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Should i move my Accounts

2

Comments

  • chris_spackman
    chris_spackman Posts: 596 Forumite
    Thank you all for your input. Will the Gov let it fail or will they take it over?
    end the tv tax
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Rochdale_Pioneers wrote: »
    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.

    Hey Coop, I see where you were coming from now, having a go at Laura, the family is going all entrepeneural :beer:
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • zedyy
    zedyy Posts: 149 Forumite
    Why did Llyods decide to take on HBOS when Llyods was a perfectly run bank that didn't play in the money markets? Can someone inform me please. Sounds like they thought they could make it profitable.
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    zedyy wrote: »
    Why did Llyods decide to take on HBOS when Llyods was a perfectly run bank that didn't play in the money markets? Can someone inform me please. Sounds like they thought they could make it profitable.

    I guess the Govt told them to :confused:
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • beaujolais-nouveau
    beaujolais-nouveau Posts: 651 Forumite
    chris_spackman wrote: »
    I have a few accounts including a Business account with Lloyds TSB, should i close them and move them to................?

    I am in a similar situation: I have a business account with HBOS (which I am moving to the Co-op), a business account with Lloyds TSB (which I haven't decided about), and two personal accounts with Lloyds TSB (which I intend to use less and less, and my alternative personal banking account with Nationwide more, until it looks like the right thing to do to close them).

    No one knows how much worse the banking situation is going to get, and the next bit of the "avalanche" might collapse very suddenly. I don't like the idea of having much of a credit balance at any bank just now.
    YouGov: £50 and £50 and £5 Amazon voucher received;
    PPI successfully reclaimed: £7,575.32 (Lloyds TSB plc); £3,803.52 (Egg card); £3,109.88 (Egg loans)
  • 456789
    456789 Posts: 2,305 Forumite
    1,000 Posts Combo Breaker
    zedyy wrote: »
    Why did Llyods decide to take on HBOS when Llyods was a perfectly run bank that didn't play in the money markets? Can someone inform me please. Sounds like they thought they could make it profitable.
    To get more customers and market power (HBOS is the UK's biggest lender I believe)
  • Alan_M_2
    Alan_M_2 Posts: 2,752 Forumite
    Does the £50,000 government gaurantee cover business accounts?

    I thought it was personal savings/accounts only, or is it across the board?
  • funkyfreddy9k
    funkyfreddy9k Posts: 135 Forumite
    Lloyds/HBOS arent going anywhere. However, I fully expect terms to change and for them to start making things difficult for everyone other than their best customers. Reducing overdraft facilities for most people will only be the start!
  • Alan_M_2
    Alan_M_2 Posts: 2,752 Forumite
    funkyfreddy9k wrote: »
    Lloyds/HBOS arent going anywhere. However, I fully expect terms to change and for them to start making things difficult for everyone other than their best customers. Reducing overdraft facilities for most people will only be the start!

    See my other threads, they have been quite agressive with my business, and I know of multiple other businesses having their facitiles withdrawn by LloydsTSB.

    Not a freindly place to be right now.
  • martinman3
    martinman3 Posts: 727 Forumite
    Alan_M wrote: »
    Does the £50,000 government gaurantee cover business accounts?

    I thought it was personal savings/accounts only, or is it across the board?
    Business accounts are covered by the FSCS up to £50000 if the business is considered to be a small business, as defined by a set of rules.

    See http://forums.moneysavingexpert.com/showpost.html?p=18428431&postcount=7
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