Weekly Savings Gossip

• The savings market hasn't got any better over the last week, some good accounts have been pulled and others have chopped their rates
• ISA season has now started (slowly) so expect some great deals to be announced over the next month - See the ISA section on this site for more information

I wouldn't lock my money up for more than 2 years

• It's possible to earn a higher interest rate for 3+ year fixed rate bonds
• But with interest rates at 0.5% the next move is surely going to be higher
• Therefore a more prudent savings strategy is to keep cash locked up for a maximum of 2 years, ie you offer your savings more flexibility
• This page is updated every Monday

Savers who deposit money in Post Office accounts have been informed the cash is now NOT covered by the UK's Financial Services Compensation Scheme (FSCS).

Instead the Post Office's savings are bizarrely covered by the Irish Deposit Guarantee Scheme (IDGS).

But whereas the UK scheme guarantees savings up to £50,000 the Irish guarantee up to Euro 100,000.

However, some UK based savers are moving money from the Post Office to UK banks and Building Societies who are covered by the FSCS. Their argument is simple - they are not comfortable with their money being insured by a different country's financial laws.

Post Office savers take note.