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Best savings interest rates


Sugarlips

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Ive been out of the UK for a long time but want to keep my options open in the hope that 1) post brexit things will improve and 2) to hedge against losing my job out here in Oz (a possibility if the economic conditions deteriorate sufficiently)

After yesterdays flash crash Im considering switching savings out of AUD given GBP has been so beaten up in recent times but im not 100% confident the pound is the safe haven it once was

As im not a tax resident im not entitled to ISA allowances

Im not confident about p2p esp if a recession is coming. 

Best interest rates i can find is with something called Ford Money (?), 2.2% for 2 years fixed which is pretty good (im getting 2.6% out here with Bank West) but im not sure of the account opening process from offshore. Anyone used them? Any better low risk options out there?

https://www.fordmoney.co.uk/savings-products/fixed-saver

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longtomsilver

It's a plain vanilla investment and as such I don't think anyone will be able to find you a better rate or at least one worthy of consideration. I'm assuming the money you lend ends up in a pool used to fund car purchases as part of their finance arm...

Ratesetter are offering 2.8% in the rolling market, 3.8% 1 year and 5.7% with early redemption penalties of 0.3% and 1.5% respectively. If you held the one paying 5.7% and redeemed after 4 months it'd wash its face. Disclaimer: I currently do not have any money with Rate-setter. Capital at risk. No FSCS protection. Instant access not guaranteed.

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Democorruptcy
On ‎03‎/‎01‎/‎2019 at 22:17, Sugarlips said:

Im not confident about p2p esp if a recession is coming. 

Best interest rates i can find is with something called Ford Money

Don't let me put you off but in one sentence you expect a recession and in the next you are depositing your money with a car firm - isn't the first bad news for the second? I realise Ford Money is supposed to be separate (that hasn't always worked well for me) and there is the FSCS but it made me shift uneasily in my chair. I was trying hard not to get involved but then read this today.

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Yep sure is a dilemma seems there are land mines at every turn at this point in the economic cycle , yet with the cost of living leaping ever higher it’s more important for my savings to work for me. The more dosh I’ve got squirrelled the longer I can survive without a salary 

High st banks are up to their eyeballs in BTL risk whereas Ford are presumably up to their neck in pcp risk.

i think HSBC are the best of a bad bunch in terms of the safe return of my money but their interest rates are not good

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Democorruptcy
10 hours ago, Sugarlips said:

Yep sure is a dilemma seems there are land mines at every turn at this point in the economic cycle , yet with the cost of living leaping ever higher it’s more important for my savings to work for me. The more dosh I’ve got squirrelled the longer I can survive without a salary 

High st banks are up to their eyeballs in BTL risk whereas Ford are presumably up to their neck in pcp risk.

i think HSBC are the best of a bad bunch in terms of the safe return of my money but their interest rates are not good

I completely agree.

Earlier you mentioned you weren't sure about how p2p might cope in a recession and I also agree with that. However it's thinking like that which also puts me off these start up banks, that are largely based on their long standing brand name, another is M&S. I wonder how money in Woolworths might have gone on, if they had started taking deposits to fund a failing retail business? In theory it should all be OK, as long as the FSCS can cope with falling dominoes in a shitstorm. 

I'm a gambler at heart so let's say using the FSCS limit, I think of it as having an £85,000 bet at 1/100 or 1.01 to win £850 that a place paying 1% extra won't go bust. It makes me an NS&I man where deposits at 100% covered by the governbankment (hopefully).

Hargreaves Lansdown now have an Active Saving scheme also paying your 2.2% for 2 years where deposits are spread across several banks. This is your BTL issue though! I emailed HL recently and told them the concept was a good idea but asked if they were concerned that their banks were up to their eyeballs in BTL and ones I wouldn't touch with a bargepole! They thanked me for my comments and said the dept would consider them. xD

Anyway happy squirrelling and good luck!

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5 minutes ago, Democorruptcy said:

I completely agree.

Earlier you mentioned you weren't sure about how p2p might cope in a recession and I also agree with that. However it's thinking like that which also puts me off these start up banks, that are largely based on their long standing brand name, another is M&S. I wonder how money in Woolworths might have gone on, if they had started taking deposits to fund a failing retail business? In theory it should all be OK, as long as the FSCS can cope with falling dominoes in a shitstorm. 

I'm a gambler at heart so let's say using the FSCS limit, I think of it as having an £85,000 bet at 1/100 or 1.01 to win £850 that a place paying 1% extra won't go bust. It makes me an NS&I man where deposits at 100% covered by the governbankment (hopefully).

Hargreaves Lansdown now have an Active Saving scheme also paying your 2.2% for 2 years where deposits are spread across several banks. This is your BTL issue though! I emailed HL recently and told them the concept was a good idea but asked if they were concerned that their banks were up to their eyeballs in BTL and ones I wouldn't touch with a bargepole! They thanked me for my comments and said the dept would consider them. xD

Anyway happy squirrelling and good luck!

Thanks Demo will look at HL. I am at least going into this downturn with 2 years after tax income saved which is no doubt a lot more than most people so the interest rate dilemma is a nice problem to have

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