Need Good Savings Rate

Discussion in 'Motorhome Chat' started by Yorick, Nov 3, 2015.

  1. Yorick

    Yorick Funster

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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 ? :)
     
  2. Clickem

    Clickem Funster

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  3. mickyc

    mickyc Read Only Funster

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    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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  4. mariner

    mariner Funster Life Member

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    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:
     
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  5. lorger

    lorger Funster

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    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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  6. Chris

    Chris Funster Life Member

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    That's what would do as well(y)
     
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  7. Yorick

    Yorick Funster

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    Thanks. We have 4 of them.

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

    StefAndDi

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    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.
     
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  9. Stealaway

    Stealaway Funster

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    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?
     
  10. Yorick

    Yorick Funster

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    Hmm. Maybe
     
  11. rich g

    rich g Funster

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    If you want to keep your money safe try NS&I all your Money is protected.
     
  12. Neilfg

    Neilfg Funster

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  13. mariner

    mariner Funster Life Member

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    All money in Premium Bonds is safe!

    :cooler:
     
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  14. wizzer59

    wizzer59 Funster

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    Bricks n morter best place for your money, but in london :giggler:
     
  15. Neilfg

    Neilfg Funster

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    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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  16. kaasbroodje

    kaasbroodje Funster

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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 !
     
  17. Ivory55

    Ivory55 Funster

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    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 .
     
  18. LAM

    LAM Funster

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    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)
     
  19. Judge Mental

    Judge Mental Funster Deceased RIP

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    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...
     
  20. parknride

    parknride Funster

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    Don't premium bonds have to be invested for 3 months before they actually go into the draw?
     
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