Looking to withdraw my savings from the banking system

gozomark

maybe because without knowing exactly what he's wary/frightened of, its difficult to know whether property is a good idea or not...

if its a complete collapse of civilisation he has in mind, having a piece of paper showing ownership of a plot of land is worth nothing

StevieJ

stv1x wrote: »

I think that you'll find a number of people doing this after the showing of 'The Crash - 1929' over the weekend.

I can see the BBC being called into that inquiry this week along with the Tory press

newsaver2008

Gozomark you have a point:)
I am no longer resident in the UK so I didn't see the programme in question but am aware that it was probably a paranoia inducer of the first degree and so no wonder people are reacting like this!

cvd

Are there no companies in addition to banks that offer safety deposit boxes?

PS Even this is not safe from government confiscation: see here

http://www.telegraph.co.uk/news/uknews/2066470/Safety-deposit-box-raids-yield-andpound1bn-of-drugs,-cash-and-guns.html

newsaver2008

Yes, you are right cvd:) I have a safety deposit box but only use it for valuables and not cash. I don't actually use it very often since it is such a hassle going to the bank and getting a clerk and the security guard to go down to the vault with me. Imagine having to do that every time you need a bit of cash!

trenchwars

I believe that some of the gold bullion dealers will keep the gold you purchase in their safe (for an annual fee), although for £1000 worth it wouldn't be very cost-effective.

Nick_C

trenchwars wrote: »

I believe that some of the gold bullion dealers will keep the gold you purchase in their safe (for an annual fee), although for £1000 worth it wouldn't be very cost-effective.

And it would only be as safe as the company you entrust it to!

shaun_from_Africa

ianmoticon,

If you do decide to buy gold, I could send you details of a couple of places to buy it from.
I've been buying bullion coins over the past few years, and even if the price of gold was to drop 40% overnight, I would still have made more profit than if the money was invested in a savings account, and with the 1 1/2% base rate now, I glad I went this way.

Storage and insurance isn't much of a problem.
I have mine in a locked cash box which is stored in the vault of my local Nat West bank. This costs £40 a year, and there is a £10 fee whenever you want to access the box. (You don't go to the vault. One of the bank assistants brings it up, and gives it to you in one of their office rooms).
It's about as safe a place as you can find to store it, but if you do want insurance, this can be arranged through the bank (I don't know the cost), or there are a couple of specialist insurers who will cover it. The one I use charges £1.25 per £1000 of cover.

If you do decide to buy bullion coins, don't get them from ebay. There are plenty available on there, but 1oz coins are currently going for about £100 above the dealers price.