MSE News: Post Office savers to get full UK protection

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

"All deposits will be covered by the UK's compensation scheme from November, ending the reliance on the Irish government ..."
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  • ReaperReaper Forumite
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    While it is good news there is not the slightest doubt in my mind the UK government would have stepped in to refund savers if necessary. There are far too many people out there who would not understand why Post Office savings would not be covered by a UK scheme.
  • nilrem_2nilrem_2 Forumite
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    Reaper wrote: »
    While it is good news there is not the slightest doubt in my mind the UK government would have stepped in to refund savers if necessary.

    Absolutely agree and this applies to other UK banks and building societies, if one institution fails and savers lose out the mass stampede to withdraw funds from other institutions will result in a complete breakdown and anarchy.
  • Even though no saver wasn't cheated by the one whom they trusted their money for savings it is allways very pleasant to know and it gives feeling of security to the savers that their country will take care of them as they trusted their savings to institution in their countries.So, good changes are happening!:T
  • Yes together with the proposed increase in compensation if all goes Pete Tong, things are looking a little more secure for savers.
  • You said in your June article...
    UK depositors with Allied Irish are fully protected by the UK’s £50,000 compensation limit.
    This is, according to the person I spoke to today at Allied Irish, not the case. It is protected by the Irish goverment scheme!
  • LokoloLokolo Forumite
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    tonym04 wrote: »
    You said in your June article...
    UK depositors with Allied Irish are fully protected by the UK’s £50,000 compensation limit.
    This is, according to the person I spoke to today at Allied Irish, not the case. It is protected by the Irish goverment scheme!

    Are you sure?
    Authorised and regulated by the Financial Services Authority. Allied Irish Bank (GB) is a member of the Financial Services Compensation Scheme, established under the Financial Services and Markets Act 2000.
  • Hmm, that's good to know but.....

    I am buying a house next month, and my deposit, almost 50K, is in the Post office Savings. If the Bank of Ireland goes belly up, I will get my money back eventually... but I need it in the middle of December (hence not using a long term savings vehicle).

    Am I right in thinking that savers that have lost money would have to apply for compensation, and this would take time?
  • Im exactly the opposite , have just sold my house and have £65k to put away , would anyone recommend i put the lot in this Post office account , also looking at the Derbyshire at slightly less interest but did`nt really want to open multiple accounts if i can help it . regards
  • Are you mad ? Why take the risk or are you fully confident that fscs are able to guarantee on a large scale bank failure
  • soulsaversoulsaver Forumite
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    Even though no saver wasn't cheated by the one whom they trusted their money for savings it is allways very pleasant to know and it gives feeling of security to the savers that their country will take care of them as they trusted their savings to institution in their countries.So, good changes are happening!:T
    Well said.;)
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