It’s still difficult to get a reasonable return on your savings, particularly if you would rather avoid any element of risk, however shopping around for the best rates is still time well spent.
We saw this article from lovemoney.com that looks at the accounts paying the most interest on your cash. It covers:
• Instant Access Savings Accounts, where the top rate of interest was 1.5% at the time of writing
• Notice Accounts, with up to 1.9% paid if you are willing to lock your cash away for 120 days
• Cash ISAs, and if you haven’t used your tax free savings allowance yet then do check these out
• Fixed Rate Bonds, paying from 2% interest over a year to 3.11% over seven years
• Current Accounts. which are good news for smaller balances at the moment, with 5% interest on balances up to £2,000
• Peer-to-peer. Not tax free or covered by the Financial Services Compensation Scheme, so not for the risk averse, but there are some higher interest rates to be had here
The right place to put your cash will depend on all sorts of factors such as how much you have to invest, when you want to access your money, and how much risk you are prepared to take.
We know of some interesting high rate returns on alternative investments so please do contact us for a free, no-obligation consultation.
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