£50,000 insured saving limit

Dadude_2

I am about to sell my home and move into rented until my new home is ready which should take about 6 months.

My concern is that I am worried where I should put my money as I have been told about a £50,000 maximum insured value just in case the bank / building society goes bust.

Where shal I put my money - it is considerably more than £50k

opinions4u

The limit is likely to go up to £80k ish at the start of the new year.

I'd suggest accounts like The AA (2.8%) and Nat West eSavings (2.89%). Both are offered by banks that are part-government owned. Don't forget joint accounts offer "double" protection.

Beyond that, I wouldn't lose sleep over things. The banks are more secure than they were 2 years ago.

Dadude_2

To be totally British "belt a braces" who else would you recommend if the value was say £300k +

powerone

as above

Please note: The current limit for Deposits is £50,000. The FSCS limit for deposits will increase on 31 December 2010 following European legislation to the equivalent in sterling of 100% of the first €100,000 per person per firm.

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-deposits/#If_I_have_more_than_n_163_50_000_in_an_account_does_that_mean_I_will_lose_money_

powerone

If you have £300k then spread this amount between companies. Ie RBS, HSBC, Lloyds even Nationwide also look at Santander, maybe not!. It depends on what you wnat the money for, how long you dont need it either.

opinions4u

Tesco have their own banking licence.

So do ING.

Egg as well.

HSBC and Barclays too, although not sure about their rates.

Aim for rates of 2.5% plus.

powerone

opinions4u wrote: »

Tesco have their own banking licence.

So do ING.

Egg as well.

HSBC and Barclays too, although not sure about their rates.

Aim for rates of 2.5% plus.

2.5% is quite good , thats why I briefly spoke of Santander. They have an esaver which is 2.5% with fast payments to your bank account.

powerone

Natwest have a credit card that you might be able to apply for that increases the saving rate the more you use it.

http://www.natwest.com/personal/credit-cards/g1/savings-accelerator.ashx

maybe talk to them

Sceptic001

Post Office 2.9% online saver will be covered by FSCS from 1st November.

(NB. NatWest 2.89% is now withdrawn)

dunstonh

Or you can just stick to Lloyds bank or Natwest/RBS. its heavily owned by the Govt. So, whilst you dont get explicit protection, there is pretty much implicit protection given who mostly owns it. It depends on your perception of risk.

Loanranger

I like the Coventry Building Society but you'd need to check their rates.