Trouble opening account

Archergirl

You may want to think about premium bonds, no interest of course but you never know how much you might win x

Grouchy

badger you caught me on a good day LOL Sorry didn't even think about the Thank you thingy, thought it was just for show really.

innovate - yes I am sitting on the fence on this one, I think I will make my move once there is a firm offer and all seems settled to go ahead with the property and in the meantime do some much needed homework. It may sound daft but I find the prospect of that big wodge of money a bit intimidating (in the nicest possible way of course!).

Premium Bonds, yes, I had thought of putting a bit in there as well.

These forums are really useful. I've been skimming about and picked up some useful stuff. For instance it hadn't sunk in that the 85k is protection per institution, as I'd made a daft assumption it was per account. Also, associated institutions offer a single protection it seems, for instance Bingley BS and Yorkshire BS (think I have the names correct) come under the same umbrella so not 2 x 85k.

Lots more reading to do ....

innovate

Trust you have seen the "what counts as a financial institution" tool?

Don't feel too intimidated by the prospect of having to cope with £350K - - it needs a bit of managing but as long as you have all your facts together, it's not a problem. You seem to be in pretty good shape, anyway, since you are investigating your options already.

Are you really sure, btw, you want to sell the property? Not saying you shouldn't, but rental income from the property (after maintenance, agency fees etc) might still be more than what you can get in interest from the money. Savings interest isn't terribly exciting right now - you'll be lucky if you keep the value of your money up with inflation. Property is obviously a big commitment, but it might offer you more security in the medium term than cash in the bank.

Grouchy

innovate, yes, it is a tricky decision but I've thought it all through and this seems the best option for my situation considering age, dependents (and lack of), things I want to do for the next years etc. Now I just have to get to grips with the savings side of things to make sure I don't make any gaffs. Thanks again.

grey_gym_sock

badger09 wrote: »

I'm a 'lady' badger

sorry, miss!

innovate

Keep asking, Grouchy -- there are some good ideas flying about on the MSE forums.

If you have decided it's savings, that is fine. You then "simply" have to find the highest interest rates - and keep moving your money about as the "bonus rates" expire.

Worth having a look at cash ISAs, even if you aren't a tax payer, but definitely if you are. The max you can put in is £5,640 this tax year, but you should get top interest rates (relatively speaking).

If you aren't a tax payer, even after accounting for the interest from your savings, make sure you fill in R85 forms to get your interest w/o tax deduction.

And the other - small - thing of possible interest is Regular Savers, using the Dripfeeding technique. The best Reg Saver is First Direct (8%), where you should be able to get £100 opening a new current account if you haven't got one already. But there are a host of others, too.

If you want to have another go at opening a Santander 1-2-3 account (surely your outgoings aren't higher than your income ), go via Quidco, to get £45 or thereabouts cashback.