£50000 protection

solomon4222

Hi all,
with the current situation with the banks,
where do people stand with the governments £50,000 guarentee,
if the bank a person is with goes bust.
any info appreciated.
Ray.

Lokolo

What do you mean? What do you want to know?

solomon4222

I wanted to know if i have £50,000 invested in a bank, which the government says is guarenteed, if that bank goes to the wall, does
the guarentee still apply. or is there any small print, that allows them to get round the said guarentee.

dwsjarcmcd

Yes it applies, in fact that's exactly why it's there!

gozomark

all you have to worry about is whether the govt (ie us, the population of the UK) can afford to fulfill the guarantee

solomon4222

Thanks for that, just wanted reassurance really, call me paraniod,
but for some strange reason, i always get the feeling that poloticians are not always as honest as they should be.
thanks again Ray.

dunstonh

I wanted to know if i have £50,000 invested in a bank, which the government says is guarenteed, if that bank goes to the wall, does
the guarentee still apply. or is there any small print, that allows them to get round the said guarentee.

You say you have £50k invested in a bank. Can you clarify...

1 - Do you mean you own bank shares? (the closest match to what you say)
2 - Do you hold investments which have been set up by the bank?
3 - You have a savings account with a bank?

ray123

Be careful Ray, as some banks now come under the same licence!
Have a look at this article for clarification:
http://www.moneysavingexpert.com/savings/safe-savings#protected

PS it is not a feeling that politicians are corrupt, it is a FACT!
Ray

soulsaver

ray123 wrote: »

Be careful Ray, as some banks now come under the same licence!
Have a look at this article for clarification:
http://www.moneysavingexpert.com/savings/safe-savings#protected

PS it is not a feeling that politicians are corrupt, it is a FACT!
Ray

That's not nice.
True... but not nice..

evenasus

ray123 wrote: »

PS it is not a feeling that politicians are corrupt, it is a FACT!Ray

soulsaver wrote: »

That's not nice.
True... but not nice..

It certainly is. :rolleyes:
True I mean. :sad:

G_M

if i have £50,000 invested in a bank, which the government says is guarenteed, if that bank goes to the wall, does
the guarentee still apply.

If you have £50,000 invested in a bank which goes bust you likely to lose nearly all of it. Your shares may, eventually, pay out 5p for each pound invested if you are lucky.