It's Oh So Quiet....

bartsimpson

Sorry to quote an Icelandic singer - maybe that's in bad taste given the current situation,

but I was just wondering what peoples thoughts were on where we are at the moment - news on the major British banks has kind of gone quiet, and I'm now wondering whether we're over the worst?

I have been umming and ahhing about whether to transfer some of my business savings over to another institution to spread the risk. It's inconvenient, but it would be much more inconvenient if I find my family back on the bread line.

I think I will press ahead with moving money around, but I'm not even sure that the govt will guarantee ANY business savings let alone £50k.

Anyone else have any thoughts?

amistupid

Hi Bart.
Can't have your family on the bread line, your dad would be unbearable without "Duff" and doughnuts!

hedger

by all accounts we are entering a major recession so I wouldnt think we are over the worst Bart

Hungerdunger

As long as you're not a limited company, I'd have thought that's a very wise thing to do.

Until we sold our business last year, we would regularly transfer money between our business account and an e-savings account with Nationwide. We hadn't really considered bank failure at that time, but we did it simply to earn more interest. Just make sure you record all transfers and don't get it mixed up with your personal money. We had two e-savings accounts - one for personal and one for our business funds.

bartsimpson

Hungerdunger wrote: »

As long as you're not a limited company, I'd have thought that's a very wise thing to do.

I am a limited company. So what would you suggest?

Gwhiz

bartsimpson wrote: »

Sorry to quote an Icelandic singer - maybe that's in bad taste given the current situation,

but I was just wondering what peoples thoughts were on where we are at the moment - news on the major British banks has kind of gone quiet, and I'm now wondering whether we're over the worst?

I have been umming and ahhing about whether to transfer some of my business savings over to another institution to spread the risk. It's inconvenient, but it would be much more inconvenient if I find my family back on the bread line.

I think I will press ahead with moving money around, but I'm not even sure that the govt will guarantee ANY business savings let alone £50k.

Anyone else have any thoughts?

Business savings are covered but the business must meet certain criteria on turnover (under £6M I think) and employee numbers.