The savings account with a guaranteed 25% return that no one ever talks about

🔸 Plus: A dating coach for female bankers describes some harsh truths 🔸 If you’re selling stuff on Vinted, prepare to be taxed 🔸 David Beckham made £72 million in licensing deals 🔸 Bitcoin is up!

Your 2-minute guide to demystifying money and making you richer

The account with a 25% return that no one ever talks about

If you’ve got a some spare cash you’ve probably spent time looking for a savings account with a “high” rate of interest. At the time of writing, 5% is a decent rate of interest on a savings account but if you’re willing to juggle your money and obey a bunch of annoying rules (restrictions on withdrawals, etc.) you can get as much as 8% from Nationwide.

One of the government’s best-kept secrets

But there’s a type of account that doesn’t get talked about that offers a guaranteed 25% return on your cash. Like everything in personal finance, it has an unsexy name that disguises the fact that it’s one of the government’s best free-money schemes: It’s called a “self-invested personal pension”, or SIPP.

A SIPP is basically a private pension account that you control. For any amount of money you put into it, the government adds another 20%. Put in £100, and the government will …