Bradford & Bingley? If not, why not?

renard_2

Slowly recovering from the dreadful Icesave experience, I am looking for an alternative home for my savings - once Alistair gets them back from Icesave for me.

I must have monthly interest.

I am tempted by Bradford and Bingley, who presumably are now a safe bet since their acquisition by Santander (I know, nothing can be considered 100% safe in these astonishing times).

I am not the brightest tool in the box where finance is concerned. Before I commit my savings, please can anyone say why I should NOT invest in B&B?

Any advice will be gratefully received.

cheekykid

As long as you stay within 50k i don't see why you shouldn't save with B&B. I know I will but after the shock I had with icelandic banks am not going to put over 50k.

Masomnia

Safer than ever. Just keep an eye on the interest rate.

renard_2

Many thanks for the above advices. They are what I, too, am thinking.

I am sure other people are eyeing B&B's good interest rate (I appreciate it could come down, but guaranteed not below base for many months).

Does anyone please have any reasons why we should NOT go into B&B?

shindigger

renard wrote: »

Slowly recovering from the dreadful Icesave experience, I am looking for an alternative home for my savings - once Alistair gets them back from Icesave for me.

I must have monthly interest.

I am tempted by Bradford and Bingley, who presumably are now a safe bet since their acquisition by Santander (I know, nothing can be considered 100% safe in these astonishing times).

I am not the brightest tool in the box where finance is concerned. Before I commit my savings, please can anyone say why I should NOT invest in B&B?

Any advice will be gratefully received.

Hi
I would say the worst thing i have ever done financially, was to tie my money in a bond that i couldnt retrieve at will. Dont do it. Stay mobile.
Ive just had 10 months of increasing unease as the car crash played out in Iceland. I will never do that again. £2k of £100k doesnt matter.
Stay light on your feet.

disney_cjd

wel I have just taken a hunk a chunk of cash out of KE as they were full of it and am putting it in B&B. So Id say it was OK. I dont trust ING to keep the rates safe and high so i will just keep an eye on B&B rates

LesU

If you are going to invest in B&B then do it quickly, they are busily preparing the shutters on the doors and windows against savers as we speak.
When the proportion of B&B savings gets over a certain percentage they are not allowed to take any more funds. It was part of the agreement when the Government took it over. They are close to that percentage now.

Stavros_3

LesU wrote: »

When the proportion of B&B savings gets over a certain percentage they are not allowed to take any more funds. It was part of the agreement when the Government took it over. They are close to that percentage now.

The government don't own the savings arm of Bradford and Bingley, Santander do and B & B now comes under Abbey. The Government did Nationalise the morgage bits i.e the debts

MrExample

B&B looks like a reasonable bet, but their guarantee to at least match the base rate is hardly confidence-inspiring. Meeting the base rate is pretty useless when you've got tax to consider.

(on the other hand, several other banks/accounts are offering an AER below inflation, which is outrageous!)

TypeR

I know a couple of Icelandic banks that are skint and in need of some cash - cracking rates too! :T

Sorry, I'm £66k down this week because of our six string shooter friends in iceland - I need laughs, and lots of them!

renard_2

TypeR wrote: »

I know a couple of Icelandic banks that are skint and in need of some cash - cracking rates too! :T

Please let me have their details a.s.a.p.!
Otherwise, I have had emails from a very pleasant chap in Nigeria who offers to let me share in a fortune he can unlock, if only he can have a few K to start with. Sounds tempting . . . :j

Seriously though, many thanks to everyone who has given advice here.
In the absence of any really negative comments, I have just opened an internet easy access account with B&B. Fingers crossed - and good luck to everyone. Let's hope the dust settles soon so we can all relax.