Santander Next Bank to fail ??!!

Chris2685

moanymoany wrote: »

NS&I is incredibly quick. It is possible to do it on the phone with a card or by cheque - bet by transfer as well. They move really quickly, the cheque clears in 24 hours. Any checks they do after.

I opened income bonds.

Give them a ring - or I believe you can get the forms from the Post Office if you want to pay by cheque.

I breathed a lot easier when I knew it was in there.

Still debate every day about HBOS!

I know all about panic - not acting in a hysterical way blah ... blah ... blah BUT it is MY money and at the end of the day it is up to me to make a call on where it goes and it goes where I feel it is safe. I didn't create the situation, I haven't made millions out of it, all I have is from earnings and through frugality. I would prefer it if the Government said straight out that all deposits are safe - but they haven't said this directly. If my money leaving a bank happens to be the last straw - not my problem!

That's my view.

I tried to set up an easy access savings account last night and was told we have to wait for the forms to arrive so we can send proof of ID... this could take a while

ceebeeby

Is there any substantive evidence anywhere to suggest there are "issues"!

I also have 6 accounts with Abbey, I actually need to go to the bank today but can imagine the queues will be massive if there's a run on them!

GDB2222

I don't think there's going to be a run on the banks, as deposits are guaranteed (effectively without limit) for private investors.

The worst that can happen is that your account gets frozen and there's a delay in your getting access to your funds. For this reason, it would be sensible to have a bit more cash at home than you normally would.

moanymoany

Chris2685 wrote: »

I tried to set up an easy access savings account last night and was told we have to wait for the forms to arrive so we can send proof of ID... this could take a while

Interesting, I sent the forms and a cheque for the income bonds - then had to send the proof of ID. Wonder if they've changed the rules?

Chris2685

I had to do a similar thing, I did mine online and had to give them info about my main bank account where the money would be coming from/deposited if I needed to. They haven't taken the money yet though. I think they require the proof of ID before setting the account up. I hope they are as quick as you say to put my mind at rest

WTF?_2

GDB2222 wrote: »

It would make some sense to have say a month's salary on-hand in bank notes. Stashing it somewhere and NOT SPENDING IT might cause some problems.

I have a month's worth of day to day expenses (not rent though) held in cash at the moment. You never know when there might be 'problems with the ATM system'. I'm also buying everything through credit card and keeping it paid down to zero on a weekly basis ... can do it through ebanking. I'm continuing to withdraw cash at my normal rate but am keeping it instead of spending it.

Hopefully it won't come to having to fall back on a cash reserve but it pays to be prepared. Looks like the latest tens of billions of quid thrown to the banks will be enough to stabilise things for now, so probably best to start your longer term planning if you haven't already done so.

Financial_Novice_2

I'm sure I read or heard either on Ceefax or the BBC news that the leaders of the Uero countries that met at the week-end made a statement that they would not allow any major bank to fold. That surely would include Santander.

Sorry I can't be more specific but as I have been trawling numerous web sites and news reports I just can't recall where I heard this.

StevieJ

Financial_Novice wrote: »

I'm sure I read or heard either on Ceefax or the BBC news that the leaders of the Uero countries that met at the week-end made a statement that they would not allow any major bank to fold. That surely would include Santander.

Sorry I can't be more specific but as I have been trawling numerous web sites and news reports I just can't recall where I heard this.

I certainly wouldn't like to short banks at the moment, with one Govt or another stepping out and offering guarantees.

Dithering_Dad

These are hardly the actions of a bank about to go under:

Santander of Spain, the biggest bank in the eurozone, is poised to buy the three-quarters of Sovereign Bancopr of the US it does not already own in an all share deal worth around $1.8bn

hSanatnder on Monday said it was injecting £1b of extra capital into its UK business. This would increase the Tier One ratio from about 8 per cent to 9.25 per cent as of the end of 2008.

Probably better to also look outside of the 'Doom Forum' for economic information.

WTF?_2

StevieJ wrote: »

I certainly wouldn't like to short banks at the moment, with one Govt or another stepping out and offering guarantees.

Just short the countries instead, or rather their currencies

(The bigger their bailout as a share of GDP, the more problems they'll have with the value of their currency down the line. No surprises, the UK is particularly screwed in this regard!).