Do you actually trust any bank with your savings?

Patmoore

Currently I'm thinking a rather large NO! I have 130k sat with HSBC, even with them I'm thinking I'll spread my money just incase the poo does indeed hit the fan.

Just to double check, Northern Rock being state owned, new deposits of any amount are safe? I've read it on the savings page but thought I'd double check before I go ahead and lump them with ~£50k of my money.

Is it best to avoid some institutions offering high interest rates such as B&B and Kaupthing? Even though we have £35k secured with FSCS, can they afford to pay us back should something rather nasty happen with a bank?

Anyway, any advice, ramblings or 'look the info is here, read it you fool' posts will be appreciated.

Ta

Lokolo

The more you worry and start taking money out. The worse it gets.

dunstonh

Currently I'm thinking a rather large NO!

Are you really that paranoid?

I have 130k sat with HSBC, even with them I'm thinking I'll spread my money just incase the poo does indeed hit the fan.

HSBC is one of the best banks in the UK for financial security. Just you watch this space. They will be one of the banks that picks up some of the failed business model banks on the cheap over the coming year.

If I was feeling concerned, then HSBC, Lloyds or Shabby would be where I would be looking at to place my funds. Not taking it away from one of them.

BACKFRMTHEEDGE

Lokolo wrote: »

The more you worry and start taking money out. The worse it gets.

Um not sure that's true. It is what it is and we all need to deal with it. Some people can afford not to worry, others can't. If a bank goes belly up how long is it going to be before you are allowed to access your cash? That might not matter to you, but it might to someone else. I need to have access to my meagre savings:D So I have just taken them out of the Halifax.

Lokolo

So you're saying when everyone rushed to Northern Rock to take their money out it was a good thing?

Nick_C

Patmoore wrote: »

Just to double check, Northern Rock being state owned, new deposits of any amount are safe?
Ta

If you don't trust the banks, should you trust the Government? Remember War Bonds? If banks do start collapsing left right and centre, is it really beyond the bounds of possibility that the Govt may decide it has freeze some assets in Northern Rock or NS&I?

Personally, I wouldn't leave more than £35K anywhere, and have spread my savings as widely as possible to minimise risk and inconvenience if another bank folds.

stevetodd

Patmoore wrote: »

Currently I'm thinking a rather large NO! I have 130k sat with HSBC, even with them I'm thinking I'll spread my money just incase the poo does indeed hit the fan.

Just to double check, Northern Rock being state owned, new deposits of any amount are safe? I've read it on the savings page but thought I'd double check before I go ahead and lump them with ~£50k of my money.

Is it best to avoid some institutions offering high interest rates such as B&B and Kaupthing? Even though we have £35k secured with FSCS, can they afford to pay us back should something rather nasty happen with a bank?

Anyway, any advice, ramblings or 'look the info is here, read it you fool' posts will be appreciated.

Ta

I have redirected savings to Birmingham Midshires as I am mortgaged with them, if you have a mortgage with an institution that offers a good savings product that is your answer as mortgages/loans are set off against savings if the bank goes under

YorkshireBoy

stevetodd wrote: »

I have redirected savings to Birmingham Midshires as I am mortgaged with them, if you have a mortgage with an institution that offers a good savings product that is your answer as mortgages/loans are set off against savings if the bank goes under

Are you sure that doesn't just apply if the mortgage is an offset one?


EDIT: To answer my own question...

http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/ (Q5)

BACKFRMTHEEDGE

Lokolo wrote: »

So you're saying when everyone rushed to Northern Rock to take their money out it was a good thing?

Not at all.;) I'm saying that we are all individuals with different circumstances. If a bank goes belly up and my money gets locked up and I lose my job, do you think my creditors wil be interested in the fact that my money is locked away elsewhere? They'll want their money...they wont care that it's locked up in some bankrupt bank. If I had loads of money I probably wouldn't mind.:p:D

iltisman

If we look outside the UK where else in the world is there a completely safe bank.I am sure the mega rich and politicians have a secure place.

BACKFRMTHEEDGE

iltisman wrote: »

If we look outside the UK where else in the world is there a completely safe bank.I am sure the mega rich and politicians have a secure place.

Fort Knox:rotfl: