Savings account advice please

tracybaby

HI there

can someone guide us around this mine field of savings accounts please, as we are bamboozelled!:undecided

We have are about to complete on the sale of our house and have roughly £55K deposit for our next house.

We don't need this cash until end of Jan 2011, when our new house is available however, we want it to work for us and earn some interest in the 6 months until we need it. We also want to make sure it is safe in the bank (covered incase they go bust!)

We have looked at some of the savings accounts available and we are confused on what the best interest rates would be and would we get much of a return on the 6 month investment period.

We have never had so much money hence the reason why we don't know where best to put it!! ??!!

any suggestions would be greatly received.:T

Thanks

T

Andystriker

Put it in the AA Internet Extra (Issue 3) Account paying 2.8%gross. If you are a basic rate taxpayer £55,000 will give you £616 interest in 6 months time.

If you are worried about the £50,000 compensation limit, split the money into two and open 2 accounts, one in yours and one in your partners name. (you did say we)