B&b

legless

Hi
I don’t think they will but let’s say the B&B did go bust then how do I go about getting my 35K back? I do think they will get taken over. What do you think?

Andrew64

If the government take over B&B, your money will be very safe!

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4835129.ece

This story says B&B will be merged with NR. If that happens, expect the return on your savings to drop sharply due to the other banks complaining about 'unfair competition'!

http://www.dailymail.co.uk/news/article-1063043/Is-Bradford-amp-Bingley-brink-bail-Ministers-plan-superbank-merged-Northern-Rock.html

legless

When you say savings will drop you mean future savings? Will that be the time to move them somewhere else?

Stavros_3

You need to keep an eye on the rates. I moved all but 35k out of B & B into the rock until the situation stabilises. I am not alone, millions have been deposited into the Rock and what do they do......drop the interest rate by 0.25%. If the papers and pundits are to be believed then the B & B will be taken over in the next week or so either by a financial buy out by another bank or nationalised by the government. When that happens I am moving my money back with them which does attract one of the best rates that suit my personal circumstances a whole 1% higher than the Rock

napoleon

You should have left the money with B+B then. You're losing at least 3 or 4 days interest everytime you move money between banks

Andrew64

legless wrote: »

When you say savings will drop you mean future savings? Will that be the time to move them somewhere else?

If the government does take over B&B, your money will be very safe, but the interest rate offered will be lower. Perhaps the same as offered by NR. Then may be the time to look round for a better deal if it's return you're looking for.