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Planned boost for savings protection revealed
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Former_MSE_Dan
Posts: 1,593 Forumite
This is the discussion thread for the following MSE News Story:
Former MSE team member
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I think they should add either
1.If your British bank/building society goes under,the accounts should be sold to a British bank/building society.
or 2.When a bank/building society is bought out by another,the new owners must get in contact with account holders giving them the option to walk away penalty free from any investment accounts they had with the previous organisation.I have a deep burning indifference0 -
I'm very unhappy about the way the merger situation of banks and building societies can reduce the number of separate FSA registrations. It seems to me there will be far less choice for savers in future and those who are locked into longer term fixed rate bonds could be left high and dry and find themselves accidentally over the £50,000 compensation limit. It should be compulsory that all merged institutions should retain separate registrations indefinitely, or at least for a five year period. And the £50,000 limit is inadequate, especially for many older savers who are above that limit with a lifetime's saving, and who now have the hassle of having to spread their savings around which can be messy from an administrative point of view.0
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Primrose, I am totally with you on that one. It is a complete headache and you really have to do your own research which takes such a lot of time up. My only positive comment about it is that not so long ago the comp figure was only £37K so I suppose things have improved a little, but it took the Northern Rock fiasco to change things there. Savers really have got the raw end of the deal, and there is very little choice now with all the mergers as you say! I am chasing my tail, think I have things sorted with where to save my next lot of money which has matured then I realise I have money with one of their merged societlies already. And a joint account although giving £100K protection is no good either because I am a non tax payer so things get complicated if we share accounts. Oh well, back to the search!0
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