Too much money, don't know what to do.

F2KSel

I have around £150k in a Building Society, It's a mixture of things bonds, cash and share ISA's and a small current account.

Obviously I'm worried that if it goes bump I could be well burnt.

I do have money in several other banks and to be honest I'm struggling to keep up with it all as I have a dread of forms and paper work, it's really doing my head in.

When I was last in the BS she went through my accounts and I think at the time she said abc (cash) was covered upto £35,000 (£50,000 now) and those xyz which were cash and share ISA's were covered upto £50,000.

Is that possible or was she making it up?

IT_nerd

You want 3 different accounts with different banks really. Or one hench account with NS&I.
NS&I if you want 100% security.

Also, It must be nice to have so much money you don't know what to do with it

Thinker

I'm glad I found you early on this!

To be honest, in this climate the best advice is not to take advice from here - your not talking about peanuts and you need a comprehensive savings and investment potfolio. Don't be cheap, pay a qualified independent financial advisor. Yes, the pros have been burnt in all this too but, its the best advice your gona get. Dont go it alone... not now.

pumpndump

As a general rule, the traditional building societies are safer than the banks - unless your building society is owned by a bank.

dkmax_2

F2KSel wrote: »

I have around £150k in a Building Society, It's a mixture of things bonds, cash and share ISA's and a small current account.

Doesn't matter where you put it. Darling and Brown will be around shortly to tax it and inflate it all away. It's called robbing Peter to pay Paul. You are Peter.

F2KSel

Thanks, first I'll have to check with the BS and see what I can cash in and move before I can do anything.

The last time I had financial advice I couldn't understand a word of what they were talking about.

After this morning it's probably more like a £100k so the problem is getting less.

IPP-Believer

F2KSel wrote: »

Thanks, first I'll have to check with the BS and see what I can cash in and move before I can do anything.

The last time I had financial advice I couldn't understand a word of what they were talking about.

After this morning it's probably more like a £100k so the problem is getting less.

You make a really good point there. dont ever do anything you cant understand. If the IFA cant explain it to you in terms you can understand, it should send alarm bell ringing.

There is surely no harm in seeing an IFA for a second opinion after you have spoken to the Building society.

Just be clear you are weighing up your options.

Dont go and see Loaner's IFA though he might hypnotise you and make you do something you dont want to do.

ukmike

unless your building society is owned by a bank.

In which case it's not a building society!

F2KSel

Well things aren't as bad as they could have been, I've checked with the BS and I'm covered upto £100k as one lot of money is with someone else my BS is just selling it.