asitis Posted March 19, 2009 Share Posted March 19, 2009 I heard a rumour yesterday that as of October the IOM Gov will reduce the amount of depositor compensation to £20,000 per holder. Anyone heard anything along these lines ? Link to comment Share on other sites More sharing options...
Tugger Posted March 19, 2009 Share Posted March 19, 2009 It's written into the existing DCS I think Link to comment Share on other sites More sharing options...
Dave Hedgehog Posted March 19, 2009 Share Posted March 19, 2009 I'm seriously giving thought to bunging all of my savings into premium bonds now. Given that you get sod all interest nowadays I reckon there is a better chance of a return from good old ERNIE Anyone else done this? Link to comment Share on other sites More sharing options...
x-in-man Posted March 19, 2009 Share Posted March 19, 2009 I think so - It could explain where all that extra £10 million has gone .. and not just under the floorboards. Link to comment Share on other sites More sharing options...
Cambon Posted March 19, 2009 Share Posted March 19, 2009 I think so - It could explain where all that extra £10 million has gone .. and not just under the floorboards. Under the floorboards in a foreign currency is probably the safest place for it. I read the other day that Post Office Savings - something that everyone considers about the safest thing - is actually deposited with the Bank of Ireland which is teatering on the edge. What's more it is not even covered by the UK (or IOM) compensation scheme. Link to comment Share on other sites More sharing options...
BigDave Posted March 19, 2009 Share Posted March 19, 2009 I read the other day that Post Office Savings - something that everyone considers about the safest thing - is actually deposited with the Bank of Ireland Post Office Limited in the UK offer savings products with the Bank of Ireland, but this is a separate offering to the traditional "Post Office" account, which is the UK Treasury based National Savings and Investments. Link to comment Share on other sites More sharing options...
keyboarder Posted March 19, 2009 Share Posted March 19, 2009 I reckon there is a better chance of a return from good old ERNIE Hardly - not since he was felled by a rock cake and a stale pork pie. Link to comment Share on other sites More sharing options...
P.K. Posted March 19, 2009 Share Posted March 19, 2009 I'm seriously giving thought to bunging all of my savings into premium bonds now. Given that you get sod all interest nowadays I reckon there is a better chance of a return from good old ERNIE Anyone else done this? YUP. No tax, no hassle - easy to deposit and withdraw and I've had about a grand in prize money this past year - and there's always the chance of the monthly envelope arriving with 'The Big One' enclosed. Safe but with a hint of excitement too! Ditto. Unfortunately ERNIE has been hit by low interest rates as well. One £1m Premium Bond prize axed! Clicky. Basically the prize money has been halved. Bummer. Link to comment Share on other sites More sharing options...
asitis Posted March 19, 2009 Author Share Posted March 19, 2009 I'm seriously giving thought to bunging all of my savings into premium bonds now. Given that you get sod all interest nowadays I reckon there is a better chance of a return from good old ERNIE Anyone else done this? Yes already done this but not good returns, methinks I should have blown the lot and contributed to the problem, amazing how those of us who have been sensible are now tarred in some circles as winging savers !! Link to comment Share on other sites More sharing options...
Tempus Fugit Posted March 19, 2009 Share Posted March 19, 2009 I think all savers should withdraw all their savings at the same time in protest, that would really give them something to worry about, never mind the bonuses, they are really taking the p155 now Link to comment Share on other sites More sharing options...
Pragmatopian Posted March 19, 2009 Share Posted March 19, 2009 I'm seriously giving thought to bunging all of my savings into premium bonds now. Given that you get sod all interest nowadays I reckon there is a better chance of a return from good old ERNIE Anyone else done this? Had a full holding of premium bonds for a few years, before withdrawing it to pay the deposit on my flat. At that time I got about 5% back each year, which was slightly better than savings account interest rates at the time. Link to comment Share on other sites More sharing options...
Tugger Posted March 24, 2009 Share Posted March 24, 2009 It's written into the existing DCS I think This has changed - amendments to the DCS were made on 18th March which removed the "sunset clause" for the 50K limit, which will now remain. Sorry for the misinformation Link to comment Share on other sites More sharing options...
manxman2 Posted March 24, 2009 Share Posted March 24, 2009 misinformation and bad judgement is what this place thrives on.. Link to comment Share on other sites More sharing options...
pongo Posted March 24, 2009 Share Posted March 24, 2009 I'm seriously giving thought to bunging all of my savings into premium bonds now. Given that you get sod all interest nowadays I reckon there is a better chance of a return from good old ERNIE Anyone else done this? YUP. No tax, no hassle - easy to deposit and withdraw and I've had about a grand in prize money this past year - and there's always the chance of the monthly envelope arriving with 'The Big One' enclosed. Safe but with a hint of excitement too! Ditto. Unfortunately ERNIE has been hit by low interest rates as well. One £1m Premium Bond prize axed! Clicky. Basically the prize money has been halved. Bummer. National Savings & Investments also do a 100% UK Treasury guaranteed index linked savings product (max investment for that product = £15K). And 100% guaranteed fixed interest savings certificates (max = £15K). Granted you will have a potential IOM tax liability - but your money is guaranteed by the UK Treasury and the with low interest rates it will not be much tax. Although it is irritating that anything from NSI should have an IOM tax liability given that there are no equally safe investment products available here. So with that + Premium Bonds (IOM tax free) -- well that's £60K that you can get 100% safely guaranteed by the UK Treasury and not even have to wonder how good the IOM scheme is. Assuming you are confident that sterling is a good enough bet. ETA: until the storm is over ! Link to comment Share on other sites More sharing options...
Slim Posted March 24, 2009 Share Posted March 24, 2009 Odd that the Isle of Man doesn't issue it's own bonds, isn't it? Link to comment Share on other sites More sharing options...
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