which saving account

avit

Hi all

I have 55k saved for a deposit on a house and wanted to know what savings account would be best to invest it in. I am getting 4.33 gross at the mo, paid every month. The account needs to be easy access in case i find our dream home.

Thanks

anniecave

I'd apply for an icici hi save account. This is 6.05% gross. It pays monthly income and is instant access. If you'd want to withdraw almost all the balance at once, you'd have to do several transfers, as the maximum per transaction to transfer is £10,000. I think this is true of a lot of accounts as well, as I recall someone telling me they had the same problem with their current account. You just have to say transfer £10K on monday, another £10K on tuesday etc.

http://www.icicibank.co.uk/index.html is the link to their website

Alternatively you may want to split it between two accounts, as under the deposit scheme for if banks or building societies go bust (which we hope won't happen) the max they will pay out per person I think is around £30,000, so if you want to avoid the risk you'd put some of your money elsewhere.

http://www.icesave.co.uk pays 5.95% gross interest for example.

There are threads on both of these about people applying for them, and customer service issues etc. I've had ICICI for almost a year now and never had any problems though, so I'd recommend them.

the moneysupermarket.com website has a good search engine for savings, though I think it misses out ICICI.

avit

Thanks for this, I will take a look.