Savings - where and with who?

Josie-jo_3

Please could someone give me some guidance, I have 60K to invest but I'm unsure of my best course of action, spread it thin with lots of accounts or go for a lump in one place. I would like to be able to access the funds within a month at any given time, as it will probably be used for a house deposit.
Many thanks in advance for any replies.

chesky369

See post below 'investment advice needed'

Aegis

If you're worried about a bank going insolvent, split it in half and open up a pair of high interest instan-access savings accounts. ICICI, IceSave and Sainsburys are all good for this. Once you have that sorted, you can start thinking about a cash ISA if you don't already have one. The reason I put it in this order is that the extra saving you'll get by sorting out the cash ISA first will probably be fairly negligible. Usually you'd open an cash ISA as your first priority, but since it will only deal with 5% of your total savings amount, it's not quite as urgent in my opinion.

Anyway, you should be looking at rates of at least 6.2% for both the cash ISA and the normal savings accounts at the moment.

maypole

No more than £35000 in any one account with any one bank.