Best Savings Rates - Not for Me

wmb194

Do whatever you're comfortable with but I for one appreciate the competition lots of providers bring as it pushes deposit rates higher across the board.

Rather than depositing a large amount, why not start small? You'll need a smartphone or tablet but for instance Atom offers an instant access access and savings bonds from just a pound. For the nervous it's grest because it gives instant notifications that a deposit has been received.

wmb194

talexuser said:

Deleted_User said:

Northern Rock account holders thought that

And RBS, Bradford & Bingley, Alliance & Leicester, Abbey, is a well known name really much safer?

To be fair, Santander bought Abbey in 2004 and rebranded it in 2010 - and IIRC Santander made it through okay - but you can also add quite a few long established, branch possessing building societies which had to be rescued by Nationwide, Skipton, YBS and Coventry to your list.

Qyburn

Deleted_User said:

Zonda111 said:

I don’t understand why only obscure online, and in my view potentially dodgy, financial institutions are listed in the ‘Best Savings’ section.  Who has heard of these so called banks, let alone know where in the world they are based?

I’m sure like most older savers I would prefer to visit, or in the least know of, the place I am investing my nest egg with, rather than just sending it off into the ether with a click of a button. Why can’t we see some best high street banks and building societies listed as well. I am well prepared to travel 40 miles or so once every 2 or 3 years to a household named BS or bank if it gives me piece of mind of where my money is.

Anyone else feel the same?

Northern Rock account holders thought that

Did NR savers actually lose anything?

Albermarle

Qyburn said:

Deleted_User said:

Zonda111 said:

I don’t understand why only obscure online, and in my view potentially dodgy, financial institutions are listed in the ‘Best Savings’ section.  Who has heard of these so called banks, let alone know where in the world they are based?

I’m sure like most older savers I would prefer to visit, or in the least know of, the place I am investing my nest egg with, rather than just sending it off into the ether with a click of a button. Why can’t we see some best high street banks and building societies listed as well. I am well prepared to travel 40 miles or so once every 2 or 3 years to a household named BS or bank if it gives me piece of mind of where my money is.

Anyone else feel the same?

Northern Rock account holders thought that

Did NR savers actually lose anything?

No, but they thought they were saving with a respected large institution and did not expect there to be bank run on them/have to queue up outside panicking as they were struggling to get their money out.

jimexbox

A lot of folk on these forums with a long posting history, have used smaller online banks for years. Reading their experiences give me the confidence to dump the shocking rates on offer in the high street.

Millyonare

The world has changed and we no longer live in the wild west of the 20th century.

Microbanks and megabanks in the UK are heavily regulated and consumers are heavily protected in the 21st century.

As others have said, stick to the FSCS "rules" and every mainland UK savings account is (practically) risk-free.

Richard1212

Zonda111 said:

I don’t understand why only obscure online, and in my view potentially dodgy, financial institutions are listed in the ‘Best Savings’ section.  Who has heard of these so called banks, let alone know where in the world they are based?

I’m sure like most older savers I would prefer to visit, or in the least know of, the place I am investing my nest egg with, rather than just sending it off into the ether with a click of a button. Why can’t we see some best high street banks and building societies listed as well. I am well prepared to travel 40 miles or so once every 2 or 3 years to a household named BS or bank if it gives me piece of mind of where my money is.

Anyone else feel the same?

Nope----I am very happy. I see no dodgy financial institutions in the Leader Board. Marcus, RCI, Shawbrook, Saga, Santander, etc etc are all highly reputable. And I'm not wasting my interest payments by travelling 40 miles there and back 3 times a year just to see some dingy old Victorian BS office 

badger09

Zonda111 said:

I don’t understand why only obscure online, and in my view potentially dodgy, financial institutions are listed in the ‘Best Savings’ section.  Who has heard of these so called banks, let alone know where in the world they are based?

I’m sure like most older savers I would prefer to visit, or in the least know of, the place I am investing my nest egg with, rather than just sending it off into the ether with a click of a button. Why can’t we see some best high street banks and building societies listed as well. I am well prepared to travel 40 miles or so once every 2 or 3 years to a household named BS or bank if it gives me piece of mind of where my money is.

Anyone else feel the same?

As an 'older saver' I'm perfectly happy to use online only as well as traditional 'bricks & mortar' institutions, though I need fewer than the fingers on one hand to count the number of times I've visited one in the last 5 - 10 years. FSCS protection and suitability ie instant access, fixed term etc, is all I need.

@MX5huggy
You mean my £5 notes aren't kept in a shoe box with my name on the front?