Cash Storage Ideas

homer7929 · Mar 8, 2009

I am withdrawing £300k from my trading account.

I would like to store it somewhere. In a risk free manner. I do not want any risk. And do not want to trade the capital. I just want to keep it.

At the moment, the only option that I know of is to place the cash into 6 separate retail bank accounts. However, the return on those is low. Are there any better alternatives? The Sunday papers mentioned bond and gilt funds, but when I looked at those they had lost money over the last few years.

pelzar · Mar 8, 2009

my spread betting account!

mansmoking · Mar 9, 2009

If your storing the money to avoid banks going bust then multiple bank accounts would be a good option, for investment and protecting against currency fluctuations then invest in different currencies such as Swiss Franc, Singapore Dollar, Euro. Citibank offer fee free savings accounts and you can have upto 5 currency accounts.

karl6666 · Mar 12, 2009

homer7929 said:
I am withdrawing £300k from my trading account.

I would like to store it somewhere. In a risk free manner. I do not want any risk. And do not want to trade the capital. I just want to keep it.

At the moment, the only option that I know of is to place the cash into 6 separate retail bank accounts. However, the return on those is low. Are there any better alternatives? The Sunday papers mentioned bond and gilt funds, but when I looked at those they had lost money over the last few years.

'300k thats 1 spicey meatball'

Surely the money has to go into the account it came out of originally, then spit, dont you compound your profits for more cash.

Im interested in your broker, you are obviously happy with them, who do you deal with, can you reveal or send me a private mail

good luck

Karl

poborsky · Mar 12, 2009

how about storing it like papillion.

luckyd1976 · Mar 13, 2009

homer7929 said:
I am withdrawing £300k from my trading account.

I would like to store it somewhere. In a risk free manner. I do not want any risk. And do not want to trade the capital. I just want to keep it.

At the moment, the only option that I know of is to place the cash into 6 separate retail bank accounts. However, the return on those is low. Are there any better alternatives? The Sunday papers mentioned bond and gilt funds, but when I looked at those they had lost money over the last few years.

EverBank | Rates
If you were an American I would say Everbank.com

250k in FDIC insured And with the plethora of Foreign Currency CD and Bonds Available you could do the Max Yield Strategy and pick the highest yielding 1 yr cd and rotate yrly for growth in the Risk Free Cash Account.

As far as their regular accounts go, they have been great. And in their Bank charter they Guarantee that their Interest bearing accounts will always be in the Top 5% of All US banks.

advfntrader · Mar 13, 2009

300k ! - how much did you start with if you don't mind me asking ??

Tesco have a bond that pays 6% guarenteed I think...

metals_trader · Mar 13, 2009

in my bank account ?

homer7929 · Mar 13, 2009

advfntrader said:
300k ! - how much did you start with if you don't mind me asking ??

Tesco have a bond that pays 6% guarenteed I think...

Thanks advfntrader.

Does anyone know if bonds are covered by the government £50k guarantee?

minime69 · Mar 13, 2009

put it into premium bonds, no risk!

TheGoose · Mar 13, 2009

minime69 said:
put it into premium bonds, no risk!

The maximum holding is £30k per person

minime69 · Mar 13, 2009

TheGoose said:
The maximum holding is £30k per person

he must have close family.

minime69 · Mar 13, 2009

i have spent enough time on this one.

anyone who has £300K to take out of an account and does not know what to do with it, does not deserve to have the money!

minime69 · Mar 13, 2009

spend it on doughnuts and duff beer!

TheGoose · Mar 13, 2009

minime69 said:
i have spent enough time on this one.

anyone who has £300K to take out of an account and does not know what to do with it, does not deserve to have the money!

That's a bit harsh, he's only asking for advice on how to maximise his returns
Personally I would buy the Dow and sell oil here (48)

minime69 · Mar 13, 2009

TheGoose said:
That's a bit harsh, he's only asking for advice on how to maximise his returns
Personally I would buy the Dow and sell oil here (48)

if he has made he money from trading, then he has his answer as where to put the money....back in the trading account.

minime69 · Mar 13, 2009

sorry porb was abit harsh, well done for making that money and good luck.

advfntrader · Mar 13, 2009

if he made the money from trading he wouldn't be wanting to quit !?! - he must have started with 500k and wanting to cut his losses ?!

minime69 · Mar 13, 2009

advfntrader said:
if he made the money from trading he wouldn't be wanting to quit !?! - he must have started with 500k and wanting to cut his losses ?!

he does not say anything about quiting, just said wanted to take out £300k from trading account.

TheGoose · Mar 13, 2009

Just for the record, i'd be buying back half of my oil now (46.92) with a stop just above the high of the day (48.14). That was quick

Advfntrader - why would he have to have started with 500K? I have a client who turned a credit limit of 10k into well over a million.

Goose

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