Natwest is safe now yes?

v.rajput

I had forgotten that natwest is owned by RBS, now has RBS been bought buy the government?, just like BBB and Northeren Rock?

Does that make Nat West Safe?

im confused again!!

Doomcow

it wasnt unsafe to begin with.

gozomark

RBS hasn't been fully bought by the Govt (yet), only 70% so far.

Is it safe ? Its just about as safe as the UK Govt is

v.rajput

Nice one guys: Doomcow.. if RBS was/is in trouble wouldnt tht mean everything it owned would be?

Also has anyone heard of ppl taking out all there savings out of the banks and keeping them at home?.. i read within Forums that the £ is as doomed as Zimbabwae.

ta for the chat

Inactive

v.rajput wrote: »

Nice one guys: Doomcow.. if RBS was/is in trouble wouldnt tht mean everything it owned would be?

Also has anyone heard of ppl taking out all there savings out of the banks and keeping them at home?.. i read within Forums that the £ is as doomed as Zimbabwae.

ta for the chat

I would suggest that even Zimbabwe has been better managed than RBS... :rotfl:

gozomark

v.rajput wrote: »

i read within Forums that the £ is as doomed as Zimbabwae.

you can also read on forums that

1. Elvis is alive
2. the moon landings never happened
3. Bush wasn't the worst US president ever

however, it doesn't make any of them true....

mrposhman

v.rajput wrote: »

Also has anyone heard of ppl taking out all there savings out of the banks and keeping them at home?.. i read within Forums that the £ is as doomed as Zimbabwae.

ta for the chat

This is the problem with people reacting when not understanding the problem.

The £ tanking may not have an effect on whether a bank can operate, therefore as long as your money is safe, you are always better leaving your money in the bank.

If the £ tanks then:

Inflation will rise, has no effect on your money (or it could be beneficial in the bank as usually when inflation rises, interest rates follow therefore providing you interest on your cash, something you wouldn't get by putting it under your mattress.

To be honest, the worst advice I have read on this site, is "put your cash uinder your mattress" because this just makes the situation worse.

If the banks crash and burn, hyperinflation will kick in and it matters not one iota how much cash you have as hyperinflatiopn will eat into it very quickly.

v.rajput

LOL...
cheers!!

vj

itsallagame_2

mrposhman wrote: »

To be honest, the worst advice I have read on this site, is "put your cash uinder your mattress" because this just makes the situation worse.

If the banks crash and burn, hyperinflation will kick in and it matters not one iota how much cash you have as hyperinflatiopn will eat into it very quickly.

Well, I believe that to be the BEST advice anyone could have atm, as if the situation does do get worse and debts are still spiralling and HM Gov decides to intervene, a la Argentina in the 80s.
They may limit withdrawals from banks to cover basic weekly costs for an unspecified time, if this happened it would be prudent to have some cash at hand to help see you through.
Pathetic interest rates that will get worse gives me an indication that having cash at hand would be wise, as you have nothing to lose. It can be put back in at any time.
Crap info, like don’t sell your shares did no one any favours.
If you want to take some out feel free, it’s yours!

Hyperinflation ain’t gonna happen, inflation, most probably, yes.
The rich elite of the world aren’t going to let hyperinflation put you knocking at their doors.

Mike1989

itsallagame wrote: »

Pathetic interest rates that will get worse gives me an indication that having cash at hand would be wise, as you have nothing to lose. It can be put back in at any time.

I think the original post was in regard to putting your money under your mattress instead of in a bank account. I also agree it is the worst advice that someone could possibly give. It is your money to do with what you want, but, if you are keeping life savings in your house that is not really the way to go.

You could get robbed, fire could burn down your house, and your money would be gone. Would you be able to claim that money back and put it back in the bank?

No, unless insurance companies cover large amounts of life savings burned in fires. So removing your money and storing it in your house is not really the best idea. If things go so wrong that the banking system collapses, likelihood is the money you have is not going to be worth much, if anything at all. So I'd rather keep my cash in the bank, earn petty interest, and draw out what I need. No reason to keep more cash out than you need really. But each to their own.

unhealthyman

v.rajput wrote: »

Nice one guys: Doomcow.. if RBS was/is in trouble wouldnt tht mean everything it owned would be?

Also has anyone heard of ppl taking out all there savings out of the banks and keeping them at home?.. i read within Forums that the £ is as doomed as Zimbabwae.

ta for the chat

Please follow the news or something more literate than the hodgepodge of over-the-top, hysterical conspiracy theories and worst case scenarios found on these forums. The amount of misinformation or exaggeration here is ridiculous.