High Interest savings

selboy's picture

I've got approx £220K to deposit for a full year. I am looking for the highest rate fixed interest (no acccess to money) i can earn. Even considering overseas accounts. Any suggestions ? I see Northern Rock has come up with a 6.9% rate. not sure i want to go any where near NR at the mo despite the gov backing !!

Your Comments

Hi Selboy, welcome to the site.

You might find you get more replies to your question if you post it in the Forums section under savings.

Good luck


It's not a savings account but if you're casting your net widely you could take a look at Zopa, which is kind of peer to peer lending.

Richard Beddard is very right to point out Zopa lending - it's a great new alternative that may well be perfect for you.

You can lend from £10 to as much as you like (£220,000 would be no problem - many people are lending even more) and get returns of 7% (the average Zopa lenders are getting right now) up to more than 10%.

Richard is right - it is NOT a deposit account - your money will be lent out to other people through the Zopa market. So there is risk. But because Zopa is so strict about who gets to borrow by checking out everyone's credit risk and the affordability of the loan, they have managed to keep the default rate down since they launched 3 years ago to just 0.2%! They also spread lenders' money across at least 50 different lenders, which reduces the risk even futher.

It's such a great idea - helping people to lend and borrow from each other - and by cutting out the banks, both borrowers and lenders get a better deal than the banks offer. Very empowering and finally, finally a genuine alternative to a Bank that is safe, legal and produces a much better deal for the consumer.

Check it out at www.zopa.uk.com

Yours, MoneyMole


Moneymole - that sounds a little too much like a marketing spin for Zopa! Do you work for them or something?
I'd like to hear about people's experiences with lending and borrowing through Zopa, but I'm sure Selboy would agree this 'advert' isn't that helpful!

Hi Richie,

It's a funny thing, but we have all got so used to being ripped off, disappointed and generally under-delivered to by so many financial services companies that when some new guys come along offering something really innovative and very attractive, when you tell people about it, many assume it's spin or exaggeration! This is a real shame, and part of the big challenge finance journalists face when reporting. The unfortunate end result is what is awful gets made to sound not quite so bad - especially if the website or newspaper concerned enjoys having that awful company spend loads of money with them on advertising. And on the other side of the coin, the praise for really good products gets watered down because otherwise it sounds like spin or puff. And thus the reader doesn't get the clear picture he or she needs and deserves.

My enthusiasm for Zopa stems mainly from my status as a delighted customer - I have been an active Zopa lender for over a year and have really enjoyed the experience and the return. I have also liked the feeling that my money is helping other people as well - and is not making any bank even more profitable. I'm also a fan of anything new and innovative. I am a huge user of eBay, love Facebook, still have one of the very first series iPods (listening to it right now!). Bit of a tech nerd and definately an 'early adopter' or whatever the current buzz word is. I make no apology for shouting loudly about things that deserve credit - from my First Direct offset mortgage, to my L&G Tracker pension, to my Fidelity Special Situations ISA. They have all served me very well indeed and I would talk positively to anyone about them - and I have never worked for any of them. Credit, and abuse, where it's deserved - that's what I say!


I completely agree we should share our experiences of companies, good and bad, but am I right to take from your comments that you do work for Zopa?!

Hi Ritchie,

I am a freelance consultant advising a plethora of finacial organisations, having worked in and around the industry for more than 25 years - thus the MoneyMole nametag. My idea is to give a consumer-oriented, insiders perspective - but very much an objective one. So readers and bloggers can hear informed observations and comments from the perspective of an insider, without fearing a commerically biased view. 

I have strong views about fairness, transparency and improving the standards of delivery people get from the industry - that is the whole gist of my consultancy. I will only work with the 'good guys' and given my background and the extent to which I have been openly vocal in the media about the industry's shortcomings and complete failures, it is only the good guys who are interested in me advising them.

So to be crystal clear - yes I have worked with Zopa as an adviser, but not before I was a very happy customer. I am still and active customer (a lender), I still do a small amount of advising with them, but I am not a shareholder or anything like that.

I hope this puts your mind at rest. I think what I should do in future is include a little blurb with my Moneymole name to say that I am an insider etc. 

And please see some of my other posts to see that as well as giving praise where it is due, I am just as keen to hurl the abuse when it is deserved! 


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