't I get interest on it when I repaid it? And she said something about it being a new year now? I'm so confused! How is it a new year?! What does she mean? Does she mean that because I took the money out in the first place the interest I would have got will be taken off my annual rate?
    This isn't important, btw, I just feel like a complete idiot for not having a clue about these things!
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    TSB (TSB, not Lloyds TSB) has a 5% gross account. You need to pay in £500 a month and they don't pay interest over £2k, but you can have two accounts. You can set it up just to transfer £500 in and out each month.
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    (Original post by flower124)
    Hi,

    This isn't directly related to this thread, but i'm really confused. This morning, my mum paid a cheque into my building society account. I had withdrawn the money a month ago only to pay the same amount back into my building society. I was discussing with my mum and she said "it's a shame you bothered taking the money out because you won't get interest on it now". I said I don't understand, why won't I get interest on it when I repaid it? And she said something about it being a new year now? I'm so confused! How is it a new year?! What does she mean? Does she mean that because I took the money out in the first place the interest I would have got will be taken off my annual rate?
    This isn't important, btw, I just feel like a complete idiot for not having a clue about these things!
    In a regular savings account you only get interest on the money in your account while it's there, so you would have missed out on the interest while it was out of your account.

    Other accounts like some ISAs will have a restrictions on withdrawing money and you could lose the interest earned in a certain period beforehand as a penalty for withdrawing.

    The new year she's referring to is the new tax year which started on April 6th. If you have an ISA then you can only pay in a set amount each year and you will have wasted some of this by withdrawing and depositing again.
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      (Original post by Movember)
      Thank you for the detailed post.

      Nationwide - I have more than 2.5k.

      First Direct - I have more than 3.6k

      Club Lloyds - I have more than 5k and I don't have 2 direct debits

      Santander - I have more than 20k

      Anywhere else you would recommend for me? Do you think it's a good idea to set up multiple accounts and put seperate amounts of money in each one, to gain the interest?
      Why are you wasting your time with interest-bearing accounts? Go play the markets, buy funds or buy a house as you have the funds for a deposit. Regarding market play, wait until the correction comes.
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      (Original post by tehFrance)
      Why are you wasting your time with interest-bearing accounts? Go play the markets, buy funds or buy a house as you have the funds for a deposit. Regarding market play, wait until the correction comes.
      I don't have much of an idea about markets or funds so I will likely lose my money.
     
     
     
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