Cash savers continue to battle against low interest rates and poor returns across the market, but there are ways to get more out of your savings pot.
With the effect of high inflation also whittling away the real value of cash, savers are looking for new ways to beat the savings market.
Moneywise and Savings Champion have created a model savings portfolio which helps savers get the best return possible return on their cash.
The rules
Our portfolio is based on using high interest current accounts, regular savers and one-year bonds in order to maximise your total return.
Money will be drip fed through the accounts in order to achieve the best returns. There is some legwork involved in setting up this portfolio, but we think the returns make it worthwhile.
There are ways in which you can earn slightly more interest, but this will require multiple current accounts. We have limited our portfolio to two current accounts for simplicity.
Many current accounts have requirements such as minimum pay-ins each month and need a number of active direct debits. Make sure you have ‘float money’ on top of the figures listed below so that you can pay your direct debits each month.
Also ensure that by the end of the year you do not go overdrawn on any of your current accounts, as this is likely to incur fees and charges. We’re looking at a one-year timeframe in our analysis and will not include accounts that charge a fee.
Depending on how much you’re saving, we have two model portfolios for you to use:
| The Moneywise £10,000 model savings portfolio |
The Moneywise £50,00 model savings portfolio |
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