Would you risk > £50K in a a savings account?

theGrinch

the government will step in and guarantee savings - as they can always do it on the never never paid for by future tax and borrowing.

When northern rock was first in trouble, did the govt think about abandoning it or the same with the Icelandic banks, possibly - but Im sure they pulled away fast from leaving savers out to dry when they started to see the frenzy and queues.

the day savers lose money in a UK based bank or building society, well, Im sure we will start to see riots and there aint no votes in riots.

97trophy

claire07 wrote: »

What about with Bank of Scotland? .....What do you think?

BOS is now part of Lloyds which in turn is now 65% owned by the UK Govt. That makes it very safe.

baby_boomer

What could you gain from taking such a risk? A tiny sum of money.

What could you lose from taking such a risk? A significant sum of money.

And how do you know that the excess on £50K couldn't earn better interest several months down the line, especially after "quantitative easing" [printing money to get the government out of its mess].

It's not as if the UK saver isn't spoiled for choice.

D1zzy

Currently > 2% over most other accounts - ( 5.2% fixed) on potentially, a significant sum of money - which can be withdrawn at any time - so not to be sneezed at.
"It's not as if the UK saver isn't spoiled for choice" - if you know of any other accounts that pay anything like that please let me know
Thanks

evenasus

castle96 wrote: »

yes with Coventry (6.25% fixed/rolling)

I have this account too with £50K in. How is wish I had the confidence to put more in. But I always ere on the side of caution.:rolleyes:

D1zzy

evenasus wrote: »

I have this account too with £50K in. How is wish I had the confidence to put more in. But I always ere on the side of caution.:rolleyes:

I take it this account is no longer available?

sh856531

Would you risk putting > £50 K in a single savings account.

Why don't you want to just split it?

S

theGrinch

the key is how patient you can be with your money

D1zzy

sh856531 wrote: »

Why don't you want to just split it?

S

Currently I do - but 'cos the account pays a fixed 5.2% for instant access which is significantly above my best other instant access account, I' m thinking I am being too cautious in this new world of semi -nationalised banks

home_alone

All savings of £50K or 100K per couple in a government protected account are safe, why should savings of half that amount or any other lower amount not be safe. The only reason to split savings is if you believe that any bank/BS is likely to go under and the time it would take to get your cash back through the FSA could prove a hardship for you, but not many savers put all their cash away so that should not apply.

gary