Savings recommendations?

bunzee

Hi all,

I have just been told I will be receiving a cheque for compensation which will cover all my debts and leave me with about £4000 which I want to put somewhere safe. However I want to be able to access it fairly easily if needs be as my house is currently on the market and I may need the money to add to my mortgage offer on wherever I buy next. This could be soon or months away so I'm a bit lost as to where I should put it!

Anyone got any recommendations?

opinions4u

Take a look at www.moneyfacts.co.uk and www.moneysupermarket.com/savings to compare some of the savings options.

I'd suggest something like an M&S cash ISA for £3,600 (if you have not used up your ISA allowance yet this tax year) and the rest in an easy access account with the likes of ING or Egg.

DocProc

The above two sites, whilst being very good, do earn commissions from the savings institutions they recommend.

Since you would want to put your money in an institution who is an FSA member firm, then I would recommend you use the independent information on the FSA's own site at:

http://www.fsa.gov.uk/tables/bespoke/SavingsAccount

The FSA site says that, where information is given, it is also updated on a DAILY basis, whereas the Moneyfacts.co.uk and Moneysupermarket.com sites may not be updated so regularly. NB. Some of the smaller firms mentioned on the FSA site do not update on a daily basis but do update immediately there is a change.