what's the best / safest bank for a new savings account?

[O.A.Partygirl]

We have been left a (very) small inheritance by a relation and want to put it where we can easily access it, but where it is as secure as possible.

We currently bank with Barclays but their customer service on this has been awful,and also we would like to put it somewhere else anyway.

What's Lloyds near the library like? Or any good online bank suggestions?

[diable rouge]

https://www.moneysavingexpert.com/savings/safe-savings/#whatcounts is a great site...

[alex_b]

Any UK bank with a banking licence is covered by the Financial Services Compensation Scheme which protects deposits up to ?85k per banking licence (so deposits in Coop and Smile would count together) https://www.fscs.org.uk/globalassets/badge-assets/shared/fscs_thb_online_aug2020.pdf. Deposits in National Savings and Investments is protected up to unlimited amounts by the Government. Where you chose to put it will depend on how long you?re prepared to tie up you money. The money saving expert link above or savings champions site are both good for recommendations. If you haven?t used your ISA limit this year that might be helpful depending on your tax situation.

[Nigello]

Lloyds is now shut.

Smile and First Direct are good options. They are fair and ethical and have good feedback. You could also place it in the N S and I to be in with a chance of winning a million quid every month (unlikely but someone wins the big prize every month and lots of others win smaller ones, but get no interest).

[malumbu]

If you put in a significant amount premium bonds will return you around a percent. Not millions but better than any high street bank or building society nowadays. MSE has a good review on NSI https://www.moneysavingexpert.com/savings/premium-bonds/

There is also flexibility and tax free so better than any ISA