Bradford & Bingley

patchwork_cat

Surely it would be wise to invest only the maximum £35K in any financial inst or it's skins. If you do this then no need to worry.

Stavros_3

New low of 24p down 4p :eek:

fatpig_2

patchwork_cat wrote: »

Surely it would be wise to invest only the maximum £35K in any financial inst or it's skins. If you do this then no need to worry.

There's no need to worry anyway. As quoted above, you have a government guarantee for any amount with any UK registered bank.

patchwork_cat

Not entering an argument, but MP's are notorious for saying one thing and doing another however pasted straight from MArtin's article http://www.moneysavingexpert.com/savings/safe-savings
The first £35,000 you have saved per financial institution is protected." under the FSCS in legislation not just an off the cuff remark. I know what I would be happiest with.

fatpig_2

But it's the Chancellor of the Exchequer that said it. And is on the public record as having said it. It wasn't an off the cuff remark. So he can hardly renege on that promise

I don't really know what else you would want him to say. How could he be any clearer?

I think some people are just sheep. They're the ones you see shivering in a mile long queue outside their local Northern Rock branch

patchwork_cat

I think it is naive to assume that because the Chancellor said it it will happen. Members of the cabinet have resigned! over less. I am not advising people to pull out of any bank/ buiding soceity, but I am personally risk averse and would not suppose that I know more than advisors such as Martin who are reassuring people that £35K is safe, but they are not mentioning that the Chancellor said that any amount is safe in a UK bank.

There is an old adage don't put all your eggs in one basket and I feel that it is vry apt not just on this occasion, but any.

As I said I don't trust anything that any MP says until it is passed in legislation and I personally would not be risking 1p over £35K on an MP's say so.

fatpig_2

So be it. You just can't assure some people. Withdraw your cash. You're wasting your own time and losing money in the process.

More rational people will not be scaremongered and will sit back and enjoy the spectacle of crazed sheep running for cover!!

FraudBuster

As I said I don't trust anything that any MP says until it is passed in legislation

The Government can and will overule legislation. LloydsTSB~HBOS.

patchwork_cat

OK Fraudbuster so from that do I take it that you are more mistrusting than I am. Obviously the govt do exactly what they want at the time.

Fatpig no you are not going to convince me nor I you, I did say I was risk averse- I think that the point is that the OP get both points of view to make their own choice. Every one is valid in their descion and I will not be drawing any analogues with any farm animal for those that make your choice.

I certainly do not advocate all rushing down and withdrawing all their money as that would compound any problem the instituion might be having.

As I say i don't feel it is irrational to follow Martin's advice on this - after all this is his site.

FraudBuster

Never trust a politician.