Savings advice needed please

Keithj3134

I have got 40k that I want to put into a high interest savings account.
This is an amount of money that I should'nt have to touch , so I am looking at a long term savings scheme that gives the best return but is totally safe.
I have never had a sum of money such as this to save before and this is for my families future so I want to make sure that I get the possible rate of interest for it.
I would appreciate any information that you can give me to assist me in making the right choice.
Are there things that I should look out for in particular , accounts that I should avoid , anything that you can tell me to help me would be very much appreciated.

Aegis

A split between a high interest savings account and NS&I Index-linked savings certificates would probably work quite nicely. You know about the former, the latter will give you tax free interest a certain level above RPI, so your money is guaranteed to beat inflation and is 100% safe with the backing of the Treasury. The downside is that you have to buy in to 3 or 5 year certificates, and it can be difficult accessing any of your money before that time is up, from what I've heard anyway.

barak

Aegis wrote: »

.....the latter will give you tax free interest a certain level above RPI, so your money is guaranteed to beat inflation and is 100% safe with the backing of the Treasury. The downside is that you have to buy in to 3 or 5 year certificates, and it can be difficult accessing any of your money before that time is up, from what I've heard anyway.

You can cash in National Savings Certificates at any time, but will get no interest or index linking if you do so in the first year.