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Is the Nationwide Building Society safe?
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# 1
bluesue1
Old 24-09-2008, 8:27 PM
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Default Is the Nationwide Building Society safe?

With all the talk of not putting more than 35k in any one bank/building society, what are the real chances of a building society as huge as 'Nationwide' going down? I mean they've just merged with 'The Debyshire' and 'The Cheshire' and their Fitch rating is AA. Anyone got any thoughts?
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# 2
dunstonh
Old 24-09-2008, 8:33 PM
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There is little chance of any UK retail bank or building society going under.
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 3
bluesue1
Old 24-09-2008, 8:53 PM
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Thanks dunstonh, I just wonder why every time you put on the TV they're banging on about the FSCS and to spead your money around. I know it does make sense, but I've always thought of somewhere like 'The Nationwide' as being a safe haven, and can't imagine it getting into trouble. But these are worrying times.
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# 4
RayWolfe
Old 24-09-2008, 9:39 PM
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Only if you let them be worrying times.
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# 5
fatpig
Old 24-09-2008, 9:52 PM
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They're as safe as Bradford and Bingley. So nothing to worry about
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# 6
vbrindle
Old 24-09-2008, 10:46 PM
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lol @ fatpig

Seriously though I don't think they'll let any bank in the uk go under because it's the people's money at stake.

But as Martin did with the Tom, Dick and Harry Safes on TV tonight, it's prob best to spread your money around.

Even if you have less than 35k in total I recommend putting money asside somewhere else because even though you're covered by the FSCS it may take time to get the money back, so it's wise to have an emergency fund stashed elsewhere.

This is the paranoid approach but you never know which way this whole mess is going to go at the moment so it's always wise to have a backup plan.

If Nationwide have taken over other building society's then it must be in a strong position to do so I'd have thought.

The problem at the moment is that everyone has got the jitters, even banks. Nobody trusts anyone anymore.
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# 7
Paul_Herring
Old 24-09-2008, 11:39 PM
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Quote:
Originally Posted by bluesue1 View Post
Thanks dunstonh, I just wonder why every time you put on the TV they're banging on about the FSCS and to spead your money around.
Because

"Don't panic, there's little chance of UK PLC going down the pan"

is less newsworthy than

"PANIC!!! THE END OF THE WORLD IS NIGH!!!!"

An a bit of rear-end-covering, just in case one of the minor companies is left to die.
Conjugating the verb 'to be":
o I am humble
o You are attention seeking
o She is Nadine Dorries
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# 8
bluesue1
Old 24-09-2008, 11:51 PM
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Quote:
Originally Posted by Paul_Herring View Post
Because

"Don't panic, there's little chance of UK PLC going down the pan"

is less newsworthy than

"PANIC!!! THE END OF THE WORLD IS NIGH!!!!"

An a bit of rear-end-covering, just in case one of the minor companies is left to die.


So do you think the LTSB is safer than the Nationwide?
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# 9
dunstonh
Old 25-09-2008, 12:03 AM
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Quote:
So do you think the LTSB is safer than the Nationwide?
Before the HBOS bid they would be the top, although HSBC could pip them but not much in it. They will be weakened a little if the purchase goes through but there are rumours that the disposal of Scottish Widows, Clerical Medical and Halifax life would take place to replace the capital.
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 10
peawack
Old 25-09-2008, 9:39 AM
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Quote:
Originally Posted by bluesue1 View Post
Thanks dunstonh, I just wonder why every time you put on the TV they're banging on about the FSCS and to spead your money around. I know it does make sense, but I've always thought of somewhere like 'The Nationwide' as being a safe haven, and can't imagine it getting into trouble. But these are worrying times.

Just remember. To worry, you need to give yourself permission ! Don't give it.
Peter
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