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Bigger savers – do you really need to spread your savings?

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Bigger savers – do you really need to spread your savings?

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MSE_EeshaMSE_Eesha MSE Staff
144 posts
Sixth Anniversary Combo Breaker I've been Money Tipped! Newshound!
MSE Staff
This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.




Please click 'post reply' to discuss below.

Replies

  • Hi, can you give some information for small businesses looking to save in a savings account? As with all businesses one bank has all our money and if that bank went bust so would our business.

    So, to spread the risk we want to put some money into a business savings account elsewhere. Can you give some examples please? thank you.
  • schiffschiff Forumite
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    My understanding is that the Santander eSaver pays 1% gross, not 0.6%?
  • MSE_MartinMSE_Martin MoneySaving Expert
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    It's explained in https://www.mse.me/safesavings
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
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  • schiffschiff Forumite
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    MSE_Martin wrote: »

    I don't see where, it's a very long article with not a lot of individual bank details, but all I know is that I'm getting 1% gross (0.8% net), today!
  • MSE_EeshaMSE_Eesha MSE Staff
    144 posts
    Sixth Anniversary Combo Breaker I've been Money Tipped! Newshound!
    MSE Staff
    Hi Schiff,

    The current Santander esaver (issue 13) rate is 0.6%. The rate on a previous esaver (issue 11) is at 1% (only for 12mths from opening). Hope that clears things up.

    Thanks

    MSE Eesha
  • GingernuttyGingernutty Forumite
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    Shameless bump over dead :spam: post
    :huh: Don't know what I'm doing, but doing it anyway... :huh:
  • GingernuttyGingernutty Forumite
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    Another shameless bump over dead :spam: post.

    Just goes to show how often this forum is used.
    :huh: Don't know what I'm doing, but doing it anyway... :huh:
  • I have read the blog and article on safe savings but the rates seem to be out of date now. Does anyone know what is the best account to deposit a (temporary) large lump sum from a house sale please?
  • You will get a better chance of a reply in right forum

    Savings & Investments <=====click

    Hi, following the recent email about best instant access savings accounts, I have been busy trying to open 5 accounts to save 80k in each , following my house sale, so far I have only managed to open a virgin money account, all the others have been a real pain due to them all needing me to prove who I am by sending them certified documents, getting this info to the banks is not that easy and so far I had bank of Cyprus reject my application, Halifax seems to have lost my documents which they said only they can send to Birmingham and Midshires, and the postoffice customer Helpdesk were useless at putting me through to the right dept to see how my application was progressing. So now my question is can I put all my money into the Virgin account as its a 'life event' , my intention is to buy another house within 6 months and don't want to tie it up for a long time.
    R.
    MyMoneySaving
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