Here are my current favourite picks for the best interest rates and best companies you can trust to look after your wealth.
Best high interest instant access account – 1.5% interest
The ‘Marcus’ savings account offered by investment bank giant Goldman Sachs pays 1.5% interest and on a monthly basis to boot. Offering unlimited withdrawals, no fees and simply a minimum of a £1 deposit, there is no longer any excuse for letting your money languish in a 0.1% savings account. Apply here. Before you panic, it has full FSCS protection, so if GS goes bust your money won’t vanish along with them.
Best high interest current account – 5% interest
Standing strong as the best in the market for a few years now, Nationwide continue to offer the juiciest rates. Their FlexDirect account boasts a whopping 5% interest on the first £2,500 of the balance
and grants access to an instant access regular saver that also pays out 5% interest N.B. The regular saver is no more and was axed in April 2019. The account pays interest monthly and you can even open a joint one with someone else, essentially granting 5% interest on £7,500! Furthermore, Nationwide offer a switch bonus of £100, if a friend recommends you. If you don’t have any friends currently with Nationwide, you’re in luck. No other current account on the market matches the value Nationwide currently offer.
My favourite Stocks and Shares ISA platform
For the purposes of starting to invest in a diversified portfolio of the lowest cost index trackers on the market, I really hard it find to beat Vanguard. They only offer Vanguard Group’s own trackers, but these are more than enough to satiate any appetite for risk and to gain broad exposure around the world. With no trading costs and an account fee of just 0.15% (capped if your account grows to £250,000+) Vanguard gets my vote.
In the interest of transparency, I use every account type/platform listed above! I wouldn’t be suggesting them if I didn’t use them myself.