Are your savings safe? article discussion
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Is the first £35,000 protected in Building Society savings accounts?0
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One big potential problem is with 'one accounts'. I have a large amount of money offsetting my mortgage, if i withdraw the money and put it somewhere else it defeats the point of the product. I suppose the thing to do would be to just use the money to pay a lump sum off the mortgage but then i don't have the money handy if i need it.Stuff Martin Has Helped Me Save/Earn
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Builder_Bob wrote: »Is the first £35,000 protected in Building Society savings accounts?
The answer to your question is yes. Please read through the thread, this was asked (and answered) earlier.Everyone needs something to believe in.
I believe I need another beer.0 -
One big potential problem is with 'one accounts'. I have a large amount of money offsetting my mortgage
If it's like my current account mortgage, then it's effectively a large overdraft facility. Unless you've paid it off you are still in net debit, so I'm not worried about that one. It depends how your provider manage it though, maybe?Debbie0 -
Not Strictly 'Savings' but - will pension annuities which are currently being paid, be affected by the current situation?0
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If I have savings in an Linked offset Mortgage account with a UK building Society which exeed £35,000 is this money at risk should the building society go Bust. How would this effect the outstanding Mortgage. ?0
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murphydavid wrote: »Why really did the government bail out Northern Rock?
If NR had been allowed to go bust and people had lost their savings; the following day every single bank and building society in the land would have been inundated with massive queues of savers demanding their cash out, this would result in total meltdown in the whole financial system and possibly a breakdown of law and order too.
IMHO they had no choice but to act.0 -
The fact that the FSA have capped the amount (from April 1st 2008) they can tap the financial industry for, if something goes wrong, at £4 billion, is a travesty and a mockery. This is a derisory amount next to the potential amount required if one or more banks went under. The guarantee of your £35k is no more than an illusion.0
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Is the same true for business accounts?0
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