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Safety of church funds
Rachel_Jones
Posts: 31 Forumite
I am the treasurer of our church funds (£10000+) which are currently in a Bradford & Bingley Savings account. It was very difficult to find any account which would open a group account and give us some interest. It seems from the news that this may not now be a good idea. Are we covered by the £35000 guarantee? Should I withdraw these funds now? Can you advise where I might put them for safety?
Rachel
Rachel
0
Comments
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They should be covered by the FSCS.
And in any case, the government will not let a bank fail, just like it didn't with Northern Rock. The fallout would be far too great.
Your money is safe.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
Are we covered by the £35000 guarantee?
yes.Should I withdraw these funds now?
no.Can you advise where I might put them for safety?
Any UK bank or building society, including where they are now.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Have you tried CoIF, they do charity accounts.0
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