I daren't put my money directly on the stock market and want instead to find a safe way to invest about £50,000.

I think a High Interest Savings Account would probably suit me best but which banks provide ones with the highest interest?

I was thinking about similar with savings for the deposit on a new house.

However, I was chatting to the bank about it, and they suggested that if I didn't plan on touching the money for a set period - even as short as a year - then it may be better investing in a short-term bond to get maximum returns.

I'm going to speak to one of their financial managers next week - I'll let you know how it goes.

You're better off placing money in high interest savings than a market bond as the management fees come from your initial lump sump at the beginning. With depost bank accounts it comes off the end in the form of taxes. So banks for short term investing unless you really know what you are doing and can do it yourself.

It's what I'm going to have to end up doing - I'm only looking to put away for the short term, and management fees just don't make it worthwhile.

What you need to think about is how long you want to put the money away - that's the real key here.

If you're looking to put it away for the short term, then a savings account of some kind offers fewer ties and may well work better for you.

If you're looking to put away for the longer-term - ie, 5-20 years, then you can make your money work harder for you with a good investment strategy - or pay a broker to do that for you.

Have you decided on anything liz? Dont feel pressured into investing or doing anything like that with your money, pout it in a good savings account if you're not sure yet.

I would recommend ING Direct (http://www.ingdirect.co.uk/) as a good option for high interest saving.

An advantage with them is that you can move money in and out as when suits you.

What are some of the options for high interest savings accounts? I'm afraid im not familiar with most...

Not too sure about Ireland - but ING seems to be one of the best offerings at present in the UK.

There are a number of banks offering high interest rates, but often this is capped for just a fixed amount, with anything over at a low rate.

If you're offering to put a large amount of money away then the banks are quite eager to attract you. Shop around. I was going to go with ING, but ended up with a HSBC Online Savings account, which offers higher interest. Also, with that much cash there may be the opportunity for free Premier Banking, which can offer other perks, such as discounted mortgage rate and free travel insurance, for example.

I think it's always worth asking questions.

I also believe its necessarily to look closely at the terms. While some accounts pay monthly interest, there are others that pay interest on an annual basis

Perhaps if you want to invest in banks, try scouting all the banks that are in good condition, stable and can be trusted. Check what one can offer while the others can't, the rate of interest and before deciding, check on the bank's standing as it might be losing and you just don't know.

Check out HSBC. They are located in the US, but I believe they branch out across the world. Their savings accounts have been drawing the highest interest rate that I can think of. Currently I believe it is 5.15%.

There's a SAVINGS account with a 5.15% interest? I've seen CD rates that high, but not savings. I've got to check this out. Up until I saw your post, the highest savings amount I could find was 1.2%

In the UK, HSBC is offering an excellent offshore banking service from which you can benefit abroad but having your own local savings account, otherwise Lloyds TSB Offshore

Home: offshore, banking, living, working, moving, abroad: HSBC Bank International Ltd

I'm not too keen on the offshore banking thing. The IRS has enough red flags on my income tax return (what with donations and other write offs), I don't want to give them even more cause to audit me.

For comparison purposes, ING is currently offering 4.5% interest. I'd be quite curious to find out if HSBC can offer more than that.

I should have a look at ING, 4.5 interest sounds attractive, specially after reading your comments on other related topic.

Thanks for the tip Reviewer

Once you start looking, their are lots of banks that are offering higher interest rate savings accounts. I'd say that was good, if they weren't getting the money they are paying out from me paying in on my higher interest rate loans .

Definitely look around. Keep in mind that you want to find a service that is reliable and easy to use, as well as having the highest rate.