Best Savings Accounts 2024: July Update
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- Опубліковано 5 вер 2024
- Best Savings Account 2024: July Update // This is my July update of the best savings accounts in 2024. These are the best savings accounts with the highest interest rates available right now. I have found the accounts with the highest interest rates so you don't have to. I talk through each one in this video and tell you the key info that you need to know, plus I give my review and opinion on each account. There is something for every type of saver. I tell you about the best easy access savings accounts, the best notice savings accounts, the best fixed term savings accounts and more. If you are looking for savings accounts with top interest rates, this is the video for you.
Watch until the end to find out about all of the best savings accounts in July 2024.
Principality Building Society www.principali...
First Direct (use this link and sign up to Top Cashback, then click through to open a First Direct current account to get £45 free) www.topcashbac...
Co-op Bank www.co-operati...
Oaknorth oaknorth.co.uk...
Nationwide www.nationwide...
Smartsave Interest rate is now 5.17% smartsavebank....
Ulster Bank www.ulsterbank...
Chase www.chase.co.u...
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Thanks for doing the research. The most you can save in the 8% account is £1,200, earning just £27. Of course you have the certainty of getting the £27 interest in a six month period.
However, putting the £1,200 into the right ETF in a stocks and shares ISA account will beat that in six months. Of course with the stock market there are ups and downs, so no guarantee as with a bond, but if you're looking to grow the £1,200 longer term, then it will be better put to use in a stocks and shares ISA.
Thanks for commenting!
Yes, I pointed the limitations out when I talked about the account. It’s still an appealing account.
I talk about the benefits of investing in my other videos. This video focuses on the best savings accounts. Whether or not people also invest or could gain more by investing the money, it won’t stop them from having savings and looking for the best place to save them, so this video is for those people.
Santander Edge Saver is 7% on £4000. It requires the Edge current account to get it. One doesn't need to set up direct debits on the current account and this way there's no fee on the current account to get the Edge Saver.
Also worth mentioning the cons of opening current accounts just to take advantage of a regular saving account product...It impacts your credit score! I opend a tsb spend and save account recently and my credit score points dropped some points.
You will sometimes see a temporary drop in your score but it will go back up again shortly after.
Thanks for update. Trading 212 gives 5.2% at the moment and if the money is held in a cash ISA it is tax free. No restrictions (except max 20K/yr of ISA). Can also use a T212 debit card. Might be an alternative?
Yes, the Trading 212 cash ISA is a great option.
Yes, I do that too. Sacrificing a little interest to have the money ready to be able to quickly buy a stock at a moment's notice, without having to wait an hour or so for bank transfers to move money.
@@OneAndOnlyMe You can also buy a money market ETF like CSH2 (5.4%) and then sell it and buy what stock you like - it pays a bit more than 5.2%.
Not backed by governments £80k scheme, classed as investment
But isn’t the money not protected ?
Good video.
I've become a bit of a rate-tart but am careful to assess the tax implications of each type of account, and have an objective of keeping about 1.3% ahead of the inflation. The smart move right now? Probably fixing an interest rate for 3-5 years.
I'm calling into Nationwide tomorrow. Fran, thank you for your advice🙏
That’s great! I’m glad it was helpful.
Thanks for the info. Are you able to do a video on ISAs too please?
You’re welcome. I did an ISA update a couple of weeks ago. Here it is: ua-cam.com/video/xpyyICXK9Ls/v-deo.htmlsi=ivrALLxigDa6dPdV
I will make another update in August.
Nationwide link not found. Has the 5.5% deal gone?
Hi Fran have you missed to mention what’s the maximum you can deposit in a single account in total in some of these accounts?
Yes, I might not have mentioned it for all of them. You can check it out for any accounts that you’re interested in, using the links in the description.
@@FranMariee thank you 🙏🏼
Nationwide rate 8% is just for one year, and goes down to a lower rate
Yes, so then you could look to move your money elsewhere.
@@FranMarieewhat’s the maximum you can open 8% nationwide account with?