deposit of large sums after house sale

son68

duch1 wrote: »

I am in the same position and have spent yesterday and today opening accounts! - but I am confused regarding Northern Rock esaver @ 5.15% - the T&C state only covered to £35k - I thought they were 100% or at least £50k guaranteed? - anyone help me understand this?

Would love to know if your work over the last 2 days left you with a good fixed account list. Also, I believe that altho the full deposiy in NR is garanteed being Government owned, the max deposit per customer is limited to 25K-50K depending on which issue you use.

duch1

son68 wrote: »

Would love to know if your work over the last 2 days left you with a good fixed account list. Also, I believe that altho the full deposiy in NR is garanteed being Government owned, the max deposit per customer is limited to 25K-50K depending on which issue you use.

Sorry, but I need to access mine throughout next year - therefore not used fixed accounts - mainly used the recommended from this website.
thanks

soulsaver

evenasus wrote: »

Silly me :rolleyes: opened fixed rate bonds this year, just concentrating on keeping amounts of £50K safe. Forgot about the interest that would be paid. :rolleyes:

Oh well, at least my capital is safe...well, safe as can be.

AND...at least I don't have over £250K in one institution, as I did earlier this year.:eek:

Yep - nearly learnt my lesson the hard way... Icesave. But thanks to Al and his eagerness to give me some tax payers money (a first, I would add) I'm getting interest too, barring unforseen catastrophes...:cool:

rb10

evenasus wrote: »

Silly me :rolleyes: opened fixed rate bonds this year, just concentrating on keeping amounts of £50K safe. Forgot about the interest that would be paid. :rolleyes:

Oh well, at least my capital is safe...well, safe as can be.

AND...at least I don't have over £250K in one institution, as I did earlier this year.:eek:

If your interest is only paid on maturity then you'll be fine, because as soon as it matures you can get the interest straight out. (Well, and the capital if you want!)

evenasus

rb10 wrote: »

If your interest is only paid on maturity then you'll be fine, because as soon as it matures you can get the interest straight out. (Well, and the capital if you want!)

I'll definitely withdraw the interest on each one at maturity, plus a couple of thousand, to allow for interest due next time. Just in case.

6022tivo

Can't you just stick it in with NS&I as I thought all funds are govenment backed.

rb10

6022tivo wrote: »

Can't you just stick it in with NS&I as I thought all funds are govenment backed.

Could do, but their rates can be very very low!

Cigfran_Black

son68 wrote: »

I need to keep a large amont (£300,000) on deposit somewhere for a year or so. I really don't want to open 6 new accounts and put it in 50's. Love to hear suggestions about good rates and how I can keep it all together.

In my opinion this is not a time to take risks with savings. I would advise opening the 6 accounts you need. Even if you don't get the absolute best interest rate on all the money you will be safe. Or as safe as possible. This is a standard risk versus return calculation. I think a day or two doing this is a small investment in time to protect what I imagine is most of your life savings if you are a "financially average" sort of person.

If we reach the point where the FSCS is unable to honour the 50k guarantee we will be looking at the collapse of civil society, troops on the streets etc. and the best investments will then be a stock of tinned food, bottled water and a hiding place remote from cities. But of course we are a long way from that (I hope!). This is the real reason all governments will do "whatever it takes" to prop up banks.