UK Non ISA Savings interest rates

The best website to check the accounts with the best rates is Money Saving Expert. I opened a 2.75% easy access savings account with Santander but from what I’m aware this is now withdrawn to new customers. The best rate right now is around 2.5% from Marcus by Goldman Sachs.

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Double check your Santander ESAVER LIMITED EDITION (ISSUE 1) MONTHLY it should be 2.72% and not the 2.75%…insignificant difference tho

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Ikano just came out with 4.50% 1 year fixed…at some point we are gonna hit 5% 1yr fixed

love the bidding war :grin:

Yeah mine is a monthly one at 2.72% Annual Interest.

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I’m just going to put this out there, we can’t buy bonds on here, but we can purchase income generating assets.

Would something like UKW not prove better than an interest bearing account?

It has a yield of 4.91% but the downside might be that it looks less attractive / more risky if you can achieve similar in a bank account. That said, it has shown to be resilient and protect the capital better as well. It’s target is a 8-10% total return, and excess profits will be reinvested to grow revenue.

What else is there out there that could be better for income generation with low risk?

Doesn’t this have fees over 2%?

0.98% OCF so not bad.

Latest KIID says 1.01%.

+Stamp Duty of course.

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Yeah that needs abolished…

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I agree with the principle but dont know that specific holding. As investors we should be investing rather than using savings accounts unless its for things you need short term <12 months or a significant thing like a house.
Once you have an emergency fund/savings then investing should be where your money goes rather than more into savings.

I dont recommend the following strategy but as someone who follows the companies I own closely, in any 3-6 month period I usually have one of my core names being in an attractive valuation where the risk reward is very favourable compared to a 5% savings.

Of course you need to plan ahead too though, many people now will probably liquidate holdings to pay mortgages etc at less then ideal stock prices, then a year or two later regret that as rates come down and stocks have gone up, have to treat finances a bit like a stock, plan for longer term horizons where possible. But if you need to sell you need to sell of course.

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That’s brilliant news as hopefully will encourage more saving and less spending- bringing down inflation.

However, many of the top interest rates are on tiny regular savers account which doesn’t accept lump sum deposit which makes me think their aim is to pitch customers and not necessarily pass down rates to savers


Savers need to stop hoarding so much cash and invest it in the stock market instead, the City watchdog has urged.

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Darn was about to post that. Best I can see is blend it with a 2.55% easy access if you already have the £3600 in cash giving an average of 4.926%.

Re encouragement to invest, that is true. No one can time the market otherwise we would all be rich and investing should trump savings long term.

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Yeah, I’ve always thought the headline rate on regular savers is a little misleading. I’m sure there are people out there who think they’re getting 7% on £3,600 over a year but it actually works out at more like 4%.

I have a FD account so I may open one and drip feed in £300 a month from my 2.72% easy access account to eek out a little more interest. It’s only an extra £100ish in interest, but it’s not too much hassle to do one manual transfer a month.

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No dig at you but that’s cheap coming from FCA, if the UK fixes it’s economy investment will flow in naturally.

I dont get how you’re jumping to the conclusion that a body like the FCA would be suggesting you invest in a single market. :rofl:

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How about now? You can get up to 7% in regular savers.

I’ve just worked out that for an hours work I could make an extra £100 slow stoozing with a Tesco Credit Card.

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I am tempted to open a Barclays account (5% on up to £5k) for this purpose.

I’m already drip feeding into the 7% regular saver from easy access savings and I wouldn’t want to lose interest if I had to pay the debt off.

With about two years available on 0% cards, it makes a lot of sense. It’s a fair whack for not that much effort. :thinking:

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While we are on the topic of UK Non ISA savings interest rates - it’s worth noting the below

How do I compare cash ISA rates to normal savings rates if I pay tax?

If you pay tax on savings interest, it’s often not clear whether a higher-paying normal savings account beats a cash ISA for you.

Yet, some simple maths can help you compare. Take the rate on the ISA you’re looking at and multiply it by:

  • 1.25 if you’re a basic-rate taxpayer
  • 1.66 if you’re higher-rate taxpayer
  • 1.82 if you’re a top-rate taxpayer

The result of that sum is the rate you need to get on normal savings for it to be the winner vs the cash ISA equivalent. If normal savings don’t pay more than that, then you’re better off in the cash ISA.

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