Robert Provan, I would like to know which bank, at present, has the highest interest rate for savings. The money will only be kept
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there for a short period of time, until a decision is made as to where the money would be best invested.
Many Thanks
Debby
debbymckenzie1_
2 months ago
Expert Financial Adviser Answer
Darren Smith
answered 1 month ago
savings rates are changing almost daily as banks and building societies gear up for the ISA season. this is when rates become attractive to entice savers to move their money.
there are many comparison sites that will give you data, one such is money supermarket however there are others.
do be careful to check that the deposit provider is authorised by the FSA and that your savings will be covered by the FSCS (financial services compensation scheme). you could also try the money advice service, this is heavily advertised on tv at the moment; the service is free at the point of use but the cost is actually charged to the financial services industry, IFAs etc.
if you are depositing a large sum, do be aware that the FSCS limit of £85000 applies to all accounts held under the same banking licence per provider, ie savers with the former abbey, alliance & leicester, bradford and bingley, cahoot are all now "santander" and so only one limit of £85000 applies across all of these trading names.
a good local IFA will be able to assist you further and you can pay for their services by commission or fee, most will give a free consultation at their cost. look one up at www.unbiased.co.uk
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there are many comparison sites that will give you data, one such is money supermarket however there are others.
do be careful to check that the deposit provider is authorised by the FSA and that your savings will be covered by the FSCS (financial services compensation scheme). you could also try the money advice service, this is heavily advertised on tv at the moment; the service is free at the point of use but the cost is actually charged to the financial services industry, IFAs etc.
if you are depositing a large sum, do be aware that the FSCS limit of £85000 applies to all accounts held under the same banking licence per provider, ie savers with the former abbey, alliance & leicester, bradford and bingley, cahoot are all now "santander" and so only one limit of £85000 applies across all of these trading names.
a good local IFA will be able to assist you further and you can pay for their services by commission or fee, most will give a free consultation at their cost. look one up at www.unbiased.co.uk