You may think that is a daft question for us to ask you, but take a deep breath and bear with us...it's not as mad as it sounds.

For a while last year, Northern Rock was anything but stable, and not just because they were scrapping mortgages and losing many of you who were customers.

However, following the run on the bank, Northern Rock mortgages suddenly looking like a bad choice, and all the mass hysteria withdrawals, Northern Rock is now one of the best places for you to deposit your savings; this is because they have some top rates and safety guaranteed.

We're sure many of you can remember the pictures of desperate savers queued round the block to withdraw their savings from Northern Rock (we know that some of you were in those queues too!)

Now, it appears as if many of you could be forming another orderly queue outside your nearest branch but not to protest again -oh no, this time its' because you want to take advantage of the best savings rates...and all backed 100% by Her Majesty's Treasury.

Last weekend's decision to nationalise the struggling bank in effect means that any of you savers on the prowl for some risk-free, top savings rates should look no further than the Rock!

And here is why:

• Northern Rock is in the best buy tables for fixed-rate ISAs, fixed-rate bonds, accounts for the over-50s, and internet-only accounts.

• With the Bank of England expected to cut interest rates through 2008, its guaranteed and fixed deals look particularly attractive.

• Another big advantage of putting your money into the Rock is that the £35,000 maximum protection offered under the terms of the Financial Services Compensation Scheme to other banks, does not apply. Instead, it has a total guarantee on all deposits. So, whether you put in £1 or £1million, it is backed by HM Treasury, and completely safe.

Let's face it, it won't be long before the other banks start whinging about unfair competition, and with that in mind, it's a good bet that Northern Rock's non-fixed rate savings won't remain at their present levels forever.

Currently, their top deal is its one-year fixed rate bond, paying 6.45%.

You have to be prepared to put your money away for the whole year, and to accept interest at the end of the period, to get that top rate. If you would prefer to receive your interest monthly (very useful if you need the income), then Northern Rock is paying 6.32%, again fixed for one year.

If that sounds a bit too short term for you, you could consider 2 and 3 year fixed rate bonds paying 6%.

If interest rates fall significantly, or the stock markets fall dramatically, the decision to put your money away for two years on such terms could turn out to be a wise choice.

You should also check out these other Northern Rock options:

• Their fixed rate ISA rate of 6.1% is good, but not the best; (it is beaten by Nationwide's 6.15%)

• Better options are Northern Rock's Silver Saver account (for the over 50s) and Tracker online savings account (open to all), which both pay you a rate of 6.49%.

• If you don't have access to a computer and want a traditional account, the Silver Saver 30-day notice account, available in branch, will pay you a healthy 5.78%.

"Savers should keep a watching brief, as we may well see some good rates offered in the coming months."

(Please note that articles on MoneyHospital do not constitute regulated financial advice. The articles are intended to provide general personal financial information. We urge you to consult an Independent Financial Adviser (IFA) before making any important decisions about your finances. All rates are correct at time of printing but are subject to change without notice.)

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