Halifax international regular savings

Catbell_2

I recently posted the forms to the Isle of Man to open an account with Halifax International regular savings (10%aer). I know there is some risk as only 75% savings are safe -a risk I was prepared to take -but I didn't know then what we all know nowabout Halifax. I have not yet put the first deposit in of £2000 and am wavering as to whether I should pull the plug on this account before it's fully up and running. I'm not a panicky person, but can anyone tell me that if Lloyds pull this takeover off will the risk be the same as before or is the market in such a mess that even Lloyds could sink. Not sure what to do about this account.By the way, Darlington Building society regulular saving was 8% for those that wanted to know.

YorkshireBoy

Catbell wrote: »

...75% savings are safe

Of the first £20,000 yes.


If, on the other hand...

you're saving £2,000 per month, and

the account is in a sole name, and

they encounter 'problems' in month 11

...then your 'protection' falls to around 66%.


And if they hit problems in month 12 your 'protection' is less than 60%.

Catbell_2

Grateful thanks. Thats helped me to think about how much to save with them if i continue with it

stevetodd

Catbell wrote: »

I recently posted the forms to the Isle of Man to open an account with Halifax International regular savings (10%aer). I know there is some risk as only 75% savings are safe -a risk I was prepared to take -but I didn't know then what we all know nowabout Halifax. I have not yet put the first deposit in of £2000 and am wavering as to whether I should pull the plug on this account before it's fully up and running. I'm not a panicky person, but can anyone tell me that if Lloyds pull this takeover off will the risk be the same as before or is the market in such a mess that even Lloyds could sink. Not sure what to do about this account.By the way, Darlington Building society regulular saving was 8% for those that wanted to know.

My first £2,000 will be paid mid October. I know all my money isn't protected but my way of thinking was that the merger is very likley to go through. If it does than would a giant company like that allow a much smaller subsiduary to fail and blight their name. I am assuming that Halifax International would also end up being owned by Lloyds?

I belive the details of the scheme are that you can actually vary the monthly payments (subject to being between £100 and 2k) so if it start to look hairy you can reduce the later paymenst keeping it below 20k and getting 75% safety cover