Savings Accounts Recommendations

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So anyone got any recommendations of any awesome Fintech Savings Accounts just to plonk some cash in ?
A bit of interest would be nice as well :wink:

Justin

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Personally I’m hanging on for the Monzo marketplace.

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Atom seems to have higher rates than Fidor at the moment, but it changes every few months

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I’m using Moneybox at the moment, but I know that’s not quite the same as a savings account.

I’m hoping they eventually integrate Monzo in the same way as other banks (including Starling), so that every transaction I make it rounded up and invested.

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Also not really savings account, but similar outcome - RateSetter.com. Easy, nice interface, no fluff. I prefer lending money to people than ‘investing’. Eveything has a risk, but I feel like lending is less abstract than investing in something I have no clue about. I’m basically giving £100 to some business and I expect £103 back. I’m not ‘here’s £100 and I hope that investment will go well’ (I’m simplifying so much, but don’t jugde layman).

There are 2 other decent companies like RateSetter - Zopa.com and fundingcircle.com. Each has slightly different product, so anyone who has a goal to put aside some money on higher % than usual savings account, that’s worth exploring and deciding if it suits your needs. With higher sums of money it probably worth diverisying and using 2-3 different companies.

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I liked the look of RateSetter and was tempted to put in a few quid, but then there was a flurry of bad press around somewhat dubious lending practices which made me doubt them.

https://www.theguardian.com/business/2017/jul/18/peer-to-peer-lender-ratesetter-hit-by-struggling-loans

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@dannn Yeah, that wasn’t the best, but end outcome for end users is actually not that bad. They were really open about it (I got an email before I learned about it from other sources) AND they offered immediate payout for users who didn’t like this situation. Overall, it was handled really well and no user was at a loss due to this situation.

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Love the ease and simplicity of ATOM and their rates. Great for money storage. Though I do think it’s more fun and possibly a better upside to use a fintech investment company like the others have talked about. Though safety is sometimes is less hassle :slight_smile:

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