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50k to invest

pauln
pauln Posts: 46 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Savings & investments
I have 50k to invest. It could be needed at any time as it will be used as a deposit for a house. Therefore I need instant access.

I have seen that the ICICI account pays the best rate of interest but am worried about putting my money with a company I have not heard of. Should I be?

Any reassurance on ICICI or alternative suggestions welcome. I am reluctant to put it with a company which pays a bonus as I may need to leave the money invested for longer than planned at the moment.

Thanks

Comments

  • dunstonh
    dunstonh Posts: 120,181 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You dont want to be investing then with your requirements. Stick to savings accounts.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    pauln wrote:
    ...alternative suggestions welcome. I am reluctant to put it with a company which pays a bonus as I may need to leave the money invested for longer than planned at the moment.
    If there are 2 of you, consider a couple of A&L Online Saver 2 accounts (max £25K in each) paying 5.15% AER.

    The account does include a bonus of 0.9% but this is guaranteed until 31/3/07. The 'underlying' rate is 4.25% (variable).

    The accounts can be linked to an external current account, and transfers are completed in a pretty standard 3-4 days.

    http://www.alliance-leicester.co.uk/savings/index.asp?page=online-saver
  • pauln
    pauln Posts: 46 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Apologies but I may be using the wrong terminology. I used the term "investing" as including savings account.
  • michaels
    michaels Posts: 29,223 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Don't forget that all uk registered deposit taking instituions are covered for 90% up to 33K (somone will supply the correct figures) and this includes ICICI.
    I think....
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