Ditch your bank for a money market fund - Fidelity

With savers recently flocking to Northern Rock branches to withdraw their savings, after it was announced the company took a Bank of England loan, many consumers are worried their savings might not be safe in the event of a bank’s collapse. Fidelity says money market funds provide similar returns and security to cash deposits but spread investments across a range of financial institutions, to reduce the risk to savers of an institution facing financial difficulty. Richard Wastcoat, UK managing director of Fidelity, says: “Savers who opt for a money market fund have effectively hired an ex...