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

SpinnerB

musehead wrote: »

I've gone well over the £50k limit on my BOS (Lloyds group) reward account at 6%. I think it's worth the very small risk for the extra 3-4%. This is a fantastic account now, having such a high rate and 4 withdrawals allowed at any time.

Brave, but I understand given the rates out there, but you have to have the balls that only 50k is protected, so if it went wrong, well ... hence why I have a couple of bank accounts right now ( liking Bank of Ulster and Investec)

Spinner

bjorn_again

vits2008 wrote: »

I had all my money in an Icelandic bank and when they went bust the balance got transferred to ING who offer up to 100,000 Euro protection

Yes, and at today's exchange rates this represents almost double the protection that the FSCS offer. You make your own mind up as to whether you trust the Dutch government or not but it sounds like a good deal to me.

evenasus

castle96 wrote: »

got £30k coming soon and will be bunging it into the Coventry/6.25% taking me to £89k. Just hope to get some warning prior to any probs !

musehead wrote: »

I've gone well over the £50k limit on my BOS (Lloyds group) reward account at 6%. I think it's worth the very small risk for the extra 3-4%. This is a fantastic account now, having such a high rate and 4 withdrawals allowed at any time.

I know there are other posts saying similar but with the Dunfermline trouble...I wonder if people are still prepared to put/keep more than £50K in one institution?

I would dearly love to but there is no way I would risk it. I don't care what people say about no saver losing money. The Government and members of the FSACS do not have a bottomless purse. Or an Aladin's lamp.;)
What is the point of the FSA stating that the compensation limit is £50K, if that rule is ignored?

I do have over the limit with Nationwide at the moment but that's because I have a members three year bond which matures in the next few weeks. As soon as it does I will move the money.
Fortunately, the bond is only about £15K.

D1zzy

If Dunfirmline savers with over 50K get all their money - I think the 50K limit then becomes meaningless for personal savers.

Stavros_3

evenasus wrote: »

What is the point of the FSA stating that the compensation limit is £50K, if that rule is ignored?

Cos if a UK bank went down and savers losing their deposits, were all fooked. It ain't gonna happen

evenasus

Stavros wrote: »

Cos if a UK bank went down and savers losing their deposits, were all fooked. It ain't gonna happen

So, no point in the limit being in place then?

evenasus

D1zzy wrote: »

If Dunfirmline savers with over 50K get all their money - I think the 50K limit then becomes meaningless for personal savers.

Exactly!
I was certainly against the reimbursement of over the limit for Icesave savers.

Stavros_3

We've had all this b4. It started with the N.R, then we had the scaremongering with the B&B, then HBOS, the Irish banks etc etc. I had 6 figures deposited with the B & B when certain people were talking doom and gloom. I've come out of cash deposits into investments. Nowt to do with ghost stories with banks and building societies going bust and losing all our money (Thats if you believe some of the !!!!!! posted here). I removed it increase growth on my capital - period

PBA

Stavros wrote: »

Cos if a UK bank went down and savers losing their deposits, were all fooked. It ain't gonna happen

More relevantly, if any UK depositors lost money then it would guarantee the govt loses the next election. That's why it ain't gonna happen.

soulsaver

evenasus wrote: »

So, no point in the limit being in place then?

There is, because it's the Financial Services industry that provides the official compensation (eventually) - not the taxpayer.
The taxpayer is footing the bill for compensation ABOVE the limits.
Icesave was bailed above the limits.... maybe loads of politicians had their dosh in Icesaves fixed term bonds?;)
It went awfully quiet about local councils money... & charities?