Find the right savings account for you

When it comes to picking a savings account, if you don't get the right deal you might as well keep your coppers in a piggy bank. But with so much choice out there, it can be hard to know which is the right account for you. Rebecca Atkinson looks at your options and reveals some hidden catches to watch out for.



Your Comments

I am hearing lots of news about compensation amounts of savings with British banks, but have you any info. about Channel Islands ones please. Thankyou.

Hi June,

That's a very good question... Basically, as I write this (09.10.08) neither Jersey nor Guernsey are protecting money deposited by non-residents of the islands. In contrast, Isle of Man says it will protect all savers' money (international and from locals) up to £50,000.

The Channel Islands are not covered by British protection laws or the European Union's... this could be a problem. The banks with subsidiaries in the Channel Islands say they as institutions guarantee all money - but there is no external protection should they go under.

I've written a story explaining what this means in more detail. Here is the link:

http://www.moneywise.co.uk/news-views/2008/10/08/offshore-savers-exposed...

Anymore questions let us know!

Hi,

My elderly Mother-in Law has an Isle of Man Axa trust bond (£250,000)from which she draws a regular income. Is it safe?

Thanks

That's a valuable resource, I don't doubt it provides the best solutions one can find on the market at the moment but I still think that in order to make the right decision we need a financial consultant that goes with our best interest. That helped me to avoid easy saver complaints.