Cash Investment: Cash and Deposit Based Investments
There are literally hundreds of different companies that offer current accounts, deposit accounts and savings accounts.
Which cash deposit account is the best?
The answer is not easy. There are so many accounts, they all offer similar things and the fact remains that interest rates change quickly.
You should not selet a cash based account on interest rates alone.
Many banks and building societies offer rates that are attractive one day and not competitive the next.
Do not invest more than £35,000 with one bank:
As the maximum compensation payable due to insolvency is £35,000, this was increased from £31,700 following the Northern Rock debacle in the Autumn of 2007.
Taxation:
Most Bank and Building Society interest is taxable.
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