Should i move my Accounts

chris_spackman

I have a few accounts including a Business account with Lloyds TSB, should i close them and move them to................?

Cleaver

Is this a quiz? Are there prizes?

chris_spackman

Er........no. I have a few accounts including a Business account with Lloyds TSB, should i close them and move them to................?

amcluesent

Bank of Zimbabwe has very attractive interest rates at the moment.

Regmir

Bank of Zimbabwe has given up on Zimbabwean dollar and may be looking towards using pounds instead!

http://news.bbc.co.uk/1/hi/world/africa/7865259.stm

bo_drinker

I think if you have less than 50 k in each you are safe, Gordon will cover it if they go t1ts up. May be more than 50k not sure. I know it is more if you bank with the Irish. And if you do spread it about make sure the places you use are not tied to each other as Gordon can only do so much. Other words don't use one place that's in cahoots with another, eg Abbey and A & L etc etc. If you are still unsure send it to me I'll look after it.

dealsearcher

Chris,

A lot of people are in your position. We also don't know if another bank is likely to be found out with much larger debts than they have admitted to. It would seem that HSBC is in a better position though. Personally I would go for one of the mutuals as they have not been so profligate with their (our) money. For me that is the Nationwide. But of course it is a gamble which ever way you decide. You can only do your research and not believe everything a bank manager tells you anymore.

If everyone withdrew their money from the bad banks (and they are starting to become known to us all) and put their money into the good banks (e.g. Nationwide) then at least the good banks would remain solvent and the sensible people would be alright.

Andrew64

I recently closed my Lloyds account. But that was mainly a protest against this ill-judged merger with HBOS as I was a Lloyds TSB shareholder who voted against it. I sold my shares two months ago.

What is a safe bank? HSBC seems to be the 'safest'. That's where I have an account. I also have money in Nationwide BS.

Conflict

chris_spackman wrote: »

Er........no. I have a few accounts including a Business account with Lloyds TSB, should i close them and move them to................?

Move your Business account as you probably can't afford any disruption of service, which although very unlikely is a possibility. But your other accounts should be ok due to government guarantees.

As Andrew64 says HSBC are seen as the safest bg bank world wide, but if Lloyds properly fails I would be amazed if any of the big banks world wide are left standing.

Davesnave

Now I know why Lloyds wrote to me this week to say they were reducing my overdraft limit. They said I'd not been making full use of it.

I'll write back & say it's because I don't buy things I can't afford, like plasma TVs......or HBoS.

Rochdale_Pioneers

I bank with Alliance and Leicester, and would switch to the Co-op but for one reason. A&L offer me a £900 overdraft facility and in the Co-op its £200. OK so I have never used this facility, but with my wife going into business for herself it might come in handy.