A friend did some further research and found that Scottish Widows and Standard Life offer more than 2.7% for group savings based on fixed term and notice periods but excellent returns compared to most High Street institutions.

Further to my previous post, I have checked the better paying insitutions and all of the advertised rates only apply to individuals. With Citybank, when enquiring about their fixed term deposits which are advertised for 3, 6 and 12 months, they paying the astronomical figure of 0.10% with a minimum deposit of £10,000. In otherwords nothing. Surely there must be an organisation out there that is not ripping you off!!

Thanks for the quick response.I have compared your charts and there are relatively good deals out there if you are prepared to tie up your money for a fixed period, however, what is not clear is whether or not an organisation as opposed to individual can get these deals. I expect it is a matter of approaching each lender in turn to find out, although I was hoping that the post might generate some response from those who want our money. Thanks.

Hi leoden47,

As conmankiller suggests, you could start by comparing a range of products and rates using our comparison tool.

The length of time you can 'lock' away your money will help to determine the rates available to you. And even after you've decided, it's still well worth keeping an eye on the rate of return and comparing it to what else is currently available.

Also bear in mind the security of your savings. The Financial Services Compensation Scheme (FSCS) in the UK covers an individual for up to £50k worth of savings (£100k for a joint account). However, that protection applies per banking institution, not per account. If you have more than £50k with any one bank or building society it is worth spreading your money around between different providers. Take a look at Clare Francis's article 'Who owns who?' for more information. Off the top of my head, I'm fairly sure deposits by small clubs are treated in the same way as individual accounts - but I'll double check and let you know as soon as I can find out.

I hope that helps. Do let us know what you decide to do and how you get on. I'm sure our other community members can also offer their thoughts and opinions on the important things to consider.

Try the, "compare savings accounts" function up to the right of your post. ----->>

As member of a small club with some cash reserves which are not achieving maximum returns, where is the best place to deposit a cash lump sum to achieve maximum returns without committing the money for a long time period (i.e. over 2 years)