Best Place for my savings now?

blondieleopard

I had 35k in icici...but that is now winging its way back to LLoyds...
Lloyds have a promo for 6% but may be closing anytime...
if you are over 50...(sorry ) Coventry building society have an esaver for 6.25%...but reduces after one year...but then could look around for something else...
I think that we are all in this position...I for one will never keep my money out of UK again..
good luck

wazaaap123

at times like these it is a good bet to buy gold.

keep the cash out of the banks.

EagerLearner

Same here - mine should arrive from my ICICI account tomorrow. I will be glad to see it!

I think that B&B are easiest for me as I have an account with them already (instant savings) and they are now backed by Santander.

I suppose in some ways this is all good for UK Plc, as all the money we had abroad is coming back in tranches over the coming months, as people will trust banks abroad less now.

Wazaap - how can the average person buy gold? I have an account with Hargreaves Lansdown - what would my next step be? I am definately happy to diversify given the current situation.

~Chameleon~

EagerLearner wrote: »

I think that B&B are easiest for me as I have an account with them already (instant savings) and they are now backed by Santander.

I had an account with B&B earlier this year and I'm sure I left £1 in there to keep it 'open' should I ever need it again. Maybe I should check it out

Are all the log-in details the same or has it all changed since Santander took over?

EagerLearner

Chameleon - yes -you just need to give them a new password I think. I also left a few pennies in there, lucky I did.

Aegis

wazaaap123 wrote: »

at times like these it is a good bet to buy gold.

keep the cash out of the banks.

Terrible advice. Someone looking for a savings account is unlikely to be an appropriate person to whom you should recommend commodity speculation, as these are at near opposite ends of the risk scale.

Now, if you wanted to buy up some gold as a small part of a diversified portfolio, that could be achieved by purchasing units of a commodity ETF on a site like Selftrade. However, it would almost certainly be a bad idea to replace savings accounts with gold purchases.

MiserlyMartin

These are bad times for savers. The demise of icesave and kaupthing has removed some competitive pressure on interest rates between the top paying banks. Now with a 0.5% cut in interest rates I expect the best buys to disappear as soon as LIBOR dips. Also the only safe accounts are the ones paying poor rates!

EagerLearner

Aah, *sigh of relief* my ICICI stoozing cash has arrived today, so I have promptly set up a transfer to B&B (is it just me or is it really annoying you have to log in to B&B and then 'get' th emoney from your linked account - I much prefer to make a transfer from my linked account!).

Aegis - have no fear, I am not risk averse, it's just that this particular thread relates to my savings query. I have shares, funds. SIPP etc. Nevertheless, not about to go out any buy bullions... might just re-examine the investments over the coming weeks. Can't speak for others on the thread, but sometimes for me the thought that taking *some* risk now would be worth it as in 10-20 years.

ShallowStu

So with cahoot, I'm relatively safe. HBOS a bit risky

I know the govt will protect it, but having to wait to get it back could be a problem

~Chameleon~

EagerLearner wrote: »

Aah, *sigh of relief* my ICICI stoozing cash has arrived today, so I have promptly set up a transfer to B&B (is it just me or is it really annoying you have to log in to B&B and then 'get' th emoney from your linked account - I much prefer to make a transfer from my linked account!).

Glad your cash arrived ok! Just a reminder to check which B&B account you have as their current top payer is the internet saver issue 3. Discovered mine was an older account so have applied for the issue 3 account this morning.

Also noticed Tesco <spit> are doing an internet saver at 6.50% but I'm sure that's also an RBS product

Have you decided which ISA to open yet? I've been looking at Scottish Widows as it's currently offering 6.25% and allows transfers in, and as a LTSB product it should be 'safe'!