Hi Guys,

My fixed bond is maturing with the Halifax, a substantial 6 figure sum. I'm looking for an instant access home.
I bank with First direct (HSBC), but their rates are not too good.
I' m avoiding the foreign based banks, like ICICI and Kaupthing and looking at UK based institutions.

Anyone have any reservations abvout the Newcastle BS. I'm thinking of their NewcastleNet Savings (Issue 7), about 6% gross?

Comments, recommendations welcome.

Interest annually or monthly?

I have money with YBS: http://www.ybs.co.uk/savings/interest_rates/internet.jsp

A lot of banks are offering fantastic rates, if you invest an equal amount in some kind of growth fund.

With a six figure sum to invest, this could be of interest to you.

If you have a 6 figure sum at least split it up into 3 or 4 differant banks and BS's , think about the 35k FSA guarantee.

Lot's of ideas on this forum , scroll down and have a read

Monthly. I need access as I'm being pressured to buy ... another story altogether.
Otherwise I would sign up for 3/6/12 monthly bond - like the one I'm just coming off.
Yeah, I appreciate the FSA guarantee limit, but I'd need alot of accounts! That's why I'm asking about Newcastle's security - other than being near Northern Rock - are they OK?

Rover,
I'm in a similar position to yourself although right now I'm happy to tie up some of my money for up to 12 month periods as I'm renting at the moment and don't plan to buy until prices have reduced significantly. As they will...

I was reluctant to start opening loads of accounts but unfortunately if you want protection for all of your capital and to maximise returns, it's the only way to go. One plus point is that online accounts, which tend to give the best rates, don't actually generate too much paperwork that otherwise needs to be filed somewhere. Being a very 'ordered' person, I hate having to file stuff!

I've opened easy access accounts with ICICI and K-Edge but kept at or below the maximum FSA-guarantee figure of £35k. The only accounts where I have significantly more than this figure are UK registered institutions [for obvious reasons!] I've also just opened a 'Star' easy access account with the West Brom paying 6.55% currently but I believe this may now have been withdrawn.

I find MoneySupermarket to be the best [and most up-to-date] site for comparing rates for different savings products so you may want to try the following link...

www.moneysupermarket.com/savings/SavingsCompareForm.asp

HTH, Tucksy

I got some funds with Newcastle. Seem to be ok, no problem with it and/or when I phone them & its a fixed rate. I did bother to open accounts with multiple banks though - best to make the effort to keep under the 35k limit.

I know I'm just repeating what has already been said, but I don't think I'd put (indeed, I have chosen not to put) more than £35k into any single institution.

I can understand your reluctance to trust some of the overseas banks (given some of the treatment they've received in the press), but I would say that exceeding the £35k in any institution, however safe is might seem, might even be a riskier play.

Of course, who knows how the future will pan out.