Advise on money limits in Bank??

ipri

I have got well over £30k in Halifax......if the whole system goes pearshaped I understand I am only guaranteed the first £30k....should I move the excess somewhere else or...am I being too cautious??

deemy2004

There is NO sign of Halifax going bust - None ! they just made, I think £5billion profit...

ALTHOUGH !!!! The same was said of Barings before Nick Leeson gambled their assets away !

So given history .... it probably is better to be safe than sorry.... As afterwards it is too late to wish you had done otherwise.

Walletwatch

Quoting from one of Deemy's earlier posts for further detailed info - not sure if this has changed since though...

Compensation stuff -

Deposits: £31,700 per person (100% of £2,000 and 90% of the next £33,000).
The Scheme is triggered when an authorised deposit taker, (such as a bank, building society or credit union) is unable, or likely to be unable, to repay its depositors. Joint account holders are each entitled to claim compensation to up to £31,700. The limit applies to the total amount a person has deposited with a firm, not each account held.

Investments: £48,000 per person (100% of £30,000 and 90% of the next £20,000).
FSCS provides protection if an authorised firm is unable to pay claims against it. For example:

for loss arising from bad investment advice, poor investment management or misrepresentation;
when an authorised investment firm goes out of business and cannot return investments or money.
Investments covered include: stocks and shares; unit trusts; futures and options; personal pension plans and long-term policies such as endowments.

Mortgage advice and arranging: £48,000 per person
From 31 October 2004 the Scheme will be able to pay up to £48,000 (100% of the first £30,000 and 90% of the next £20,000) for claims against authorised mortgage firms that are unable to pay claims against them.


Long-term insurance (e.g. pensions and life assurance) firms: unlimited, 100% of the first £2,000 plus 90% of the remainder of the claim. Policyholder protection is triggered if an authorised insurer is unable, or likely to be unable, to meet claims against it, for example if it has been placed in provisional liquidation or administration.


General insurance firms: unlimited:

compulsory insurance (e.g. third party motor): 100% of the claim.
non-compulsory insurance (e.g. home and general): unlimited, 100% of the first £2,000 plus 90% of the remainder of the claim.
Policyholder protection is triggered if an authorised insurer is unable, or likely to be unable, to meet claims against it, for example if it has been placed in provisional liquidation or administration.

General insurance advice and arranging* : unlimited, comprising 100% of the first £2,000 plus 90% of the remainder of the claim. Compulsory insurance is protected in full. *For business conducted on or after 14 January 2005.

The chain of posts is " If confidence is lost in the banks and the others " under Savings and Investments...