Need Good Savings Rate (1 Viewer)

Oct 1, 2013
7,487
19,763
Lanzarote
Funster No
28,377
MH
Nil by mouth
Exp
Lots
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 ? :)
 
9

9526

Deleted User
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!!

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lorger

LIFE MEMBER
Jul 11, 2008
9,632
90,358
Dumfries
Funster No
3,262
MH
Knaus Sun 650MEG
Exp
2007
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.
 

Chris

LIFE MEMBER
May 5, 2010
21,006
274,551
Funster No
11,412
MH
None
Exp
10 years
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:

That's what would do as well(y)

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OP
OP
Yorick
Oct 1, 2013
7,487
19,763
Lanzarote
Funster No
28,377
MH
Nil by mouth
Exp
Lots
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.
Thanks. We have 4 of them.

But now we're looking at £200k so need something else:)
 

StefAndDi

Free Member
Nov 3, 2014
408
931
Near St. Austell, Cornwall
Funster No
34,107
MH
Ceased motorhoming 1/3/16
Exp
2010 to 2016
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.
 
Jan 8, 2013
8,478
11,516
Dronfield - Derbyshire
Funster No
24,202
MH
Burstner Lyseo 690G
Exp
Happy FLT since 2011
But now we're looking at £200k so need something else:)

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?

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OP
OP
Yorick
Oct 1, 2013
7,487
19,763
Lanzarote
Funster No
28,377
MH
Nil by mouth
Exp
Lots
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?
Hmm. Maybe
 

rich g

Free Member
May 29, 2014
480
855
Worcester
Funster No
31,712
MH
A/S Warwick
Exp
since 2013
If you want to keep your money safe try NS&I all your Money is protected.
 
Apr 9, 2014
1,304
6,591
Lincs
Funster No
30,922
MH
Coachbuilt
Exp
2012
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

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Apr 9, 2014
1,304
6,591
Lincs
Funster No
30,922
MH
Coachbuilt
Exp
2012
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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D

deleted-member02

Deleted User
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 !
 

Ivory55

Free Member
May 23, 2012
6,017
14,534
North West Norfolk
Funster No
21,175
MH
Coachbuilt
Exp
Since Feb 2012
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 .
 

LAM

Apr 23, 2014
415
288
Wiltshire
Funster No
31,104
MH
Chausson 640 Welcome
Exp
Began with the purchase of our first, ever MH in 2014
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.
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)

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Judge Mental

Funster
Deceased RIP
Sep 2, 2009
6,650
5,883
Sarth London
Funster No
8,272
MH
Possl 636 FR panel van
Exp
1994 and beyond...
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 .

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...
 

parknride

Free Member
Jan 21, 2014
1,400
4,749
cumbria
Funster No
29,786
MH
c class
Exp
since 1988
Don't premium bonds have to be invested for 3 months before they actually go into the draw?
 

Charlie

Free Member
May 16, 2015
3,211
3,639
Herefordshire / Worcestershire borders .
Funster No
36,385
MH
Auto Sleeper Kemerton.
Exp
Im a newbie
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..
 

JJ

Mágica
May 1, 2008
19,228
47,725
Quinta Majay, Pinheiro Bordalo, Portugal
Funster No
2,459
MH
Burstner Privilege T
Exp
over 50 years
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:

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Violet1

Free Member
Jul 4, 2015
81
83
March, Cambs
Funster No
37,052
MH
semi-integrated
Exp
i'm a newbie
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
 

Judge Mental

Funster
Deceased RIP
Sep 2, 2009
6,650
5,883
Sarth London
Funster No
8,272
MH
Possl 636 FR panel van
Exp
1994 and beyond...
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:

Oh yeah...who will be first in line I wonder!

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Jun 30, 2010
7,921
27,188
Cornwall
Funster No
12,372
MH
1992 VW Auto sleeper Mono
Exp
Since 2005 this time
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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