All accounts with one bank?

Lexi99

So i already have a current account and cash ISA with Halifax but also wanna take out a savings account with them as they do a good deal and its better than my current poxy 0.1% with Natwest.

Is it a stupid idea to have all my accounts with Halifax and have no savings elsewhere??

Im just concerned in case they go bust, and i know about the insurace guarantee thing if you have under, i think its 50 to 80K, but im still concerned Any help?

Lokolo_2

The FSCS protection you are talking about is £85k per person per instituition, so the sensible thing would be to have under that amount with Halifax, so that it is protected in case anything happens.

However the question I'd ask is WHY do you feel the need to save only with Halifax? You could possibly get a better rate by banking with another instituition, check the Banking/Saving tab at the top of this page! Yes it may be handy to have all your money in one place, but it does pay to shop around sometimes for a better rate!

Saints2011

85k your covered for with Halifax do you have more ? If so move excess ..

(Posted this at same time as post above)

Sparky47

You are covered up to 85K but if they did go bust however unlikely, it could take awhile to get the compensation.
In the meantime you have not got access to any of your money so better to spread it around a bit.

Loughton_Monkey

Never have all your accounts with one bank.

Although rare, it is not unknown [read the bank account threads] for accounts to be 'frozen' because of suspected fraud. If this were to happen, you are in a deep hole because (a) no other bank on this earth will touch you until it's sorted out, and (b) all your money is frozen and there's not a thing you can do about it.

I have 7 current accounts. A bit over the top for most people. I consider only one of these [First Dorect] to be my 'main' bank. In the unlikely event of such a problem as above, I would immediately switch my pension payments into one of the others. And I would also have access to savings in another 15 or so different bank savings accounts.

Lexi99

Thanks everyone. I have shopped around and apart from the account i want with Halifax, the one i have now will have to do. I cant find a higher rate that also has easy access with a debit card and online banking etc. Oh well

alanq

Also bear in mind the "right to offset". If you owe a bank money (or it thinks you do) it can help itself from any of your accounts.

What if Halifax is hit by industrial action or a disaster? How would you cope for a period of disruption?

Definitely a bad idea to put all of your funds into one institution.

noh

Lexi99 wrote: »

Thanks everyone. I have shopped around and apart from the account i want with Halifax, the one i have now will have to do. I cant find a higher rate that also has easy access with a debit card and online banking etc. Oh well

How about a Lloyds Classic account with Vantage?

http://www.lloydstsb.com/current_accounts/vantage.asp

You have to pay in £1000 a month to get the interest but that is easily done. Will be paying 3% for balances between £3k and £5k ftom the end of June. If you have more to save open more accounts (max allowed 3)