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Which savings account?

Last post Sun, Oct 19 2008, 9:02 PM by maxsteam. 1 replies.
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  •  Sun, Oct 19 2008, 9:28 AM

    Which savings account?

    I have about £8000 to put into a savings account and would like to know, in this climate, which is the safest bet and would give me the best returns. I don't mind not having immediate access to it. How do I calculate how much money the interest rate would yield at the end of the year?

    Thank you

    • Post Points: 20
  •  Sun, Oct 19 2008, 9:02 PM

    Re: Which savings account?

    You can't have both the safest bet and the best returns. You need to decide which is your priority. A cash ISA should certainly be part of your plans and, if you are comfortable with the risks, a stocks and shares ISA could bring the total invested up to £7200 and you could put the rest into premium bonds or a savings account.

    When considering safety, large UK high street banks and building societies are always going to be safer than someone who you have not heard of before and who doesn't have a branch near you. I do not know who is topping the savings accounts rates charts at the moment but I do know that the position was recently held by Icesave....

    You should only deal in large amounts with an organisation that you know and trust.

    • Post Points: 5