Penniesmakemillions:

In that case you'd better hope to high heaven that the housing market doesn't rise!

I know many people who did the same a few years ago, and now are still renting because they will never afford to get back on the market. They always spend all or a proportion of the equity they have, and cannot resist just using the interest.

There is nothing safer than bricks and mortar! Just like any investment, there are some risks, but over the longer term properties do increase in value.

PMM I agree overal property has gone up over the years, I have known people get into liquidity problems with portfolios not being able to get at the cash when they are highly geared. However, I know people who have given up their day job to invest/reinvest in properties so overall I agree with you medium/long term good bet :-)

In that case you'd better hope to high heaven that the housing market doesn't rise!

I know many people who did the same a few years ago, and now are still renting because they will never afford to get back on the market. They always spend all or a proportion of the equity they have, and cannot resist just using the interest.

There is nothing safer than bricks and mortar! Just like any investment, there are some risks, but over the longer term properties do increase in value.

Hi Kittycatx,

OK, understandable. Copied below is some information I received yesterday. Interest rates are very competitive and generally the Bank is OK. It is your worth to investigate more.

Best wishes,

CS

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With effect from the 22nd of April 2008, we are increasing the interest rates on the HiSAVE Term Deposits.

HiSAVE Term Deposits opened on or after the 22nd of April 2008, will have the following rates:

HiSAVE Term DepositCurrent interest rateNew interest rate1 year term deposit6.65% AER / Gross7.00% AER / Gross6 month term deposit6.50% AER / 6.40% Gross 6.70% AER / 6.59% Gross

Hi CS I haven't saved before and the money I have will be from the equity I've made in my property which is currently under offer, and due to the current housing crisis concerning interest rates I thought it best to rent for a while. Therefore I wanted to find a savings account with high interest to go towards my living expenses....?

Thanks CS , no offence was taken or meant. Appreciate your advice.

Apologies. Actually my response was meant for Kittycatx. I am sure anyone haveing some amount of money, especially 30k will have some idea how to invest it usefully. No offence was implied.

As mentioned previously, banks like ICICI, A&L, Kaupthing Singer etc seem to be offering the best rates with easy access at present. I would consider spreading the money to several accounts with different banks to minimise the risk.

I think CS has confused you with the person who started this post.

Thanks CS. I`m not sure I know what you mean about being surprised with the amount of capital I have access to. It is currently invested on an instant access but like everybody else I`m always looking for higher rates of interest. I`,m certainly not looking for any form of risk and I`m also naturally rather sceptical of the recent situation with Northern Rock and the current climate with banks seemingly running low on funds. I`d be glad to hear anyones views on this.

First of all I am surprised that you have access to a large sum yet you say you have never saved. Anyway, try ICICI Bank. They have one of the highest rates plus monthly interest payments and easy access etc.

Anything over 35k is guaranteed by government guarantee with Northern Rock. They have 1Yr Bond at 6.% gross and 5.70 Monthly. If your worried about the guarantee, They have an Access Bond @ 5.75 Gross Annual which can invest anything from £1 onwards and withdraw at anytime without interest penalties.

Best high interest account at 6.5%, best bonds at 6.86% for six months to a year.

http://www.moneysupermarket.com/savings/

I have £320,000 I would like to invest on an easy access account can anyone advise on the best interest I can expect. I am over 55. I would consider a short term bond.

No problem. Do bear in mind, though, that the account with the best rate is not necessarily the best one. Consider other intangibles like customer service etc. Good luck!

Thanks for your advice you have been extremely helpful and I will look into Kaupthing further X

An easy access account is one where you can withdraw money without delay or penalties.

The top 3 accounts with monthly interest are Kaupthing and A&L paying 6.5% gross (5.05% net). The A&L rate, however, is only valid for a year.

If you put 30000 with Kaupthing, you would receive 126.15 per month (30K x .0505 divided by 12 months) interest.

You should check out Kaupthing on the MS posts to see what others think of it.