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Who on here are spreading their savings?
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You mean Bank of Crooks and Criminals International."rozeepozee wrote: »My own neuroosis is probably fuelled by the fact that my parents lost their life savings in the BCCI collapse so I have personal experience...Liquidity is when you look at your investment portfolio and **** your pants0 -
Yeah -
I dont actually have 35,000 of savings, i have around 30k in total but have 3 different accounts.
ISA - Newcastle Building Society -
High Interest - KAUPTHING
Easy Access - Yourkshire Building Society
I think it is very sensible to spread out your savings a little anyway getting decent interest rates to ensure your saving is making a little.
I would not keep all my eggs in one basket, particulary now with all the advice out there, theres no need to take a risk with hard earned savings.
Thats just my opinion, but yeah i say spread them out!!!:rotfl:0 -
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All this talk about Bradford and Bingley going under, if anything they will be taken over just like the halifax.0
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Wish I had savings to spread!!!0
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Thinking of taking £35K out of icesave and putting it in ING as I still have an account with them from long ago, just makes it easier.
Just had a look at their interest rates its 6.5% for new customers only (where have I heard that before) and only 4.65% for existing so they can stuff that.
gary0 -
Sam has hit the nail on the head, and I've been saying this for ages. Everyone is saying "it'll never happen" and while it might not, if it did I'd rather have some cash available.I do spread (and probably am neurotic
). Not so much because of the 35K band, although that is becoming an issue too, but the thought of the stress of not being able to access any significant savings when you might need to if a bank has just gone bust....
I'd guess you'd not be able to access moneys under the compensation scheme straightaway, so I rather have bits in various places while the red tape is sorting itself out. The interest issue is another thing indeed (mine are mostly annual).
Also, you'd never invest in one share, so why save in one bank? I don't think my method is neurotic - more "considered". Some of the best rates are with Icelandic banks, and while I trust them, they are undeniably interlinked (the banks that is) so I wouldn't put all my money into Iceland either.
One account also equals one account to compromise - if tomorrow's your unlucky day then you could be cleared out in seconds - now if you had money spread between 3 acccounts with different passwords, it becomes a bit more difficult...
Adding in the likelihood of your chosen bank (queue B&B...) reducing your interest rate mid term, having a small number of accounts gives you a better chance of getting higher rates for longer - it's hardly hard work to run a couple of accounts.You've never seen me, but I've been here all along - watching and learning...:cool:0 -
LongTermLurker wrote: »
One account also equals one account to compromise - if tomorrow's your unlucky day then you could be cleared out in seconds - now if you had money spread between 3 acccounts with different passwords, it becomes a bit more difficult...
Excellent point, LTL. In fact I'd say the chances of losing all of the money in an account to fraud are far greater than losing it in the failure of a UK bank, so perhaps even people with "only" £35,000 in savings should think about spreading their cash a bit.0 -
There is now no way the FSA can allow B&B to go under. After the support for NR and HBOS and the statements darling is making it would be unthinkable.
With 6.51% it is only marginally down on KE and with them being Icelandic the government support would not be forthcoming.
Go with B&B and take the benefits.
I posted about KE yesterday with a section of KE's t&c's which was brought to attention by another poster, regarding the £35000 protection. I was immediately told to read the section about it on this website, which I already had done and was told that the first £35K is protected. However at the risk of repetition for which I sincerely apologise, is it covered or not? B&B, just watched Panorama, still no clue as to its safety for an e saver.
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KE are protected as are Icesave one is in the passport scheme. The point I was making about government cover was that if you did not spread your money and had more than the £35k cover the UK government would not let a bank fail, which is what was clearly the opinions in Panarama, wheras this would not be the case for Icelandic banks.voyagerbear wrote: »I posted about KE yesterday with a section of KE's t&c's which was brought to attention by another poster, regarding the £35000 protection. I was immediately told to read the section about it on this website, which I already had done and was told that the first £35K is protected. However at the risk of repetition for which I sincerely apologise, is it covered or not? B&B, just watched Panorama, still no clue as to its safety for an e saver.Change is here to stay0
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