Student Savings Account

versailles

I'm in pretty much the same position as the person who started this thread, and wondered if I could get some further advice on this?

I have a fairly significant amount of £ which is currently in a Halifax savings account earning 5.00% interest, however I have noticed the alternatives like Kaupthing Edge, Bradford & Bingley, etc could earn me at least £350 more a year with their interest rates! What I wanted to know is - is it worth me transferring this money for the sake of the extra £350 each year? While i've heard the good things about these banks, i've also read articles like this - http://www.thisismoney.co.uk/ask-an-expert/savings/article.html?in_article_id=430852&in_page_id=111 which are making me more wary.

It would be great if there was a lower-risk, even student-friendly, as the original poster said, savings account that someone could recommend. I'd need to 'get to' the money at least three times each year, preferably online with pretty much instant access, although I'm guessing this isn't a problem. Oh and, I also wouldn't be paying any tax on the interest, as my uni doesn't allow students to get jobs in term time. Don't know if that's important or not!

Thanks in advance for any help, I'd really appreciate it!

Lokolo

Your money is protected upto £35k per person per bank so why worry?

versailles

So if the bank with your money in it happens to go the same way as Northern Rock (for example) - would you be able to access your savings in it under that protection instantly or would you have to wait?

Lokolo

You would have to wait a couple of months for the government to sort it out. But obviously this won't happen as banks won't collapse (you really think the government is going to want the hassle of sorting everything out?)

Masomnia

If the bank went the same way as Northern Rock then no money would have been lost by anybody, even above £35k.