Best safe place for savings

lin49

Has anyone any advice as to where to put any savings after using up your isa allowance?

ColdIron

Perhaps have a look at the Top Savings Accounts link at the top of the page

Prism

I don't use an ISA for my savings - straight into direct savings accounts. My ISA allowance is for stocks and shares or innovative finance (p2p)

sixpence.

ColdIron wrote: »

Perhaps have a look at the Top Savings Accounts link at the top of the page

Are these suggestions all safe? It seems sensible, if you have a two year emergency fund, to lock one years worth in a one year high interest account.

Never heard sharia banking, looks fascinating

eskbanker

sixpence. wrote: »

ColdIron wrote: »

Perhaps have a look at the Top Savings Accounts link at the top of the page

Are these suggestions all safe?

This is explained in point 8 in the need-to-knows in that article, i.e. Up to £85,000 in savings per person is safe in UK-regulated accounts:

After the calamities that hit big banks such as Northern Rock, RBS and the Lloyds Group, every sensible saver should ask: "Is my money safe?" If it is in a UK-regulated bank or building society, it's protected under the Financial Services Compensation Scheme (FSCS) for up to £85,000 per person. See the Are Your Savings Safe? guide.

If they started listed any non-FSCS accounts in that guide, they'd make it quite clear....

Zanderman

lin49 wrote: »

Has anyone any advice as to where to put any savings after using up your isa allowance?

I'd word it the other way around! What ISAs would you use when you've used up all the decent savings accounts?

Because the best savings accounts pay more interest than ISA Savings, so you're better off not saving in ISAs. The 'tax-free' element of ISAs may seem attractive but as most people won't pay tax on the first £1000 of interest each year anyway, ISA savings have become more and more pointless - for most people.

Flobberchops

As mentioned, any bank will have £85,000 FSCS protection.


If you like Premium Bonds or want other NS&I products, they are backed by the treasury so you can have any amount of savings there with no real worry.

eskbanker

Flobberchops wrote: »

any bank will have £85,000 FSCS protection

Any UK-regulated bank!

There have been various banks mentioned on this site that, despite targeting UK consumers, are regulated elsewhere and so are covered by other deposit protection schemes - https://finecobank.com/uk/online/ is a member of the Italian one for example, and French-regulated RCI Bank was promoted in the MSE savings article when it was offering market-leading interest (and before it gained UK registration).

And let's not go back even further to the Icelandic ones....