MSE News: Boost for savers as deposit guarantee to rocket
Former_MSE_Guy
Posts: 1,650
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This is the discussion thread for the following MSE News Story:
"Those with cash in a bank or building society will have €100,000 (£83k) protected, rather than the current £50,000 by the year-end ..."
"Those with cash in a bank or building society will have €100,000 (£83k) protected, rather than the current £50,000 by the year-end ..."
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Comments
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That is really good news!!!!!!! Will keep my eye on this one, about time too!0
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A few years ago (in the days of 7% plus interest rates) I had all my cash stashed in one place and was most put out when I had to split it up for safety's sake and go looking for numerous other accounts offering a decent rate of interest.
But, as a result I now have several accounts on the go all of which are top rate interest payers (due to the bonuses which usually last 12 months) and as each account's bonus period comes to an end I close that account, open a new one with the current top payer and put the cash there. I find this works quite well for me and quite enjoy chasing the top rates around. I would be reluctant to put too much under one roof again.
Of course, if the banks were to offer an extra % for deposits over 50k then I might be tempted.0 -
If a higher compensation rate is promised that will be good news, especially for older savers who have probably accumulated more savings over their lifetime.
Frankly I'd prefer the convenience of keeping the majority of my savings in one place but even if the compensation level is doubled, I'd be wary now of doing so after the last banking crisis. I'm still not sure the banks can be trusted any more now than in the last crisis, despite all the threatened restrictions to curb their more risky activities.
And I would also like to see all savings institutions with separate brand names forced to have their own licence/registration so that institutuions like Halifax, Birmingham Midshires, AA etc, all have separate licences rather than being lumped together under the same licence registrations. The umbrella concept is too confusing for many savers, many of whom have absolutely no idea which organisations are linked together.0 -
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2012!!!!!!!!!!!!!!!!!! Pathetic, why doesnt the government just get a grip!!0
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I'm not sure that an increase from £50k to £83k counts as a "rocket". A 66% increase to me is not as much a "rocket" as it is an "increase".
rocket (v.): to rise up swiftly, spectacularly, and with force
Of course I think it's a good thing, but I think MSE Guy's choice of words is, as usual, a tad dramatic.You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.0 -
I'm not sure that an increase from £50k to £83k counts as a "rocket". A 66% increase to me is not as much a "rocket" as it is an "increase".
So, it seems like we can look forward to threads with "plummet" or "rocket" or "since records began" in them. (I particular like hearing that one on the media as often the records only began less than 10 years ago and never included a past recession. So by definition they will be the worst since records began).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I was going to post something but after being critical of a few sensationalist headlines recently I didnt want to get boring.Plus, after bendix got his ear bent by Martin for more or less saying the same thing on another thread(I particular like hearing that one on the media as often the records only began less than 10 years ago and never included a past recession. So by definition they will be the worst since records began).You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.0
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Is this increase definately going to go ahead because if it is it will make a difference as to where I stick my money from my close A & L online saver 5 account. Or is it a case of wait and see if they feel like it or not?? Does anyone know the answer to this one, thanks0
This discussion has been closed.
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