Savings: high interest accounts if you’ve got £10,000

We review the easiest and best savings rates for a balance of £10,000 – you could earn the equivalent of £451 in interest and bonuses

Looking for a home for your savings?

Our new series ‘How should I save it’ runs through both the simplest and the highest interest earning options to find you the best home for your savings over a year.

All our options have a guaranteed return, are risk-free and your money is protected by the Financial Services Compensation Scheme or equivalent schemes abroad.

We've also compiled guides for saving £1,000, £2,000 or £5,000 – all of which are slightly different – so click on the links to read learn more.

I’ve got £10,000 – how should I save it?

Compare top ISAs, savings accounts and P2P investments on loveMONEY

Easy win: Put your money in a Gatehouse Bank Fixed Term Deposit

Interest earned: £200 (at 2%)

Gatehouse Bank (formerly known as Milestone Savings) offers the highest-interest one year fixed deposit account currently on the market: an expected return of 2%, no fees and you can do everything online.

Applying online takes about five minutes.

1. Apply online and deposit all £10,000
2. Twelve months later withdraw the entire balance

Or compare savings accounts here.

You're not exactly going to retire on that kind of return, but it is the best return for the minimal amount of effort. Willing to put in a bit more elbow grease? Read on...

Beat inflation: Get an M&S Bank Current Account and Monthly Saver

£175 M&S voucher + £81 cash

M&S offers customers a £125 voucher just for switching to its Current Account, then another £5 each month you deposit £1,000. It is also linked to a Monthly Saver account which pays an inflation-beating 5% interest.

You can apply for these accounts online but note that as the Current Account has an overdraft applying involves a credit check.

You’ll need to use M&S’ Current Account Switch Service then set up a standing order between your Current Account and Regular Saver.

1. Apply for an M&S Current Account online and set up a standing order to deposit £1,000 per month, for the next 10 months, PLUS money to cover your direct debits
2. M&S will provide the £125 voucher within a month of switching from your old current account.
3. Then apply for an M&S Monthly Saver online with a standing order of £250 per month.
4. Wait 12 months before accessing your Current and Monthly Saver accounts, otherwise, you will lose your high interest rate.

If you're an existing M&S customer, follow this strategy but switch to first direct's Current Account and linked Regular Saver instead - you'll receive a similar value in terms of vouchers and interest. Want to earn even more? It can be done…

Top return: filter your money through six different accounts

£125 M&S voucher + £326 cash

This approach starts with Halifax’s Reward Current Account, which has a £75 switching bonus, before switching to M&S’ Current Account for another switching bonus, and its 5% linked monthly saver.

You also set up Milestone Savings competitive One Year Fixed Term Deposit, with an expected profit of 1.9%, as well as Nationwide’s FlexDirect Account, paying 5%, and Nationwide’s linked Flex Regular Online Saver, also paying 5%.  

You can apply for these accounts online but note that as the Current Accounts have overdrafts applying involves a credit check.

Additionally, you will have to use both M&S’s and Halifax’s switching services, which close your old current account and you’ll need four direct debits to transfer.

1. Apply for Halifax’s Reward Current Account online, use the current account switching service to switch over your existing bank account and transfer your £10,000 PLUS money to cover your two direct debits.
2. Halifax will put £75 cash into your account within 7 working days of switching from your old current account.
3. Meanwhile open a Nationwide FlexDirect Current Account online and transfer £7075 in from your Halifax account. You’ll need to move two direct debits onto the Nationwide account..
4. You can then apply for a Nationwide Flex Regular Online Saver online. Set up a standing order for £250 a month for 12 months.
5. Open a Milestone Savings One-Year Fixed Term Deposit online and deposit £2,075 from the Nationwide Flex Direct (Current) Account.
6. Apply (don’t wait for Nationwide or Paragon here) for an M&S Current Account online and use the current account switching service to switch from the Halifax account. That moves all your remaining money (£3000) and your two direct debits.
7. M&S will provide the £125 voucher within a month of switching from your old current account.
8. Then apply for an M&S Monthly Saver online and set up a standing order of £250 per month for 12 months.
9. Wait 12 months – to avoid losing out on interest – before collecting your money and interest from the Nationwide and M&S accounts and their linked savers and the Milestone Savings account.

If you're an existing M&S customer, follow this strategy but switch to first direct's Current Account and linked Regular Saver instead - you'll receive a similar value in terms of vouchers and interest. 

Other current accounts and savings accounts are available - these are just the best strategies we could find at the time of writing. If you can think of a strategy for higher returns – without putting your money at risk – please add it to the comments below.