Where to put my cash to get a decent return

masonic

https://forums.moneysavingexpert.com/discussion/comment/82068064#Comment_82068064

The standard approach in such a situation is to weight it according to your conviction. If you haven't a clue, go 50:50, if you are confident in one or the other, then bias it to the degree you are sure.

https://forums.moneysavingexpert.com/discussion/comment/82068070#Comment_82068070

I'm doubtful they will be jumping through the regulatory hoops to make this available to UK consumers.

Jimcarrey

https://forums.moneysavingexpert.com/discussion/comment/82068088#Comment_82068088

I'm always looking for the right balance. I'd love the higher returns, but I'm also not comfortable taking on risks I can't afford to accept. So I'm constantly trying to find a way to maximise returns while keeping the risk as low as possible.

That's one of the reasons X Money caught my attention. My guess is that Musk probably won't apply for all the necessary regulatory licences in the UK himself. Instead, I imagine he'll partner with an existing bank or another regulated financial institution to roll out the service in the UK.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82068104#Comment_82068104

Anything is possible, but likely the 6% rate will be dropped to something sustainable by the time anything like that happens. But if he partners with ClearBank or one of the other third party banks often used to hold deposits for fintechs and pays out 6% with FSCS protection, I'll be taking advantage while it lasts.

Jimcarrey

https://forums.moneysavingexpert.com/discussion/comment/82068131#Comment_82068131

My guess is the 6% is just a marketing gimmick. It'll probably be gone in under a year imo.

eskbanker

Given Musk's well-documented antipathy towards much of UK life, it would surprise me if he saw it as a priority to engage with the financial services regulator here…