Doing my head in!!

sandman79

Hello everyone,

I've been searching for a few weeks now for somewhere to save a six figure sum that I want to put towards a house.

I don't want to buy a place to live yet (probably in 6 months time), but I want to put the money away where I can't keep nibbling at it.

That makes me think something like Icesave, but I'd also like to go for somewhere more secure, even for less interest.

My priority is being able to lock it away in a bank that will definitely not collapse and be able to access it with 30-days notice.

Why does this seem so difficult?

Any ideas?

talana

Any ideas?

Don't believe all the stories about banks being in imminent danger of collapse?

If you want cast-iron 100% security, then NS&I or Northern Rock.
Anywhere else your savings are protected up to £35k, so if you have a 6-figure sum then consider spreading it around between a few different banks. Spread the risk around.

I have savings with Icesave (not 6-figure sum though sadly!) and consider them perfectly safe (ie as safe as anywhere else).

Hungerdunger

I know you said "30 days", but you also said ""probably in 6 months". If you realistically don't think you'll need it until mid-February, there are several 6 month fixed rate bonds available. Nationwide have one offering 6.5% gross.

dunstonh

There hasnt been a UK retail bank failure in over 100 years. With worse periods than this having hit the world and economy in the past then you do have to wonder why the media loves scaremongering... oh yes, it sells.

If you are really paranoid about risk then look at NS&I, Northern Rock, LloydsTSB, HSBC and Abbey.

If you are still exceeding the figures on those then you ought to be considering utilising investments somewhat as well. They have different protection limits and some far better FSCS protection than savings.

Ashlion

dunstonh wrote: »

If you are still exceeding the figures on those then you ought to be considering utilising investments somewhat as well. They have different protection limits and some far better FSCS protection than savings.

What are some good sites to learn about such investments?

runciblespoon

dunstonh, I bow to your superior knowledge but do you really mean investments not savings? I'm surprised there's anything worthwhile investing in for a 6 month period - won't it be rather risky?

dunstonh

runciblespoon wrote: »

dunstonh, I bow to your superior knowledge but do you really mean investments not savings? I'm surprised there's anything worthwhile investing in for a 6 month period - won't it be rather risky?

I was just suggesting that if you have exceeded the 35k FSCS protection at half a dozen banks then the amounts involved are probably not earmarked for one thing but could involve longer term money as well.

Investing isnt for the short term so if 100% of the money is going into the deposit then investments are not an option.

runciblespoon

Fair enough, but the OP said they were going to buy a house in 6 months time. There's a possibility they might not want to put it all towards the house but that was what was implied by the post.