Cash Cow

smallwilly

My first virgin post.

I have had a look at other similar posts but was wondering, I have got 400K that I want to have security in the knowledge that it will be safe. I dont want to split it into 13 accounts so I am covered up to the 35K that banks provide insurance to.

Im probably going to dump the lot in Kauphing Edge, rates are great and there accounts dont look that bad - the intention will be to hoof the lot out again when required.

Are there any banks that offer higher guarantees to individuals that anyone knows of in the event of going bust, or is there a list where I can view safest banks etc.
Bit concerned as I dont really fancy loosing essentially 365K in the event of a crisis, any intelligent answers would be great - I would like a good return and security (not housing though).
Cheers
SmallWilly

spalding

would not be inclined to put over the 35k in them, I know you don't want to open 13 accounts but I would be inclined to split the money into various investment vehicles.

Baldur

Totally agree with spalding.

I don't think that any half-decent IFA would advise you to have 'all of your eggs in one basket'.

izzwizz_2

Northern Rock

smallwilly

Thanks for advice, but I dont really like the idea of IFA's - the last time I saw one of them they sold me an endowment!

Try to work out the best solution on my own or with guidance from others, any other ideas?

Kevicho

I would say you need to find a better IFA, would be worth asking if they have affiliations with financial institutions or are completely independent.

smallwilly

Kev, yep might be an idea - I will have to look into, for the mo Im going to dump the lot into Kauphing Edge, they are just as stable if not more so than any UK org.

Bottom line is nowhere is completely safe at present.

spalding

Still wouldn't put more than 35k in any bank at the moment

jem16

smallwilly wrote: »

Kev, yep might be an idea - I will have to look into, for the mo Im going to dump the lot into Kauphing Edge, they are just as stable if not more so than any UK org.

Bottom line is nowhere is completely safe at present.

Are you planning to save this money or invest it? If you are investing you really need to be looking at a minimum of 5 - 10 years leaving the money untouched. If you would be happy with that an IFA is certainly your best way forward.

If you plan to use it within the nest 5 years then an IFA wouldn't be of any use to you as they don't really look at savings accounts.

smallwilly

Jem - Thanks for good advice.

I will be needing the cash before 5 years so Im definitely in the savings account arena, Its a real mare though as I cant be opening 12 accounts to get under the 35K limit. I have heard post office savings are totally protected so off to look at that.

Cheers
Smallwilly;)

whu

would still recommend getting IFA for such a sum but if you are looking for safety you may wish to also look at NS&I (as it is backed by the govt)