# Savings



## matt (25 Jun 2009)

The prospect of looking for a savings account fills me with "go watch TV instead syndrome".

The key sticking point is being sure the account I choose is NOT with one of my current financial institutions (i.e. for the risk and insurance point of view).

Does anyone know somewhere to easily find out the structure of banks etc to ensure complete separation of institutions?

Cheers


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## ste_5150 (25 Jun 2009)

All roads lead to Santander.... :lol:


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## wizer (25 Jun 2009)

Stick it under the bed. Unless you're saving tens of thousands, I don't see the point in the interest they offer. It's minuscule.


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## woodbloke (25 Jun 2009)

wizer":s9i7rua6 said:


> Stick it under the bed. Unless you're saving tens of thousands, I don't see the point in the interest they offer. It's minuscule.


...but not *in* the bed, specifically, the mattress! - Rob


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## matt (25 Jun 2009)

wizer":19qqtjgy said:


> Stick it under the bed. Unless you're saving tens of thousands, I don't see the point in the interest they offer. It's minuscule.



Your comment prompted me to re-check something... The money is all in Premium Bonds right now and the rate of return (on an annual basis) based on winnings to date is 1.35% tax free. Not as bad as it was based on today's rates from other saving rates.

I feel less a sense of urgency to move it, although I did see a 4.5% rate today from Close Brothers (who I've never heard of).


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## patl (25 Jun 2009)

matt":2rzieuqu said:


> I did see a 4.5% rate today from Close Brothers (who I've never heard of).


Not surprised. They aren't a high street bank but an old school, UK merchant bank who have a private wealth arm


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## EddieJ (25 Jun 2009)

Try asking here.. http://www.moneysavingexpert.com/


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## wizer (25 Jun 2009)

I honestly think you've got the money in the right place. At least there is a slight possibility that you'll win big.


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## devonwoody (25 Jun 2009)

have you seen this one?

http://www.money.co.uk/savings-accounts ... avings.htm


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## big soft moose (25 Jun 2009)

the govt indemnifies the first £50k (up from £35k recently) with each financial institution anyway - surely you havent got more than 50k in savings :shock:

if you have it means you havent got enough tools, planes, wood, machines etc


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## mattyd (25 Jun 2009)

matt":29ssv2sg said:


> wizer":29ssv2sg said:
> 
> 
> > Stick it under the bed. Unless you're saving tens of thousands, I don't see the point in the interest they offer. It's minuscule.
> ...


 
I had about 14k in bonds a few years ago, and that worked quite well then. Just recently though Iv come into a bit of money (thank the tax man!) and I was looking to do the same thing again, but I visited MoneySavingExpert (best site ever TM) and they have a calculator on there to compare savings accounts against Bonds. 

I typed in my amount (£10k) and compaired the return against bonds and Isa/or current high intrest accounts (cant remember) at todays rates, as I remember it said there would be a 99.1% of me earning more via Isa/savings account than Bonds, ofcourse that 0.9% could result in me winning a million! 

So, Bonds are cool, but statisticaly not that great at the moment


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## Boz62 (26 Jun 2009)

Hi,

If you want to be wary of those banks that actually own three others, and so all have a common £50k limit, here is an up to date list of who owns who:
http://www.moneyfacts.co.uk/Guide/56673/Who-Owns-Who-Banks-and-Savings.aspx

Good luck
Boz


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## joiner_sim (26 Jun 2009)

big soft moose":2r8cojii said:


> the govt indemnifies the first £50k (up from £35k recently) with each financial institution anyway - surely you havent got more than 50k in savings :shock:
> 
> if you have it means you havent got enough tools, planes, wood, machines etc



Totally agree, get the workshop kitted up.  then have a bash and invite us all! :wink:


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