safe savings ideas needed in current climate

yap

Hi

I am selling my house and decided to move in with my parents before making another purchase, I'll get £145k from the sale so I need to invest this money safely with degree of instant access...I have read lots of blogs and posts but more I read the more I become uncertain about which way to go....put my money in Northern Rock ...split between banks.....tax implication...etc.

I am looking for good ideas to save this money with maximum interest possible over 6 to 12 months....I am a higher rate tax payer and my wife is on basic rate...any ideas???

I am considering opening three joint accounts to split the money .. IF, ING and AI...

isofa

You'd do well to search and read the forums, as this has been covered hundreds of times in different guises.

If you want max safety, put no more than 35K in each financial organisation, or 70K in joint accounts, so two join accounts with cover you with virtually all the house sale.

The risk is minuscule with UK banks - but everyone has an opinion.

If you want utter safety: LTSB, NR and NS&I are the way to go, if LTSB collapse, money will be the last thing you'll be worrying about.

Personally I'd rather save with good rates in good companies such as Kaupthing Edge etc.

Best rated accounts here: http://www.moneyfacts.co.uk/savings/bestbuys/default.aspx

tawse57

Also consider visiting http://www.housepricecrash.co.uk/forum/index.php?showforum=22 and asking for advice on there as seemingly hundreds of their posters have STRed - sold to rent - and like you have big lump sums of cash while they wait to buy.