Savings safety

duke3

I have substantial funds with NS & I and recently moved substantial funds to Santander - Flexi ISA and a 2 yr bond.
In view of the precarious position of the government and possible adverse reaction in confidence to sort out UK deficit, and news that Spain, and Portugal; are in difficulties equaling those of Greece; is my money safe?
OK, we have the 50K guarantee, but if the country is bankrupt, what then? Cash under the matress, or where?

Sceptic001

NS&I is as safe as you can get and is not limited to £50k compensation.

Santander is covered by the UK FSCS £50k limit, so the state of the Spanish economy should not be of direct concern.

duke3

Thanks for your reply.

But what if, stable government not established and credit rating is downgraded and no one will lend UK gov'ment money? Where is my 50K going to come from?

Asheron

I think Martin lewis is trying to warn us about something

ed123_2

,,,then your f,,,,,,d, the government's f......d we're all f,,,,,,,,d

Asheron

duke3 wrote: »

I have substantial funds with NS & I and recently moved substantial funds to Santander - Flexi ISA and a 2 yr bond.
In view of the precarious position of the government and possible adverse reaction in confidence to sort out UK deficit, and news that Spain, and Portugal; are in difficulties equaling those of Greece; is my money safe?
OK, we have the 50K guarantee, but if the country is bankrupt, what then? Cash under the matress, or where?

Gold and Silver Physical, and get Cash out the banks

Sceptic001

I was contemplating a considered reply, but i think ed123 has summed it up very pithily. If the UK government goes bankrupt, £50k loss of sterling assets will be the least of your worries.

On the bright side, the UK is quite low down on the list of countries likely to suffer this fate, since much of the National Debt is in long-term gilts, so we should at least get some notice to make appropriate plans.

StevieJ

Asheron wrote: »

Gold and Silver Physical, and get Cash out the banks

You mean do a Fort Knox oh I forgot these haven't any gold in there, have they? at least you will be safe from
the marauding bandits, they will be after booze,cigs and food not useless gold.

glider3560

The £50,000 isn't funded by the government anyway. It comes from the Financial Services Compensation Scheme, which is funded by levies on financial organisations (e.g. banks, building societies, insurance companies, financial advisors, etc.)

Sceptic001

The OP is concerned about his NS&I savings, which are not covered by the FSCS but are 100% guaranteed by HM Treasury.

opinions4u

duke3 wrote: »

but if the country is bankrupt, what then? Cash under the matress, or where?

Cash under the mattress would be pointless. Hyper inflation would destroy its value.

My plan of action for now, if you are genuinely concerned, would be:

- buy 5 rabbits, 2 male and 3 female and 12 months supply of food for them. This should secure your protein supply in a crisis.
- buy a shot gun and siginficant supplies of ammunition.
- buy a spade for possible trench digging and an axe for wood chopping.
- buy lots of tinned food and bottled water (and toilet roll) and something to carry it from house to trench if needed.
- buy some water purification tablets.
- buy a large supply of matches, cigarette lighters and candles. Keep them in an airtight dry container.

Your personal wealth is the last of your problems.