MSE News: Boost for savers as deposit guarantee to rocket

This is the discussion thread for the following MSE News Story:

"Those with cash in a bank or building society will have €100,000 (£83k) protected, rather than the current £50,000 by the year-end ..."
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Comments

  • juicyjude
    juicyjude Posts: 670 Forumite
    That is really good news!!!!!!! Will keep my eye on this one, about time too!
  • A few years ago (in the days of 7% plus interest rates) I had all my cash stashed in one place and was most put out when I had to split it up for safety's sake and go looking for numerous other accounts offering a decent rate of interest.
    But, as a result I now have several accounts on the go all of which are top rate interest payers (due to the bonuses which usually last 12 months) and as each account's bonus period comes to an end I close that account, open a new one with the current top payer and put the cash there. I find this works quite well for me and quite enjoy chasing the top rates around. I would be reluctant to put too much under one roof again.

    Of course, if the banks were to offer an extra % for deposits over 50k then I might be tempted.
  • Primrose
    Primrose Posts: 10,619
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    edited 14 July 2010 at 2:00PM
    If a higher compensation rate is promised that will be good news, especially for older savers who have probably accumulated more savings over their lifetime.
    Frankly I'd prefer the convenience of keeping the majority of my savings in one place but even if the compensation level is doubled, I'd be wary now of doing so after the last banking crisis. I'm still not sure the banks can be trusted any more now than in the last crisis, despite all the threatened restrictions to curb their more risky activities.

    And I would also like to see all savings institutions with separate brand names forced to have their own licence/registration so that institutuions like Halifax, Birmingham Midshires, AA etc, all have separate licences rather than being lumped together under the same licence registrations. The umbrella concept is too confusing for many savers, many of whom have absolutely no idea which organisations are linked together.
  • Old_Slaphead
    Old_Slaphead Posts: 2,747
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    juicyjude wrote: »
    That is really good news!!!!!!! Will keep my eye on this one, about time too!

    Read somewhere that's it's unlikely to happen before 2012.

    Have to keep fingers crossed a little longer.
  • juicyjude
    juicyjude Posts: 670 Forumite
    2012!!!!!!!!!!!!!!!!!! Pathetic, why doesnt the government just get a grip!!
  • Old_Wrinkly
    Old_Wrinkly Posts: 5,182 Forumite
    edited 15 July 2010 at 7:31PM
    This link might be informative.

    And FAQ 3 in here.
  • nzseries1
    nzseries1 Posts: 2,240 Forumite
    I'm not sure that an increase from £50k to £83k counts as a "rocket". A 66% increase to me is not as much a "rocket" as it is an "increase".

    rocket (v.): to rise up swiftly, spectacularly, and with force

    Of course I think it's a good thing, but I think MSE Guy's choice of words is, as usual, a tad dramatic.
    You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
  • dunstonh
    dunstonh Posts: 115,716
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    edited 3 August 2010 at 6:13PM
    I'm not sure that an increase from £50k to £83k counts as a "rocket". A 66% increase to me is not as much a "rocket" as it is an "increase".
    I was going to post something but after being critical of a few sensationalist headlines recently I didnt want to get boring. Plus, after bendix got his ear bent by Martin for more or less saying the same thing on another thread, it was clear that there isnt any interest in being straight and factual.

    So, it seems like we can look forward to threads with "plummet" or "rocket" or "since records began" in them. (I particular like hearing that one on the media as often the records only began less than 10 years ago and never included a past recession. So by definition they will be the worst since records began).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • nzseries1
    nzseries1 Posts: 2,240 Forumite
    edited 3 August 2010 at 2:10PM
    dunstonh wrote: »
    I was going to post something but after being critical of a few sensationalist headlines recently I didnt want to get boring.
    I couldn't resist it this time! Boring day at work, anyone? :D
    dunstonh wrote: »
    Plus, after bendix got his ear bent by Martin for more or less saying the same thing on another thread
    Eek! :eek: I definitely don't want that ! :D
    dunstonh wrote: »
    (I particular like hearing that one on the media as often the records only began less than 10 years ago and never included a past recession. So by definition they will be the worst since records began).
    Nice :D
    You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
  • juicyjude
    juicyjude Posts: 670 Forumite
    Is this increase definately going to go ahead because if it is it will make a difference as to where I stick my money from my close A & L online saver 5 account. Or is it a case of wait and see if they feel like it or not?? Does anyone know the answer to this one, thanks
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