Where to put my lump sum and legacy?

rogermhunt

I'm fortunate in that I've recently taken early retirement and took a large lump sum and a smaller annual pension. I'm also about to receive a share of a family legacy.
I now have just over the £85,000 protection limit - some in Halifax ISA and some in Halifax online saver. I'll need to move both amounts whne their bonus rates fall away.
I realise I will have to choose a different banking group when I receive the legacy payment so I'm covered under the protection scheme for all my savings.
The issue I have is that I find it difficult to understand which banking group owns who and whether the protection schemes are separate or come under the one group! I've looked at one table which lists all banks and who they own; BUT, for example, where it showed Lloyds, it didn't show that Halifax is part of Lloyds and therefore protection limit would still be £85,000.
I'm concerend also that banks often eat up or merge with other banks and so it's unclear whether the protection limit for each would be kept separate or merged into a single £85,000.
As I'm about to try to choose a new savings account (maybe two) I just want to make sure I stick the money in bank(s) that have individual protection limits.
Can anyone point me towards a Table that's very clear and up to date which shows Banking Group, who they own and what the position is with the £85,000 limit(s)?
(As an aside, I fear that becuase I have to find two or three different banks, then the rates I get for savings are going to be quite varied - and possible quite low!).

dunstonh

I'm fortunate in that I've recently taken early retirement and took a large lump sum and a smaller annual pension.

If its not too late, it may be better to take a smaller lump sum and greater income. Money purchase schemes are typically best taking the max lump sum. Occupational defined benefit often the best taking the least lump sum.

kidmugsy

You seem to me to be worrying excessively. Barclays, HSBC, LloydsTSB/Halifax, Co-op, Natwest plus the larger building societies (Nationwide, Yorkshire, Coventry) plus all the smaller building societies, plus a whole bunch of other institutions, give you ample choice surely?

My own rule of thumb is to avoid institutions whose deposit protection comes from elsewhere in the EU - no Irish, Dutch, Spanish or French banks for me. It may be mere prejudice, but I'm more relaxed about Swiss and even Australian banks.

Blue_Parrot

rogermhunt wrote: »

I'm fortunate in that I've recently taken early retirement and took a large lump sum and a smaller annual pension. I'm also about to receive a share of a family legacy.
I now have just over the £85,000 protection limit ..........

I can't help but wonder what your age is (early retirement = what? 50? 55?) and would urge you to read this thread wherein a widow inherited the house = large sum of money, and now it's all gone, because she has lived for so long, to the distress of all concerned relatives:

https://forums.moneysavingexpert.com/discussion/4271319

Not being nasty to a newbie; just a different perspective.

rogermhunt

Blue_Parrot wrote: »

I can't help but wonder what your age is (early retirement = what? 50? 55?) and would urge you to read this thread wherein a widow inherited the house = large sum of money, and now it's all gone, because she has lived for so long, to the distress of all concerned relatives:

Not being nasty to a newbie; just a different perspective.

No problem!
I'm 60 and the pension I receive is quite adequate as things currently stand, although I may take on a part time job 12-15 hours per week) next year to supplement the pension or indeed, put into further savings.
However, my main issue is to be sure that the savings I have (which will be approx £200,000 by Feb 2013) are safe and this means spreading them across different banking groups to ensure the protection is there. I'm not a great risk taker and so unlikley to go into the stocks and shares side of things.
So my original question, probably poorly stated, was where can I find a definitive and accurate list of banking groups, who owns who etc and therefore allow me to ensure the £85K protection and also look at the best rates (fixed & easy access probably) across these banks.

gadgetmind

How much cash do you actually need to have on hand and what for?

Cash is usually used as 1) an emergency fund, 2) an asset class for rebalancing a portfolio, 3) an income smoother.

My cash has to serve all three of these roles but it seems to me that only (1) applies to your situation.

badger09

rogermhunt wrote: »

No problem!
I'm 60 and the pension I receive is quite adequate as things currently stand, although I may take on a part time job 12-15 hours per week) next year to supplement the pension or indeed, put into further savings.
However, my main issue is to be sure that the savings I have (which will be approx £200,000 by Feb 2013) are safe and this means spreading them across different banking groups to ensure the protection is there. I'm not a great risk taker and so unlikley to go into the stocks and shares side of things.
So my original question, probably poorly stated, was where can I find a definitive and accurate list of banking groups, who owns who etc and therefore allow me to ensure the £85K protection and also look at the best rates (fixed & easy access probably) across these banks.

You'll find the 'definitive' list here

http://www.fsa.gov.uk/Pages/consumerinformation/uk_groups/index.shtml

ColdIron

Or for an easy to read one
http://www.which.co.uk/money/savings-and-investments/guides/are-my-savings-safe/who-owns-who-in-the-savings-market/

waiax73

have you thought about using an execution-only provider? like rplan or bestinvest? they are usually much cheaper and have good analytical tools.

rplan - http://www.rplan.co.uk/

BestInvest - http://www.bestinvest.co.uk/index.aspx