bertie 11:55 Tue Oct 3
Keeping money safe
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Hoping some of you financially savvy types can help here.
My uncle has sold his house and is renting until his new place is built next year. He is a bit paranoid about the banks. Would I be right in saying to technically protect his money for the next year he needs to split across a few banks up to £85k for the protected limits.
Or is National Savings as safe for a lump sum? Cheers
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Replies - In Chronological Order ( Show Newest Messages First)
icwhs
11:56 Tue Oct 3
Re: Keeping money safe
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Ill keep ot safe for ya
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Westside
11:58 Tue Oct 3
Re: Keeping money safe
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In terms of safety, as long as it's covered by the FSCS, it's £85k per person, per institution.
National Savings is of course safe, unless the government defaults on its debts.
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BRANDED
12:10 Wed Oct 4
Re: Keeping money safe
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Buy cryto currency. Safe as houses.
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joe royal
1:54 Wed Oct 4
Re: Keeping money safe
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Buy the max premium bonds you can stick the rest in national savings.
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WHUDeano
2:16 Wed Oct 4
Re: Keeping money safe
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just an fyi, you're covered per 'parent' institution I believe, so for example depositing with RBS and Natwest would only provide one lot of 85k protection.
Can't think of many more obvious examples, but worth noting
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J.Riddle
2:55 Wed Oct 4
Re: Keeping money safe
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Your in luck..I'm doing a spot of renovating and taking up the floorboards as we speak. What sort of amounts are we talking about?
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tanman
3:28 Wed Oct 4
Re: Keeping money safe
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Put it in an HSBC account. I work there, no chance of that place going belly up.
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Bouncing Ludo
3:38 Wed Oct 4
Re: Keeping money safe
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WHUDeano wrote...
Re: Keeping money safe
just an fyi, you're covered per 'parent' institution I believe, so for example depositing with RBS and Natwest would only provide one lot of 85k protection.
That's true for some, but not for RBS and NWB.
https://www.moneysavingexpert.com/savings/safe-savings
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kch
3:43 Wed Oct 4
Re: Keeping money safe
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"Can't think of many more obvious examples, but worth noting"
first direct and HSBC is another example.
but as someone said, there is no chance of HSBC going tits up.
if you want to earn top dollar, Ulster Bank is doing a 1.25% instant access savings account. all the others seem to be only doing 0.25 -> 0.5
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bertie
11:57 Wed Oct 4
Re: Keeping money safe
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Cheers gents. Amazing how many banks are linked.
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Dicko75
11:58 Wed Oct 4
Re: Keeping money safe
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The governments have already shown they won't let any of the mainstream retail banks go pop but if he's that worried then stuck it in national savings or buy some gilts. The capital position of the banks are very different now to 2008 and UK retail and investment banking activity is being seperated next year to reduce the risks to personal customers even further so I don't think his concerns are legit as long as he goes with a mainstream provider.
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wanstead_hammer
12:03 Thu Oct 5
Re: Keeping money safe
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Fuckin el bertie, that must be some lumpy mattress he's sleeping on.
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J.Riddle
12:14 Thu Oct 5
Re: Keeping money safe
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As said bertie the bank o Riddle is at your disposal, we take any denominations ta.
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Ronald_antly
12:59 Thu Oct 5
Re: Keeping money safe
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Tell him to exchange his CURRENCY for real money.
That is, silver and/or gold.
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Jasnik
1:52 Thu Oct 5
Re: Keeping money safe
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Silver just drop in value in the market today so he lost some money already
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percyd
11:00 Thu Oct 5
Re: Keeping money safe
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bertie, not sure if it is doable from UK, but the state-owned bank here in NZ (Kiwibank) is offering 3.6% p.a. on a 270 day term deposit.
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Bouncing Ludo
11:04 Thu Oct 5
Re: Keeping money safe
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Premium Bonds is another fairly safe option and *can* give good returns. Max 50K though
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Ronald_antly
9:25 Fri Oct 6
Re: Keeping money safe
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Jasnik wrote...
"Silver just drop in value in the market today so he lost some money already "
One assumes that he doesn't want to cash in his investment within a few days.
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bertie
10:39 Fri Oct 6
Re: Keeping money safe
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When you are referring to gold/silver. Pardon my ignorance does that actually mean holding the physical metal or some sort of "electronic share" represented by the metal. Just thinking about the practicalities of buying it and holding it.
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Ronald_antly
6:35 Sat Oct 7
Re: Keeping money safe
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bertie
Good question. You can buy 'paper' gold/silver. However, that runs the risk that whoever is selling you this might be oversubscribing the amount of gold/silver they actually hold. You could get burned BIG TIME using this service.
It is best (although, perhaps less convenient) to hold physical. I have a small safe in which I store my bullion.
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