Savings...are they secure??

jarydk

Hi folks,

I have been saving for a number of years now, having saved a fair chunk now im pretty concerned of a possible recession. Years of hard work and saving will be eaten away by the possibility of a serious downturn... one thought Ive had is to move every penny i can into Euros if possible....which is the strongest currency in the world.

Am I being pedantic about the looming market downturn or would it be wise to move money to a more stable currency? Alternatively is there a better way to protect my money???

Your suggestions and comments would be greatly appreciated.

J

6022tivo

The euro is strong against the pound, and your rate will be poor. It may of been worth it a year ago.

As inflation rises, the banks are giving higher interest rates. Don't worry about it.

jarydk

Thanks tivo, so my worry of losing alot of my current savings value is unwarranted?

6022tivo

jarydk wrote: »

Thanks tivo, so my worry of losing alot of my current savings value is unwarranted?

I think so, you are better with them in banks rather than under the bed.

Euro's are strong at the moment, so I would maybe avoid them. I did look at currency trading the other day, but the pound is not doing too well, so maybe not.

I also looked at buying Gold, but again, this was damm high at the time.

I personally have most of my cash in Index Linked Bonds with NS&I.
1. Because the interest is tax free and will mess up my Tax Credit claim.
2. The RPI, it is currently based on +1% is gaining and looks good.
3. Backed by the treasury, so the 35k limit does not apply.

If you have savings in banks, I would try and spread it around a bit, 33k max in each, but I am sure the govenment would not allow a bank to fold to be honest, but you never know.

Geoffo_M

No, stick it all under the mattress. Then, in the dead of night, listen to Gordon Brown tiptoeing up the stairs - he'll get it all one way or the other!

6022tivo

Geoffo_M wrote: »

No, stick it all under the mattress. Then, in the dead of night, listen to Gordon Brown tiptoeing up the stairs - he'll get it all one way or the other!

Why do you think we don't like Gordon Brown..

Is it his spending of money, wasting it away, or just that he is scottish?