All my savings are in one bank ,is that really so bad.

paul5046

Its the Halifax, and it makes managing it online so easy. One username and password, one page, very easy to transfer, but i know they say you should spread it around because of the compensation limit.

Opinions please.

paul5046

.....and no my username is not paul5046 so dont even think about it..:rotfl:

agent_orange_2

depends how much

Oblivion

paul5046 wrote: »

Its the Halifax, and it makes managing it online so easy. One username and password, one page, very easy to transfer, but i know they say you should spread it around because of the compensation limit.

Opinions please.

I doubt any of the major banks will ever be allowed to go under, so I think your money is pretty safe.

My concern would be whether you are getting the best return on your savings, and I think it is unlikely. You might want to spread some around just to take advantage of better interest rates.

Dave.

Doomcow

yeah, im with HBOS for all my day-to-day stuff - but certainly shop around for savings accounts.

HBOS's new ISAS Reward is not bad if you can afford not to withdraw 4 times a year.

but i duno - do you get your 6.5% on savings from the start date to the date it ends back to a regular ISAS if you withdraw more than 4 times a year?

paul5046

Oblivion wrote: »

My concern would be whether you are getting the best return on your savings, and I think it is unlikely. You might want to spread some around just to take advantage of better interest rates.

Dave.

I've found its just as important to swap accounts in the same bank, as swapping between banks. ie from regular, to fixed to Isa to websaver etc.
Also i dont mind losing a small amount for convenience.

johng_uk

paul5046 wrote: »

I've found its just as important to swap accounts in the same bank, as swapping between banks. ie from regular, to fixed to Isa to websaver etc.
Also i dont mind losing a small amount for convenience.

If it amounts to over the 'protected' savings threshold (£35k currently I believe), it's wise to spread it around. Otherwise I see no problem with your situation.

nzseries1

I have more than £35,000 in savings but less than £70,000, and I have three accounts, one to hold the first £35k, one to hold the rest, and one for stoozing.

I'm sure it's probably likely for your bank to go under, but I prefer to be as safe as possible.