Where to put £90,000 so it is protected under FSCS Instant Access/Current accounts only

NottinghamKnight

colsten said:

colsten said:

SusanSpain said:

Whitesmith… Is this because NS&I is a government based bank? Please can you adivse more.

He has at least £40k of premium bonds, which pay out now and again and I noticed this is NS&I, is this the same thing?

Would Income Bonds or Direct Saver be the better product for him? I see there is also an Investment Account.

NS&I is not a bank but an institution backed by the Treasury. Deposits with NS&I are safe up to the limits in each of the accounts, i.e. £50k in PBs, £2m in Direct Saver etc etc. https://www.nsandi.com/

Don't get confused by the "investment" in NS&I, and by them using 'investing' when they mean 'saving'. None of their account are investments, they are all savings, without exception. With NS&I deposits, there is no risk (other than inflation) to the capital. Your father can totally safely deposit his entire £300k in there , without worrying about the £85K limit. He will get !!!!!! interest (once their rates drop in the next few weeks, as announced), but he will get !!!!!! interest everywhere else, too, for the foreseeable future. NS&I interest is just more !!!!!! than many other places, but this might be outweighed by the safety of the entire sum in a single place.

NS&I has another drawback, as already mentioned: your father cannot "walk in". It's online only. But it's the safest place he can get without splitting his money across several places.

In case you were wondering what the !!!!!! means: the MSE Forum software changed the word s h i t e into !!!!!!

Unusually that's the forum software working correctly, unless you have a very different dictionary to everyone else.

colsten

NottinghamKnight said:

colsten said:

colsten said:

SusanSpain said:

Whitesmith… Is this because NS&I is a government based bank? Please can you adivse more.

He has at least £40k of premium bonds, which pay out now and again and I noticed this is NS&I, is this the same thing?

Would Income Bonds or Direct Saver be the better product for him? I see there is also an Investment Account.

NS&I is not a bank but an institution backed by the Treasury. Deposits with NS&I are safe up to the limits in each of the accounts, i.e. £50k in PBs, £2m in Direct Saver etc etc. https://www.nsandi.com/

Don't get confused by the "investment" in NS&I, and by them using 'investing' when they mean 'saving'. None of their account are investments, they are all savings, without exception. With NS&I deposits, there is no risk (other than inflation) to the capital. Your father can totally safely deposit his entire £300k in there , without worrying about the £85K limit. He will get !!!!!! interest (once their rates drop in the next few weeks, as announced), but he will get !!!!!! interest everywhere else, too, for the foreseeable future. NS&I interest is just more !!!!!! than many other places, but this might be outweighed by the safety of the entire sum in a single place.

NS&I has another drawback, as already mentioned: your father cannot "walk in". It's online only. But it's the safest place he can get without splitting his money across several places.

In case you were wondering what the !!!!!! means: the MSE Forum software changed the word s h i t e into !!!!!!

Unusually that's the forum software working correctly, unless you have a very different dictionary to everyone else.

Are you saying the NS&I interest rates are anything but s h i t e? 

md258

Could you open and manage one (or more) of the best buy accounts online for your father? You'd need him to agree you doing it (and make sure it is documented so that if something happens to you your dad isn't stuck). If you were running it, he'd get better interest rates and not have the hassle of having to do it himself and wouldn't be limited to the banks on his high street.

NottinghamKnight

colsten said:

NottinghamKnight said:

colsten said:

colsten said:

SusanSpain said:

Whitesmith… Is this because NS&I is a government based bank? Please can you adivse more.

He has at least £40k of premium bonds, which pay out now and again and I noticed this is NS&I, is this the same thing?

Would Income Bonds or Direct Saver be the better product for him? I see there is also an Investment Account.

NS&I is not a bank but an institution backed by the Treasury. Deposits with NS&I are safe up to the limits in each of the accounts, i.e. £50k in PBs, £2m in Direct Saver etc etc. https://www.nsandi.com/

Don't get confused by the "investment" in NS&I, and by them using 'investing' when they mean 'saving'. None of their account are investments, they are all savings, without exception. With NS&I deposits, there is no risk (other than inflation) to the capital. Your father can totally safely deposit his entire £300k in there , without worrying about the £85K limit. He will get !!!!!! interest (once their rates drop in the next few weeks, as announced), but he will get !!!!!! interest everywhere else, too, for the foreseeable future. NS&I interest is just more !!!!!! than many other places, but this might be outweighed by the safety of the entire sum in a single place.

NS&I has another drawback, as already mentioned: your father cannot "walk in". It's online only. But it's the safest place he can get without splitting his money across several places.

In case you were wondering what the !!!!!! means: the MSE Forum software changed the word s h i t e into !!!!!!

Unusually that's the forum software working correctly, unless you have a very different dictionary to everyone else.

Are you saying the NS&I interest rates are anything but s h i t e? 

They are what they are, but the forum software blocked your profanity which is what it is designed to do.

RG2015

NottinghamKnight said:

colsten said:

NottinghamKnight said:

colsten said:

colsten said:

SusanSpain said:

Whitesmith… Is this because NS&I is a government based bank? Please can you adivse more.

He has at least £40k of premium bonds, which pay out now and again and I noticed this is NS&I, is this the same thing?

Would Income Bonds or Direct Saver be the better product for him? I see there is also an Investment Account.

NS&I is not a bank but an institution backed by the Treasury. Deposits with NS&I are safe up to the limits in each of the accounts, i.e. £50k in PBs, £2m in Direct Saver etc etc. https://www.nsandi.com/

Don't get confused by the "investment" in NS&I, and by them using 'investing' when they mean 'saving'. None of their account are investments, they are all savings, without exception. With NS&I deposits, there is no risk (other than inflation) to the capital. Your father can totally safely deposit his entire £300k in there , without worrying about the £85K limit. He will get !!!!!! interest (once their rates drop in the next few weeks, as announced), but he will get !!!!!! interest everywhere else, too, for the foreseeable future. NS&I interest is just more !!!!!! than many other places, but this might be outweighed by the safety of the entire sum in a single place.

NS&I has another drawback, as already mentioned: your father cannot "walk in". It's online only. But it's the safest place he can get without splitting his money across several places.

In case you were wondering what the !!!!!! means: the MSE Forum software changed the word s h i t e into !!!!!!

Unusually that's the forum software working correctly, unless you have a very different dictionary to everyone else.

Are you saying the NS&I interest rates are anything but s h i t e? 

They are what they are, but the forum software blocked your profanity which is what it is designed to do.

Forum Rules:

We have a 'profanity filter' on the site, which will hide from public view and replace with '!!!!!' any words, including swear words, which we consider inappropriate. Please don't try to get around this filter, or post or link to content that contains profanities.

It is also disappointing that experienced users should flout this rule even if the new NS&I interest rates applicable on 24th November are  r u b b i s h.

colsten

You best report me. That will be your good deed for this Sunday.

RG2015

colsten said:

You best report me. That will be your good deed for this Sunday.

Not my style. If you are happy with your posts, then that is fine with me.