The best accounts to deposit £5,000 over six months

Throughout 2019, the savings market has not been particularly good for savers and competition across much of the market has declined. With the current political uncertainty likely to impact savings rates to the end of 2019 and into 2020, depositing money into a savings account that allows easy access is becoming more popular among savers. As a result, we’ve looked at the best accounts to deposit £5,000 over a six-month period that allow easy access for savers.

Savers wanting to deposit £5,000 into a savings account over the short-term period of six months, along with having access to their money, should look to either an easy access savings account or a notice account. An easy access savings accounts usually allows savers to make further additions to the account and allow withdrawals at any time. Notice accounts can be more restrictive with allowing further additions, but withdrawals are normally permitted subject to a pre-set notice period. Both types of accounts offer variable rates, meaning that the rate can be changed by the provider at any time. When looking at the best accounts available to savers, we’ve only looked at the accounts that pay interest or expected profit monthly and made calculations on the assumption that interest will be compounded.

Notice accounts often offer a higher rate than easy access accounts, however savers have to give notice before withdrawing funds from their account. Savers should also be aware that all the top five best monthly rates are on accounts that can only be opened online or via mobile app.

At the moment Gatehouse Bank is offering the best monthly rate with its 120 Day Notice Account offering an expected profit rate of 1.81% AER (1.80% gross monthly). On a £5,000 deposit, this account will give savers an estimated amount of interest of £45.17 over a six-month period and will allow savers to make withdrawals via a nominated account subject to 120 days’ notice. The account can only be opened and managed online.

Of the top five best monthly paying notice accounts, FirstSave’s 90 Day Notice Account has the lowest notice period required, needing 90 days’ notice before withdrawals are made. This account offers a rate of 1.65% AER (1.64% gross monthly), which gives savers with a £5,000 deposit an estimated amount of interest of £41.14 over a six-month period. Savers who urgently need access to their money can withdraw funds without a notice period from this account but there is a 90-day loss of interest penalty for doing so. This account can only be opened and managed online.

While easy access accounts often offer lower rates than notice accounts, they have the benefit of allowing quick access to funds. As well as this, both Coventry Building Society and Kent Reliance have accounts within the top five best monthly rates that can be opened and managed in branch. 

Coventry Building Society currently offers the best monthly available with its Triple Access Saver paying 1.46% AER (1.45% gross monthly), which includes a 0.31% bonus until 31 March 2021. Savers who deposit £5,000 into this account can get an estimated interest of £36.36 over a six-month period. The account allows three penalty-free withdrawals per annum, while further withdrawals are then subject to 50 days’ loss of interest. The account can be both opened and managed online, in branch, by post and by phone.

The only account in the five easy access accounts allowing unrestricted withdrawals is Online Savings Account from Marcus by Goldman Sachs. This account pays 1.45% AER (1.44% gross monthly), including a 0.10% bonus for 12 months. On a £5,000 deposit into this account, savers can get an estimated interest of £36.11 over a six-month period. It can only be opened online and then managed online and by phone.