Need Good Savings Rate

Yorick

Yorick

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Hi. Just selling a house and need to put the money safe for about 6 months.
I've looked on that there internet and seen some good deals but are with banks I've never heard of.

So I thought I'd seek the collective knowledge on here.

I'd be happy with month's notice.

So what can you good folk tell me ? :)
 
My advice would to ensure your account(s) have FSCS protection. Split your money if you are over the limits of protection.

You can get 7% on peer to peer, but the risk would be to great for me.

Clickem just beat me to it!!
 
Any totally risk free investment will pay very little interest.

I would max out in Premium Bonds and you will get some returns, but it is in the lap of the Gods, how much.
Your money will be 100% safe and you never know, you might win a biggie.

:cooler:
 
If you have a santander 123 account you get 3% interest up to £20K, you can open 3 accounts as we have one in my name one in Lorraines and a joint one. it does come with some conditions and they are putting their annual fee up to i think £60 a year. Its worth a look if you want access to your money quick. Once we have paid for the new Mh we will close down two of the accounts so wont have a fee to pay.

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mariner said:
Any totally risk free investment will pay very little interest.

I would max out in Premium Bonds and you will get some returns, but it is in the lap of the Gods, how much.
Your money will be 100% safe and you never know, you might win a biggie.

:cooler:
Click to expand...

That's what would do as well(y)
 
lorger said:
If you have a santander 123 account you get 3% interest up to £20K, you can open 3 accounts as we have one in my name one in Lorraines and a joint one. it does come with some conditions and they are putting their annual fee up to i think £60 a year. Its worth a look if you want access to your money quick. Once we have paid for the new Mh we will close down two of the accounts so wont have a fee to pay.
Click to expand...
Thanks. We have 4 of them.

But now we're looking at £200k so need something else:)
 
Maximum holding of Premium Bonds is currently £50,000.

Financial Services Compensation Scheme drops to £75,000 from 1st January 2016, so you would be wise to have no more than that with any one provider.

Stef.
 
Yorick said:
But now we're looking at £200k so need something else:)
Click to expand...

I've been looking at a bridging loan for my sons new house. We have £175k coming when we finally sell a factory unit this month hopefully
But my sons house purchase needs completing immediately.
The cost of the bridging loan for one month is £6000 - Maybe we could do a deal?
 
Stealaway said:
I've been looking at a bridging loan for my sons new house. We have £175k coming when we finally sell a factory unit this month hopefully
But my sons house purchase needs completing immediately.
The cost of the bridging loan for one month is £6000 - Maybe we could do a deal?
Click to expand...
Hmm. Maybe

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If you want to keep your money safe try NS&I all your Money is protected.
 
If the proceeds are from a house sale and you are looking to bank it for less than 6 months then I think the protection level is for 1 million pounds not just the usual 75k, see Broken Link Removed
 
StefAndDi said:
Maximum holding of Premium Bonds is currently £50,000.

Financial Services Compensation Scheme drops to £75,000 from 1st January 2016, so you would be wise to have no more than that with any one provider.

Stef.
Click to expand...

All money in Premium Bonds is safe!

:cooler:
 
As regards rates we had a look around recently and found the Post Office online saver (available as an ISA as well), it only pays 1.67% but easy access and easy to setup, very few strings attached, there are a number at just over 2% but too many restrictions.

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With rates being so low (difference between best and worst being maybe 1%) it's probably best to go wherever is convenient for you.

I would also check that you can access the funds immediately, as some times 'instant access' isn't quite instant, particularly when large sums are involved - internet accounts often have 10k a day limits for example.

I don't envy you, the inevitable sales pitches and referrals, also having to explain where the money has come from, dealing with bankers generally....

Thinking about it, might be less stressful to take the NS&I route !
 
What happened to that bloke who set up his own bank featured on a tv program. He was called bank on Dave , he was offering good rates .
 
mariner said:
Any totally risk free investment will pay very little interest.

I would max out in Premium Bonds and you will get some returns, but it is in the lap of the Gods, how much.
Your money will be 100% safe and you never know, you might win a biggie.
Click to expand...
Agree with the above comment.......... The maximum has been raised to £50ooo per person. We have received a dividend on a regular, monthly basis. Good luck (y)(y)
 
Ivory55 said:
What happened to that bloke who set up his own bank featured on a tv program. He was called bank on Dave , he was offering good rates .
Click to expand...

Hmm...the bank of JudgeMental has a nice ring to it. Deposits gratefully received...now where is my book on ponsi scheme's! :)

As others have said just split it up..
Your not going to get near even 2% at monthly rates...
 
Don't premium bonds have to be invested for 3 months before they actually go into the draw?

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I appreciate the advice above to put no more than the 75K protected in one place (Figure effective from Jan 16) But be assured IF one of the big banks were to go down it would mean total financial meltdown and IF that happened no bugger would get a penny despite what the government say,

As for decent rates well other than the Santander account which has conditions and limitations money in the bank is actually loosing value and there are no even halfway decent rates..
 
Also don't forget a lot of the banks are joined at the hip and you will only be covered for one lot of £75000
 
JJ said:
I suggest...

Buy Fray Bentos Pies, Branston Pickle, Marmite, Oxo Cubes, Angel Delights and Leisure Batteries and drive down to Portugal.

Sell them to UK motorhomers.

You'll make more than 5%-10% on your money!

JJ :cool:
Click to expand...

Oh yeah...who will be first in line I wonder!
 
Try some overseas stuff!, Commonwealth stuff! Westpac! ANZ Bank, Ausvest, Sun Corp Singapore, stuff like that. Doubt if you'll meet the criterion, but hey ho! give it a whirl! What have you got to lose? they can only say No!

GOOD LUCK!

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