My husband and I have very happily been with the Co-operative Bank for the last 20 years and cannot fault it, but we are very disappointed with the current state of affairs. We will have quite a large amount of money passing through our account and I am concerned about the safety of our money. I know £170,000 will be safe – £85,000 per person – but am unsure about what to do with the remainder. Should we open another account in a different bank or do you think it will be safe enough? I am looking at buying some premium bonds. GT, Medway

Given the appalling headlines about the Co-op in recent weeks, we have had a few similar questions. We think it highly unlikely that the government would not act if the worst happened. However, the Financial Services Compensation Scheme only covers deposits held up to £85,000 per person – or £170,000 in a joint account.

It is prudent not to keep any sums above that at any single bank or institution (or group), including Co-op Bank. If you wish to keep your money in mutual firms, both the Nationwide and Coventry building societies are a good starting place and have good savings accounts.

As for premium bonds, the returns are not spectacular – but they are 100% safe. It is worth giving the MoneySavingExpert.com premium bond calculator a go – it claims it will predict your likely returns.We welcome letters but cannot answer individually.

Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number