Did I do it right?

mandymandy_2

I panicked like a lot of people and moved £10000 from Kaupthing Edge and put into my old Online HSBC account. Did I do the right thing?
I really don’t know what’s going on and I’m very thick when it comes to understanding the banking system. I have read loads of threads and just get all muddled up!
Did I do the right thing? Should I leave it where it is or is there a better account I can use?
Kind regard, The Dim One

Primrose

Well, I doubt that you'll be earning very much interest in any online current account and I understand the Kaupthing Edge deposits have now been transferred to ING and would have been safe. If you're a taxpayer, and haven't used up your £3600 Cash ISA allowance for this year, I'd look around for somewhere to deposit that amount. The balance can go in any savings account which pays a decent rate of interest. Your savings in any British savings institution are protected up to a maximum of £50,000 per individual per institution (although some institutions under the same Financial Services umbrella share the same limit). Check out the "Are Your Savings Safe?" article.

ManAtHome

And wait until the 1st of November to move all of it - no interest for October from the HSBC Online Saver (and next to nowt from the Online Bonus Saver) if you withdraw anything now.

If your HSBC Online is just a currect account, ignore that bit...