Are your savings safe? article discussion

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Comments

  • Hi Guys.

    I'm new to the forum, so apologies if this has already been asked, this is a rather large thread :-)

    Does the protection work differently for current accounts?
    e.g. If i had £25,000 in an ISA, £10,000 in a Savings Account and £5000 in a current account, all with the same bank. Assuming no other debts with the bank (ie a Mortgage), what would happen?
  • Stavros_3
    Stavros_3 Posts: 1,288 Forumite
    There is a search tool on this board that will bring up all the relevant threads when you key in the keywords. But anyway the FSCS will compensate you for the first 35k of your savings in any one banking group (double if its a joint account). So in the HIGHLY UNLIKELY event of your bank going totally bankrupt with no bail or buy out you would possibly lose 5k. Remember is is highly unlikely. On second thoughts don't read some of the other FSCS threads as you would liekly be withdrawing your dosh in double quick time. Oh and welcome to the community
    Liquidity is when you look at your investment portfolio and **** your pants
  • Thanks for the reply.

    So essentially, as far as compensation goes, Savings and Current accounts are treated the same.
  • Stavros_3
    Stavros_3 Posts: 1,288 Forumite
    So essentially, as far as compensation goes, Savings and Current accounts are treated the same.

    As Churchill the dog says "Oh Yes"
    Liquidity is when you look at your investment portfolio and **** your pants
  • Can anybody advise as I have over £35K investment through AXA in investment bonds and plans.

    How safe is this money? How much is protected and is it worth moving my money and paying off my mortgage?
  • Baldur
    Baldur Posts: 6,565 Forumite
    megadishu wrote: »
    Can anybody advise as I have over £35K investment through AXA in investment bonds and plans.
    See FSCS cover for investments.
  • dunstonh
    dunstonh Posts: 116,040
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    Baldur wrote: »

    Investment bonds come under the insurance protection. As do personal/stakeholder pensions.
    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.
  • Baldur
    Baldur Posts: 6,565 Forumite
    dunstonh wrote: »
    Investment bonds come under the insurance protection. As do personal/stakeholder pensions.
    As per this reply.
  • At the risk of cross-posting http://forums.moneysavingexpert.com/showthread.html?t=1188077

    Are Irish banks now the safest place?

    As the Irish government are now guaranteeing ALL deposits at 6 named Irish banks for the next 2 years (no limit, but subject to as yet undisclosed subject to specific terms and conditions so that the taxpayers' interest can be protected,")
  • Expert help please.
    I've a business account with A & L plus personal a/c with RBS. I'm self employed. How safe is the business a/c. Its got £100,000 with company turnover of £250,000 year
    Stupid question now. Where do, lets say, Paul McCartney and medium shops like say a bakers chain keep their money?

    I am in a similar position, but no-one seems to know about business accounts and whether they are safe. I have spoken to a bank who said that any client a/c you have may be ring-fenced from any disaster, but they werent 100% sure. They also said that any business capital you have possibly does not have the same £35k security - again no 100% certainty.
    Personally I feel more uneasy spreading money across 5 or 6 banks because sods law dictates that one of those will go and you will suffer the worry of not being able to access £35k of your money for an indefinite amount of time whilst they sort everything out.
    I also do not feel any confidence for this £35k bail out clause
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