£50K safe savings ?

mylifestory

I was just wondering how wise it is to have more than £50K invested in one account at the moment.

*Pls discuss*

gt94sss2

It depends on your attitude to risk.

Many people won't save more than £50,000 in any one financial group.

I on the other hand would be happy to do so - depending on the company concerned.

BTW on 12 July 2010 the EU Commission issued proposals intended to harmonise protection for savers across all EU states (called the 'European Deposit Guarantee Scheme').

Of these the main proposal is to protect savings (ignoring 'credits' such as loans and mortgages) of up to €100,000 per institution for both individuals and companies (but not financial companies or public authorities).

Other proposals include ensuring account holders are reimbursed within 4-6 weeks (but with a target of 1 week) and making it simpler to claim if the account is held in another country.

It looks like the €100,000 limit will be converted to pounds based on the exchange rate when the new rules are announced, with the limit being revised using the prevailing exchange rate at least once every five years. Based on a rate of £1 = €1.2, the limit would be around £83,000 - and the new rules/limit should come in by the end of the year.

Regards
Sunil

malik999

mylifestory wrote: »

I was just wondering how wise it is to have more than £50K invested in one account at the moment.

*Pls discuss*

Lets not. It's getting boring.

mylifestory

oh why's that. i havent read every thrread on here, just came on for some quick advice.

musehead

I'm happy to have more than £50k in one bank.

mylifestory

i usually am too but keep getting letters mentioning it & thought i shd do something about it maybe ....

malik999

mylifestory wrote: »

oh why's that. i havent read every thrread on here, just came on for some quick advice.

if you use thwe site search you will find lots of previous information/posts.

KingL

mylifestory wrote: »

oh why's that. i havent read every thrread on here, just came on for some quick advice.

best to read the official MSE article on the subject http://www.moneysavingexpert.com/savings/safe-savings

and the linked 850 post discussion thread linked from it https://forums.moneysavingexpert.com/discussion/806373

and the news update about the change to 100,000 Euros at the end of this year http://www.moneysavingexpert.com/news/banking/2010/09/boost-to-savings-protection-revealed-by-fscs