Ok so a few months ago I finally sold my apartment and now I have a fair whack of cash sitting in a regular bank account having lodged the cheque.
This, I do not like, as now I have > 100k in one institution and although the chance of the banks failing is low, I want to put it elsewhere.
I would have to split it across three banks due to the amount and with low interest rates and various bank fees it would actually be quite an expensive thing to do. State Savings Book Based Deposit Account looks good to me, as it has a 250k upper limit and a guarantee on the full amount. Interest is meaningless anywhere at the moment, really.
It looks like a safe place to stash it for the moment - can anyone think of a reason why I shouldn't use it? I just want to put it somewhere "safe" for the moment and once an extension for the house is put on I may look to invest a good chunk of it elsewhere. But I don't want it tied up or invested for the next few months..... I just want it safe even if its earning very little or nothing or even depreciating slightly.
Looks to me like I can just ramble into any post office with a cheque and sign up. Is it easy to get the post office to send money to an investment of some sort later on, or is it a PITA to do withdrawals to other locations with state savings?
Anyone any experience with this? Thanks.
This, I do not like, as now I have > 100k in one institution and although the chance of the banks failing is low, I want to put it elsewhere.
I would have to split it across three banks due to the amount and with low interest rates and various bank fees it would actually be quite an expensive thing to do. State Savings Book Based Deposit Account looks good to me, as it has a 250k upper limit and a guarantee on the full amount. Interest is meaningless anywhere at the moment, really.
It looks like a safe place to stash it for the moment - can anyone think of a reason why I shouldn't use it? I just want to put it somewhere "safe" for the moment and once an extension for the house is put on I may look to invest a good chunk of it elsewhere. But I don't want it tied up or invested for the next few months..... I just want it safe even if its earning very little or nothing or even depreciating slightly.
Looks to me like I can just ramble into any post office with a cheque and sign up. Is it easy to get the post office to send money to an investment of some sort later on, or is it a PITA to do withdrawals to other locations with state savings?
Anyone any experience with this? Thanks.