Use the fields above to estimate your return.
Best savings account for £50,000
Earn up to 0% with easy access or 0% in a fixed-rate bond.
The best savings account for £50,000 is likely to be the one that pays you the most interest while giving you the level of access that you need. You can usually get a better rate if you're willing to give a certain amount of notice before making withdrawals or to commit to not making withdrawals at all for an agreed period. Plus, since you can invest £20,000 each year into an ISA, part of your savings can earn you tax-free interest. We scour savings rates daily to help you find a good home for your hard-earned £50,000.
What is the best interest rate for £50,000 savings?
If you haven't already used your 2023/2024 ISA allowance of £20,000, then consider splitting your £50,000 into 2 (or more) accounts so that you can make the most of your tax-free savings allowance.
In terms of tax-free savings, is currently offering 0% on an easy access ISA. If you're happy to give 30 days notice before making any withdrawals, then is currently offering 0%. If you're happy to consider a fixed-rate ISA (where you won't be able to access your savings during the fixed term), you could earn 0% over 0 months with .
For the remaining £30,000, outside of ISAs, you could earn 0% with easy access at , 0% on 's -day notice account or 0% on 's 0-month fixed-rate bond (note that you typically can't access your money at all with a fixed-rate bond).
Summary of best rates on £50,000
|Best current account||Kroo (4.35%)|
Even greater returns may be possible with investment products such as a stocks and shares ISA, if you're willing to risk getting back less than you originally invested. Only consider stocks if you won't need to spend the money for several years (5 years is a widely-used rule of thumb).
How much interest will I earn on £50,000?
With £50,000 in 's easy access account paying 0%, you could earn £0.00 over a year, or £0.00 per month. 's 0% -day notice account would pay £0.00 over a year (£0.00 monthly) on £50,000, while 's 0-month fixed rate bond would pay £0.00 over a year (£0.00 monthly).
If you opted to put the first £20,000 of your savings into an ISA, that could earn £0.00 over a year, or £0.00 per month in 's easy access cash ISA paying 0%. £20,000 in 's 0% 30-day notice account would pay £0.00 over a year (£0.00 monthly), while £20,000 in 's 0% 0-year fixed-rate ISA would pay £0.00 over a year (£0.00 monthly).
Will my £50,000 be safe in a savings account?
£50,000 is well below the £85,000 limit that the FSCS (Financial Services Compensation Scheme) pledges to compensate in the event that a UK bank or building society (authorised by the Prudential Regulation Authority, which you can check on the Financial Services Register) goes bust.
This limit is per person, per bank (or building society). So bear in mind that if you already have £60,000 invested with say, Aldermore, and then you open a new Aldermore savings account with a further £50,000, then £25,000 of your overall holdings with Aldermore would not be covered in the event that the bank collapsed.
What about a current account?
Traditionally, current accounts haven't paid great interest, and many people prefer to hold their savings in a completely separate account. However, some current accounts are now offering interest rates capable of rivalling savings products. Bear in mind that if you've used your personal savings allowance for the 2023/2024 tax year (£1,000 of interest for basic rate taxpayers, £500 for higher rate and for additional rate), then the interest you earn in a current account will be taxable.
Kroo is currently paying 4.35% on balances in its current account.
You can also check out today's bank switching offers, which pay out a one-off sum. You won't even need to transfer your £50,000 for this, but other "strings", like minimum monthly contributions, do usually apply.
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