Wher do I put the money???

[yesmynameisigglepiggle]

Am reluctant to trust a financial advisor at the moment. We have 33k from a house sale which we had in a barclays high interest account. It is now resting in our current account and the bank keep chasing us to move the money to work harder. Can't get any sense out of DH, so has anyone got any tips. The money is needed as a deposit for our house but we can't move til next year when DH takes up a new job in a differet area.

Why don't you move it back to the high interest account?

A really good resource is money saving expert. In the "savings" section there is an article about accounts with good interest rates, and also about how to ensure your money is safe (by spreading it around in different accounts).

I wouldn't put it into anything other than a savings account, by the way. I'm buying shares right now, but that's for retirement, not for a house, and premium bonds aren't good value at the moment as they've just reduced the % given out as prizes.

ING, egg and Alliance and Leicester have good rates at the moment. I am in exactly the same situation as you although we will not be buying again for 2 years or more. If you're looking for an ISa, Northern Rock have got a good rate at the mo or try your local building society. I have spread 5 grand chunks out across the board, as I need to be sure I can at least get hold of some of it straight away in case any of the banks go under.

Also, if you are sure you won't need it for a year, you could put some in a 12 month savings bond which will give you a better rate than your regular savings account.

We really do need instant access to the cash as if the right house comes along we may move. We paniced and took the money out of Barclays when someone told us our money wasn't safe. We are with HSBC. Am absolutely rubbish with money and figures.
This is the only money we have, apart from the child trust funds that we have been paying into and coming out at a loss!!

There are plenty of accounts out there that pay more than 6% - even the instant access accounts. If you spread the money around a few accounts, then even if one bank goes bust (unlikely), then you will still have access to the rest. You will be well under the limit that is insured too, meaning that even if a bank does go bust then you can claim the money back. Some banks are linked (they are owned by the same parent company) but Money Saving Expert has a table of the linked banks so that you can spread the money around properly.

Don't worry about the Child Trust Funds, by the way, there is plenty of time for the stock market to pick up before they mature.

YMNIP - HSBC as safe as you can get. If HSBC founder then the sky will really have fallen in our heads, and the whole lot will have crashed. All the instant access account interest rates no are rubbish, but I have resignedly accepted that, but do go for an internet deposit account rather than a curretn account. 33k below the 50k uk threshold, so any decent uk bank or BS will be as safe as any can be nowadays.