Which is the best savings account?

tawse57

I have a sum not quite as big as yours but big enough after inherited my parent's home. I have it spread over about 8 banks so far but need at least 3 more unrelated banks and that kind of leaves B&B, Abbey, ING and then the Indian and Icelandic banks.

Several of the above are offering the best rates but I do not feel safe about B&B and I do question the safety of the Indian and Icelandic banks at the current time. It is difficult and I am seriously considering moving everything into Northern Rock as long as the Government 100% guarantee exists.

Nationwide are supposed to be relatively safe as apparently they have little exposure to the global subprime problems but then, of course, they are one of the UK biggest mortgage lenders and house prices are going to tank which might leave them with a lot of bad UK debt.

Horasio

Update on Abbey

I got my application form and cheque returned today - they say I haven't signed in the highlighted area but they haven't highlighted it and to return in the prepaid envelope that they haven't enclosed.

I sent this on 20 December and it's taken them two months to realise this. If they can't do a simple job correctly, it isn't making me feel much confidence in them with my money.

Still got nothing from West Brom after nearly 3 weeks.

Birmingham Midshires didn't set up my internet access for an internet account after nagging them for SIX weeks and going thro the mental making call centre procedure every week to do so. So feel they aren't any good.

B&B kept ignoring my emails then accused me of being abusive when I complained.

These high interest accounts are great but if the company is inefficient, I don't feel like investing with them.

Meltdown_2

If you don't feel that you can rely on a particular bank/BS for a satisfactory level of competence and customer service, then don't bank with them - there are many others.

You might find that some of the smaller organisations give consistently good service - perhaps because they are small? Do some searches on individual Bank/BS names on this forum and read the threads - it might take a while, but you will see that some do come in for praise.

Personally, I am beginning to think all this talk of restricting yourself to £35K per FSA registration is over-hyped. No British government would allow one of our big five high-street banking groups (HSBC, RBS, Barclays, HBOS, LTSB) to go bust (in such a way that depositors money was at risk). If we got to that stage, then its 'head for the hills' time.

tawse57

Seriously consider the Nationwide CCStar - apparently when people bailed out of Northern Rock most of it went into the Nationwide. I have most of my cash there and would rather have it with them than spread it around the likes of B&B, the Abbey and with BS's that do not have a branch closer than a 100 miles from me.

Metldown is right, if the likes of Nationwide, LLoyds, HSBC or HBOS go under then we are in Mad Max territory - most of us would be starving within a few weeks.