Cash Cow

smallwilly

NS&I rates are bad, but I guess you cant have everything - security comes at a price, I am going to have to have a serious think, there rates are around 4%.

Hopefully KE will introduce a 100% secure account !! or the FSA will raise limit to 100K per account as previous speculation - they should get on and do it..

barak

smallwilly wrote: »

NS&I rates are bad.....

No they aren't!

As izzwizz has mentioned, they have a branch called "Northern Rock" currently paying 6.00% and deposits are 100% guaranteed.

NS&I have to give 3 months notice before they dispose of NR, so you will have plenty of time to decide what to do then.

Jake'sGran

smallwilly wrote: »

NS&I rates are bad, but I guess you cant have everything - security comes at a price, I am going to have to have a serious think, there rates are around 4%.

Hopefully KE will introduce a 100% secure account !! or the FSA will raise limit to 100K per account as previous speculation - they should get on and do it..

If you want to know more about KE it will not take too much time to read their terms and conditions. Also, for a list of the banks that are safe for £35K have a look at the web site of the Financial Services Authority. I have never used an IFA but I have never had £400K to invest. The money I did invest in funds 20 years ago has done well. You can do it yourself but be sure to use a discount broker if you are interested in funds.

It is easy to see at a glance which funds have been consistently good if you look at some well known sites but you must bear in mind that "they go up as well as down".

smallwilly

Wow, thanks barak and gran. I didnt realise either of the major points you mention...

Firstly I thought NR was a no no, but I guess if the savings are now backed by the Treasury then that answers my fears of losing the cash, the other plus being the cash can stay in the UK where it is needed. Im happy with the 6% also its lower than KE but I really need that SECURITY. I really hadnt thought about this Thanks for the pointer - the cash is currently with ING, think it might be time to move to the rock!

I guess this means I can carry it all in the one account at the rock also a bonus!!:A
Smallwilly v pleased

amcluesent

£400K in the Crock may be 'safe' but the purchasing power of Sterling is going to crash as BoE run the printing presses to try and inflate Labour out of the crisis.

I'd be tucking away some of that £400k into bullion and Swissies to protect against the GBP collapsing.

smallwilly

How do I go about buying bullion (which I presume is gold) and swiss francs, can you point me in the right direction and will I gain more than putting it into a 6% crock account?

Cheers
SW

Check back in tom off to bed

Aegis

smallwilly wrote: »

How do I go about buying bullion (which I presume is gold) and swiss francs, can you point me in the right direction and will I gain more than putting it into a 6% crock account?

Cheers
SW

Check back in tom off to bed

Be very careful if you want to start playing with foreign exchange. If you don't know what you're doing, you might well lose a lot of money by experimenting in this. Likewise with commodity investing.

This sort of thing is much higher risk than simple stockmarket investments. If you wanted to do this, you'd probably be better off talking to an IFA. At least if you take an IFAs advice and it turns out to have been bad advice, you can claim compensation. If you take advice on this forum, you have no such recourse.