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

soulsaver

staffsuk wrote: »

I have a fixed bond about to end soon and may transfer the majority of my savings to one institution. I have no qualms about placing more than 50k with a bank over which the goverment has the controlling stake. I mean - can any seriously imagine Lloyds Banking Group going under for example - seriously??! There is just no way I could ever see that happening

They did say that about Lehmans... but it wasn't 65% owned by the gov... and toxic debts weren't insured.
BTW I don't believe we're out of the woods yet if property values 'correct' to the extent that some think they will over the next couple of years ... write downs will be gigantic+ and some.

nico26

withnell wrote: »

I'd happily put over 50k into any of the "Government owned" banks, which is now most of them!

Wouldn't be happy going over with Santander - the s**t is about to hit the fan over in Spain because they're so tided up in real estate, which has bombed.

I agree with the Spain part Banks there have been hit hard with the property market bombing out.One new build site near where my sons staysnear Gibralter has had to reposess nearly every house on a big fancy estate. Only time will tell.

As for here I got a lot tied up in Hbos at good fixed rates. Used to worry but not any more. Wish i had fired more into them.

castle96

D1zzy - the Coventry a/c closed last Nov, sadly. All I put in there now still attracts 6.25% until next Nov

agsnu

castle96 wrote: »

D1zzy - the Coventry a/c closed last Nov, sadly. All I put in there now still attracts 6.25% until next Nov

The Poppy Bond is good through the end of the year, IIRC.

Dan29

agsnu wrote: »

The Poppy Bond is good through the end of the year, IIRC.

The Poppy Bond is fixed at 6.25% until 31 December but no further funds can be added. An impressive £636m was deposited into Poppy Bonds according to the letter they sent out the other day - it was only open for two or three weeks IIRC.

castle96 wrote: »

D1zzy - the Coventry a/c closed last Nov, sadly. All I put in there now still attracts 6.25% until next Nov

Is this the 50 Plus account? Wasn't an option for me unfortunately.

Back on topic I'm seriously considering going over £50k with my Halifax Guaranteed Reward now the government owns so much of Lloyds Group.

Essex123

Dan29 wrote: »

Back on topic I'm seriously considering going over £50k with my Halifax Guaranteed Reward now the government owns so much of Lloyds Group.

Me too, I've already edged over the £50k by a few thousand however I have another £25k I'm toying with putting in.

The only thing thats giving me a question at the moment is what happens if Lloyds shareholders vote against the resolutions required to implement the Gov scheme.

gozomark

what % of votes do govt control, and what % is needed to pass ?

it will be passed...

Essex123

If its a special resolution it will need 75%, Gov owns 43% at the moment.

There are two other factors at play here:

(i) I suspect institutions will vote in favour as the alternative is probably even less appealing (i.e. the Gov could end up taking control as with NR/BB)

(ii) there is an extremely large (in number) private shareholder base. These people might be more inclined to vote against the plan. Would be interesting to see the %age of shares held by individuals versus institutions.

soulsaver

Dan29 wrote: »

Is this the 50 Plus account? Wasn't an option for me unfortunately.

'Spose you could be fortunate to be closer to retirement and watch this govt & profligate bankers put at risk everything you've worked for for so many years & with very little time to recover... said Victor Meldrew

Back on topic I'm seriously considering going over £50k with my Halifax Guaranteed Reward now the government owns so much of Lloyds Group.

Snap....:cool:

D1zzy

Me too - "seriously thinking" now maybe "seriously leaning" -just need to make the decision..