January 2024’s Savings Accounts for Smart Investment

January 2024's Savings Accounts for Smart Investment

January 2024’s Savings Accounts for Smart Investment: If you want the best savings accounts, you can earn over 5% on an easy-access account that lets you take out money whenever you want, or just over 5.5% if you’re willing to stick with it for a year.

  • Metro Bank’s 5.22% AER easy access savings account is the best one for quick access to money.
  • Al Rayan Bank has the best set rate for a year at 5.5%.
  • 8% AER is the best rate for a normal saver at Nationwide.

January 2024’s Savings Accounts for Smart Investment:

But you need to move quickly because the base rate has been frozen for the third time. This means that rates could go down even more. Here is a list of the best savings accounts and how to get the best rates on them.

ACCOUNT AER MINIMUM DEPOSIT NOTES
Cahoot Sunny Day Saver 5.2% £1 Save up to £2million. Earn 5.2% on balances up to £3,000 only. Open online.
Ulster Bank Loyalty Saver 5.2% £5,000 Open online.
Cahoot Simple Saver 5.12% £1 Save up to £2million. Open online.

This account doesn’t pay more than 5%, but you can earn 50p more than the best-paying Metro Instant Access Account with the Chip £10 cashback. If you are qualified for £50 cashback, you will earn £12 more.

With just £1, you can open an online Chip account and save money. You can put up to £250,000.

You must pay the necessary amount within seven days of opening your account in order to get this deal. You also have to keep at least the minimum amount in the account for six months.

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The best one-year fixed accountsJanuary 2024’s Hottest Savings Accounts for Smart Investors

ACCOUNT AER MINIMUM DEPOSIT NOTES
Al Rayan Bank 1 Year Fixed Saver 5.55% £5,000 Save up to £1million. Open online or by phone.
Investec Bank 1-Year Fixed Rate Saver 5.3% £5,000 Save up to £250,000. Open online.
SmartSave 1 Year Fixed Rate Saver 5.27% £10,000 Save up to £85,000. Open online.

The best 2 years fixed accounts

The interest rates are a little better if you can lock in for two years. But, just like with one-year fixed funds, you can’t get to the money until the term is over.

This also means that you will be locked in at a cheaper rate if better deals come up during that time.

But since you can’t be sure that will happen, you might decide it’s better to start making money right away on your short-term savings.

ACCOUNT AER MINIMUM DEPOSIT NOTES
Secure Trust Bank 2 Year Fixed Bond 5.15% £1,000 Save up to £1million. Open via post or in branch.
Secure Trust Bank 2 Year Fixed Bond 5% £1,000 Save up to £1million. Open online.
Post Office Growth Bond 2 Year 5% £500 Save up to £1million. Open via post or in branch.

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Is there more than one kind of savings account?

When you want to save money, you can usually choose from different types of accounts, such as easy access accounts and accounts with one, two, or three-year terms.

You can get your money out of an easy-access account whenever you want.

Fixed-rate accounts have limits, and you won’t be able to get to your money until the account matures.

Most of the time, you can get more interest on your money if you lock it away for a set amount of time. However, keep in mind that this limits your options if you need the money quickly.

You can make more interest with two- or three-year fixed accounts, which are sometimes called fixed-rate bonds. However, it is important to keep in mind that the current rates do not beat inflation, so your money is still losing value. In other words, if you can keep your cash safe for at least five years, it might earn more on the stock market.