best interest guaranteed long term savings?

[daytonavrs]

Any recommendations on a maximum interest on some kind of bulk amount savings, something like 6% ?

I can have this locked in for reasonable time also and ideally want to go for something I've heard of / high street ?

I don't want any kind of risk, rather guaranteed interest..... tia

[The Leaper]

See here, and under their "Best Buys" drop down menu.

https://savingschampion.co.uk/

R.

[C69]

I wouldn't restrict yourself to "something I've heard of / high street" because they are generally notorious for paying some of the worst rates.

As long as the 'unheard of' bank you choose has FSCS protection, then your money will be safe. Just don't exceed the £85k per banking licence limit.

https://www.fscs.org.uk/

[daytonavrs]

Thanks for this all.
At posting this I did like the idea of CBS though as its close to 6% (5.75) and very well rated - plus having branches you can go into if required?
But not worth it for the extra possible you think ? ( hundreds of pounds difference over 100's of thousands saved....)

[OoopsVoss]

If you have enough, Barclays will pay you 6% in 6mth; you'd be someway above the FSCS limit though.....

[Greenmantle]

OoopsVoss said:

If you have enough, Barclays will pay you 6% in 6mth; you'd be someway above the FSCS limit though.....

details please.
Thanks

[OoopsVoss]

GBP25mill minimum (OP said bulk). I did say above the FSCS limit. ;-)

[bitchstewie]

Gilts may be worth a look if you don't mind capital swings as tax savings (the capital gain is tax free) may make them worth a look.

Else Flagstone or https://moneyfactscompare.co.uk or https://savingschampion.co.uk

[dalenorth]

Take a look at the Insignis or flagstone savings platforms. I am getting 6% on some of their 1 year savings accounts

[Simpo Two]

OoopsVoss said:

GBP25mill minimum (OP said bulk). I did say above the FSCS limit. ;-)

It makes sense that the more you invest the higher rate you get - so why is the opposite true on the High Street these days? The best interest rates (IIRC) are for saving £300pcm or some other completely pointless amount.

[gotoPzero]

Be very careful.

Some headline rates from some of the more "innovative" lenders are based on variable returns by means of pools of loans and this means if there are defaults you can end up with less. So make sure you read all the fine print. Also if you want easy access cash savings its usually a lower rate too.

Honestly I think you will struggle to get 6% right now.

Close, but not 6.

5.something yes.

Anything offering 6 or more I would be looking at the small print.

Also I appreciate FSCS protection but these days with inflation as it is that level of protection is getting less and less. So whilst I treat it with a pinch of salt I also would prefer to use a bigger bank, because in the event of a big problem its more likely the government will bail them out i.e RBS. Vs Hull Building Society.

IYSWIM.

Just my 2ps worth.

[C69]

daytonavrs said:

Thanks for this all.
At posting this I did like the idea of CBS though as its close to 6% (5.75) and very well rated - plus having branches you can go into if required?
But not worth it for the extra possible you think ? ( hundreds of pounds difference over 100's of thousands saved....)

Personally I'd always maximise rate. Sounds like you'll have to set up multiple accounts with their own FSCS protection if you've got hundreds of thousands.

[C69]

dalenorth said:

Take a look at the Insignis or flagstone savings platforms. I am getting 6% on some of their 1 year savings accounts

A downside of Flagstone is the platform fee which is deducted from the rate you receive - its best one-year offerings seem to be around 0.25% less than going direct, currently.

I hadn't heard of Insignis Cash before. I see from its web site that an 'account service fee' is calculated based on your total deposits, but I can't see any mention of figures. Do you know what the percentage charge is?

[bmwmike]

AJBell have some sort of savings hub, and their recent email showed this:

6% AER* on a 1- year fixed account – QIB & National Bank of Egypt

Not for me personally. Others might be ok with that. The interesting thing and what really put me off, was the pages of T&C's I had to agree to and one of which was with a 3rd party to either of those two banks or AJB. Clicked cancel and that was that. Anyone else using AJB savings hub?

ETA found the link: https://www.ajbell.co.uk/cash-savings#list and the 3rd party is "meteor asset management". Sounds too complicated and therefore likely risky.

[OoopsVoss]

Simpo Two said:

It makes sense that the more you invest the higher rate you get - so why is the opposite true on the High Street these days? The best interest rates (IIRC) are for saving £300pcm or some other completely pointless amount.

Because its basically a pain in the arse. First it’s really expensive to operate a deposit taking business, they tax / levy you on it and then you have to aggregate it up to deploy it somewhere that actually generates a return. If UK banks could actually f-off the retail customer base, they probably would. Customers are an absolute menace, you owe them all sorts of protections, they deal in Mickey Mouse size and in the UK you can’t deploy the liquidity benefit in your Investment Bank. The reason you get an incentive only in small size, is to limit the losses.

Arguably the banks only offer retail banking is to guarantee them their “special” status.