Can we relax a bit now re £50,000 FSA cover?

Numberlock

The reason I ask is that I've spent hours researching 1 year fixed accounts into which we can pay the proceeds of our house sale and I'm going boogle-eyed! Do I really have to open at least 8 different accounts to safeguard our money? For instance, I'm looking at a Growth Bond offered by the Post Office/Bank of Ireland. Like other banks/building societies, the maximum deposit is £1 million. So, presumably there are people who invest more than £50,000 in these accounts?

Reaper

In practice the government has made it pretty clear they will fully cover UK savers at UK banks. However I'm still playing it extra safe and keeping within £50k.

If you feel like going over don't do it with Bank of Ireland, even via the Post Office. I would feel much less confident depending on the Irish government to compensate foreigners who have gone over the limit.

musehead

I'm well over the limit in my Bank of Scotland (Halifax) account. Not worried.

project500

No don’t relax there could be another banking crisis yet ,best play it safe with the £50000 max

glider3560

The Post Office/Bank of Ireland account has the Irish compensation scheme, i.e. unlimited compensation until September 2010, after this the limit is €100,000. How much do you trust the Irish scheme to pay out is the question you must ask yourself?

Arthurian

I couldn't relax if I had money not covered by the £50,000 FSA guarantee.

Sceptic001

glider3560 wrote: »

The Post Office/Bank of Ireland account has the Irish compensation scheme, i.e. unlimited compensation until September 2010, after this the limit is €100,000. How much do you trust the Irish scheme to pay out is the question you must ask yourself?

Not much, but my guess is that the British government would step in to rescue savers in the case of the Post Office...(fingers crossed)

juicyjude

I am playing safe and not depositing more than 50K who knows what will happen need to sleep at night

ChuckCash

I've got less than 50k per institution, and I still can't relax!

kostigovs

ChuckCash wrote: »

I've got less than 50k per institution, and I still can't relax!

You're not alone

treecity

What I want to know is what happened the the mentioned £100K limit? Or did I just dream about that?!