Savers are working hard to get a lot of money for their money at the moment – but some accounts are more generous than others.
In form of cost of life crisis Continuing to bite, it’s important to put your money to work.
savings accounts And Cash Isas pays you a set amount of interest on your money – and while it’s not high, every little bit helps.
We’ve rounded up all the best accounts on offer to see how much you can earn on your cash in the bank.
Personal Savings Accounts (ISAs) Is a tax-free type of savings account, which means you don’t pay tax on any interest you earn.
Each year you can deposit up to £20,000 in an ISA – and this allowance resets on 6 April with each new tax year.
There are several different types – including the Lifetime Isa, which is good for savers looking to buy a first asset, and a Stock and Shares Isa, which is a great option for those willing to take on more risk.
but cash is are the most common types, and they are available in the UK to everyone aged 16 or over.
Unfortunately, Cash Isa has some of the lowest interest rates going on at the moment, so there isn’t much appeal to having one.
Easy access isas allow you to withdraw money whenever you want without any penalty. They are a good option if all you want is the freedom to dip into your savings when needed.
According to money saving specialistCurrently the highest paying Isa offers an interest of 1.31%.
If you open an account with Synergy Bank and save £100, you will earn £1.31 in interest after one year.
Marcus and Saga both pay 1.3% but you can’t transfer to other savings, so you have to start over.
fixed rate isa
If you are willing to tie up your money for some more time, you can earn more interest.
Fixed rate ISA locks your money for a fixed period of time. You will be able to access your cash when you need it, but there is a penalty for doing so and it usually means you lose your interest.
Virgin Money is the top payer with 2.25% interest if you lock your money for one year, and 2.25% if you tie it for two years.
The longer you fix, the better will be the interest. The highest paying five year fixed rate is from Isa UBL UK and pays 2.6%. If you have saved £100 in this account, after one year you have £102.63 . Will happen
It is not just Isa that can increase your bank balance. Different banks pay you to switch to them.
There are no monthly fees on the account, but you must pay at least £1,500 within 60 days to claim the bonus.
First Direct also £170 . pays – You’ll get £20 when you open an account, and the rest you’ll get if you switch completely.
To switch, all you need to do is open your new bank account, and give it your old bank details – and the hard work will be done for you.
However, always check the terms and conditions, sometimes you will not be eligible for a switching bonus – for example, if you do not pay the minimum amount or you have been a customer before.
regular savings accounts
If you are looking for a regular bank account with interest, you can earn cash by depositing money in certain accounts every month.
First Direct offers 3.5% for one year, and you can pay up to £300 per month.
If you try to use the cash before the end of the year your interest rate will drop to only 0.1%.
with NatWest And on RBS you can earn 3.3% interest but pay up to a maximum of £150 per month.
And don’t forget to check out standard bank accounts as well. newbie bank chase Paying 1.5% interest on balances up to £250,000.
However, it is so popular that there have been reports of customers waiting for weeks to open an account.
Virgin Money pays M Plus 2.02%, but only on balances up to £1,000, and 2% for the first year nationwide.
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