Exceeding the £50k limit

Primrose

Having had a real heart bumping moment when Icesave went bust, before the FSCS stepped in, we now try to keep within the limit, but are over it on one longer term bond which is paying monthly interest, so until that matures we are exposed on one front. The remainder of our savings are now spread around, trying to keep slightly under the limit to allow for any interest which will bring them up to the maximum. The larger building societies I would trust rather than the banks but to be honest, I reckon we are still in for some serious economic shocks which could yet rock the financial community, so I'd rather play safe than sorry. But it is a serious pain trying to find a reasonable rate in an institutuion which isn't locked together with somebody else under the same registration and I would like to see this sorted out so that each "brand" is forced to hold a separate registration.

juicyjude

Primrose, we think the same. It is a pain, I have a bond maturing in December and really dont know where to stick the money as I rely on monthly interest for income. At the moment A & L are a separate reg from B & B and Abbey, but who knows if they will become one reg next year, I suspect so! Yes this should be sorted out, totally agree with you.

alared

Can`t see the government or BoE letting ANY Britsh owned bank/Bsoc go under.

bjorn_again

alared wrote: »

Can`t see the government or BoE letting ANY Britsh owned bank/Bsoc go under.

Nor can I see the likes of Santander and ING being allowed to fail by the EU.

juicyjude

Perhaps they should just increase the figure of 50K. There was talk of this a long time ago, have they changed their minds?????

Baldur

juicyjude wrote: »

Perhaps they should just increase the figure of 50K. There was talk of this a long time ago, have they changed their minds?????

It was only increased to £50k a year ago.

kostigovs

bjorn_again wrote: »

Nor can I see the likes of Santander and ING being allowed to fail by the EU.

That may well be the case but should we be relying on that eventuality or should we have peace of ming when thinking about £50k+ investements.

The move to increase the £50K limit has been talked about since the NR fiasco

Baldur

kostigovs wrote: »

The move to increase the £50K limit has been talked about since the NR fiasco

The limit was increased from £35k to £50k after the 'NR fiasco', as you put it.

kostigovs

Baldur wrote: »

The limit was increased from £35k to £50k after the 'NR fiasco', as you put it.

I know that but at the same time the general talk was about increasing the limit even further IIRC

kostigovs

I think if you trawl the FSA website you may find mention of the discussions surrounding a further increase