RBS One Account – Do I need to be Worried??

EOTB

Hi,

Looking at what has gone on today and over the past 6+ months with RBS, should I be worried or looking to jump ship anytime soon?

I currently have about 100k mortgage, but with savings and my current account taken off the mortgage value, the actual value of the mortgage is about 91k at this time.

As I have little money outside of this OneAccount, does anyone know how do I stand in the event of RBS going really bad etc.

Do you think I should move some/all of the savings out and pay the extra Interest associated with this in the OneAccount, just in case - or is it not worth it?

Thanks

Adam.

sodamhall1

The answer to your questions is no as in the event anything did happen and!by!the way its!very unlikely that RBS would go that way your savings are paying off the mortgage balance. So instead of having a 100k mortgage and 9k savings if the worse did happen you would just have a mortgage with whoever for 91k.

EOTB

Thanks for the information.

It's just that I will be without 'backup' in case anything goings wrong (in the house for example) for a few months while I regain my 'buffer' savings.

I would have to attempt to get a Credit Card, which maybe difficult to do in the current climate.

I have seen today that RBS lost 40% of its value today (and probably about 70-80% over the past 12months). Both of these are massive figures.

Harpo_8

I am in a simular position but wanted to make sure this was the case.

I have a offset account with Barclays that I would say im offsetting around 60-70% of my mortgage.

So what your saying is that if they went under (which I can't see), my money i would just turn a debt of 30-40% of the mortgage. Which I could in theory get another mortgage and take my savings back?

Harpo_8

Anyone got any updates..??