Who on here are spreading their savings?

Paul_Herring

Stavros wrote: »

IMHO, I don't think they will go under,

Really? Why have you reduced the balance to the FSCS limit then?

LongTermLurker

cheerfulcat wrote: »

Originally Posted by LongTermLurker

One account also equals one account to compromise - if tomorrow's your unlucky day then you could be cleared out in seconds - now if you had money spread between 3 acccounts with different passwords, it becomes a bit more difficult...

Excellent point, LTL. In fact I'd say the chances of losing all of the money in an account to fraud are far greater than losing it in the failure of a UK bank, so perhaps even people with "only" £35,000 in savings should think about spreading their cash a bit.

There's quite a lot of good reasons for spreading yourself around when you think about it.

sdooley

marybishop wrote: »

Wish I had savings to spread!!!

I agree - would be a nice problem to have!

Paul_Herring

DWD board? Before the benefit of the web, it took me 18 years, but it eventually happened.

evenasus

I have £180,000 in one building society, is this madness? I do have three other bank savings accounts with the £35,000 recommended (ok, so one has a bit more in) but knowing where to put money these days has my mind in a fog. Quite a bit of the £180,000 is in matured Tessa, Cash Isa and Bond savings. These get good interest and are not easy to move. Anyone recommend the easiest safe easy access UK savings accounts?

tiptoe_mouse

evenasus wrote: »

I have £180,000 in one building society, is this madness? I do have three other bank savings accounts with the £35,000 recommended (ok, so one has a bit more in) but knowing where to put money these days has my mind in a fog. Quite a bit of the £180,000 is in matured Tessa, Cash Isa and Bond savings. These get good interest and are not easy to move. Anyone recommend the easiest safe easy access UK savings accounts?

Martin lists a few in his article here:

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#instant

Scroll down to The Best of the rest.

You will need to check if spreading your money that the accounts are with separate financial institutions from an FSCS standpoint - see this article http://www.moneysavingexpert.com/savings/safe-savings#whatcounts, bearing in mind that Lloyds TSB and Halifax will probably end up counting as one institution.

tiptoe

PS Just noticed this bit:

Quite a bit of the £180,000 is in matured Tessa, Cash Isa and Bond savings. These get good interest and are not easy to move.

You can transfer part or all of your ISA to another institution. This needn't be difficult, but you may want to check out the stories on the ISA board http://forums.moneysavingexpert.com/forumdisplay.html?f=18 as some institutions are better at transfers than others.

I don't think it's possible to have money in TESSAs anymore - didn't the last ones mature around 2004 (2005?)?

As for bonds - many different products go under this name, so it's difficult to say whether you can move them at the moment.

YorkshireBoy

tiptoe_mouse wrote: »

...Lloyds TSB and Halifax will probably end up counting as one institution.

I don't think they will.

I'm firmly of the opinion the Government will force them to retain separate registrations, especially since the amalgamation of BoS and Halifax registrations last year.

evenasus

tiptoe_mouse wrote: »

Martin lists a few in his article here:

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#instant

Scroll down to The Best of the rest.

You will need to check if spreading your money that the accounts are with separate financial institutions from an FSCS standpoint - see this article http://www.moneysavingexpert.com/savings/safe-savings#whatcounts, bearing in mind that Lloyds TSB and Halifax will probably end up counting as one institution.

tiptoe

PS Just noticed this bit:

You can transfer part or all of your ISA to another institution. This needn't be difficult, but you may want to check out the stories on the ISA board http://forums.moneysavingexpert.com/forumdisplay.html?f=18 as some institutions are better at transfers than others.

I don't think it's possible to have money in TESSAs anymore - didn't the last ones mature around 2004 (2005?)?

As for bonds - many different products go under this name, so it's difficult to say whether you can move them at the moment.

Thank you for this information. I have read the threads.
I'm considering COVENTRY BS & SAGA to start with.

Moving the ISA might be go smoothly, then again not. Pot luck I suppose, if I choose one that hasn't been experienced on here.
I have a Nationwide Isa and a B&B Isa. Not added to the B&B for some years though. After reading about B&B maybe that one should be moved first.

The MATURED TESSA just sits there getting tax free interest but of course you cannot add to it.

I've been with NATIONWIDE for many years (I started out with Hasting & Thanet, taken over by Anglia, then of course Nationwide) and I can't fault their internet service. Moving money from E-SAVER to FLEX account is instant, which is very useful. Just waiting for FASTER PAYMENTS to other banks to kick in.

If it wasn't for all this financial uncertainty, I'd be happy to leave the money where it was.

I did pay off my two sons mortgages earlier this year so at least that money couldn't be lost.
You can't take it with you when you go, as they say. And they will get everythng eventually, so why wait till we're dead!

Stavros_3

Paul_Herring wrote: »

Really? Why have you reduced the balance to the FSCS limit then?

The bit in red below is a clue

Originally Posted by Stavros
IMHO, I don't think they will go under,

tiptoe_mouse

evenasus wrote: »

The MATURED TESSA just sits there getting tax free interest but of course you cannot add to it.

It's a pity you didn't take the option of transferring this to an ISA within 6 months of maturity, as this would have kept it sheltered from tax. As it is, there's no benefit to keeping the money where it is since the interest will be taxed, so you might as well either put it in an ISA if you haven't used this year's allowance, or put it in a high-paying savings account. Do you know how much it's earning at the moment?

tiptoe