Are My Life Savings Safe in UK Banks and in Sterling?

luvpump

Pssst wrote: »

What are you saving so much for? If there is one lesson to be learned from this whole fiasco it is that savers are the whipping boys of society. Money is practically worthless unless its spent. It is only a promissory note and with another base rate cut all but imminent and some QE coming your way,your savings are losing value all the time.

http://forums.moneysavingexpert.com/showthread.html?t=1496519

aworriedsaver

Thanks for the answers, but I am concerned that sterling is weakening and would like to move my cash somewhere else rather than see its worth eroded.

The stock markets are falling, so that's no good. An NS&I account is safe but when the Bank of England starts printing money it gets devalued, and any more than £50,000 in a high street bank risks my savings if the bank goes bust. So, if the FTSE is out, sterling is out, the bank is out, where can I put my savings?

gozomark

why is £ out ? see post 11

Pssst

luvpump wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1496519

Surely thats only relevant if you actually take your pound notes and spend them?

Pssst

aworriedsaver wrote: »

Thanks for the answers, but I am concerned that sterling is weakening and would like to move my cash somewhere else rather than see its worth eroded.

The stock markets are falling, so that's no good. An NS&I account is safe but when the Bank of England starts printing money it gets devalued, and any more than £50,000 in a high street bank risks my savings if the bank goes bust. So, if the FTSE is out, sterling is out, the bank is out, where can I put my savings?

http://www.chubb-safe.co.uk/sovereign-grade-size-p-933.html

nrsql

You're suggesting buying safes as a hedge against inflation?
Storage costs might be high - but there might be increased demand for them.

Lol_UK_2

Pssst wrote: »

What are you saving so much for? If there is one lesson to be learned from this whole fiasco it is that savers are the whipping boys of society. Money is practically worthless unless its spent. It is only a promissory note and with another base rate cut all but imminent and some QE coming your way,your savings are losing value all the time.

Wrong-o! If there is one lesson to be learned from this fiasco is that we have all spent too much and not saved enough- precisely the opposite of what you suggest- hence the debt mountain we face both personally and nationally!!
The only way to create real wealth is through saving and producing, not spending and consuming!

As to the main question, I daren't say the 'g' word for fear of reprisals from all the 'safe' investors here who think banks are safe!...but if I had that sort of money I would be listening to Jim Rogers (check youtube for some interviews) if I wanted to invest in stocks or currencies- and keep it spread wide.

(PS...The g word is yellow and shiny!)

aworriedsaver

I don't feel comfortable investing in gold. I don't understand why it has any value anyway; it's only value is that someone says it's valuable. The same as stocks and shares I suppose, once confidence slips, then the value slides dramatically. Anyway, gold isn't for me as for every argument talking the price up I can find others saying the price is high.

jon3001

I suggest diversifiying over 3 asset classes:

• 1/3rd tinned food
• 1/3rd petrol
• 1/3rd guns to guard the other two.

evenasus

Pssst wrote: »

What are you saving so much for? If there is one lesson to be learned from this whole fiasco it is that savers are the whipping boys of society. Money is practically worthless unless its spent. It is only a promissory note and with another base rate cut all but imminent and some QE coming your way,your savings are losing value all the time.

You do realise that you're posting in the 'SAVINGS & INVESTMENTS' forum don't you?