Robert Provan, I would like to know which bank, at present, has the highest interest rate for savings. The money will only be kept

there for a short period of time, until a decision is made as to where the money would be best invested.
Many Thanks

Asked by debbyscot

3 Answers

Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
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
| 01.12.12 @ 22:20
{comment} | 10.13.15 @ 16:41
Answered by Jaq Quinn
Robert ....... Basically, there are say 03 questions. How much is the capital amount ? What amount of cap gtd & income do you want to receive net ( 5% - 9.50% ) ? Are you happy with taxable or tax exempt incomes ?
If you died tomorrow, would you prefer the family to receive your estate tax free, or have them pay 40% IHT ? Would you like to draw-down say 10.15% incomes free of CGT ?
Subject to a couple of exceptions, you will pay 15% - 35% in Bank WHT or PST tax predations ok ! Invest monies into Offshore Savings Bond accounts. Ave 8.50% Fxd Incomes. Further answers are superfluous. Jaq2002@Gmail.Com | 04.07.12 @ 19:02
{comment} | 10.13.15 @ 16:41
Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
in my opinion, the above response from squareinsider might well be phishing scam and as such it has been reported. i would counsel against anyone making contact with him and against following any of the "advice" given above. that's before the analysis of the answer which proves it to be factually inaccurate, after all you dont pay CGT on "income"! | 04.08.12 @ 10:39
{comment} | 10.13.15 @ 16:41

Free SimplyFinance Membership!

Get FREE, full access to

Answered by

Related Questions

Asked by rollingstonesal