Having large sum in bank account for 2 months - are the banks safe?

opinions4u

BennyC wrote: »

I think I'll get my mother & brother to open up identical accounts and plonk the remaining two thirds of my money in to each. This way is a bit of a no brainer = security & no interest lost.

What happens if one of them dies at a rather crucial moment?

Surely it's less hassle to spread the money around 3 organisations.

StevieJ

steady__eddie wrote: »

I endorse what the previous posters say but the truth seekers appear to have a different view on this one. If you do not wish to be depressed and panic, look away now.

http://www.edgemediatv.com/forum/topic.asp?TOPIC_ID=3763

I am sure the posters weren't influenced by the fact that CDS rates had jumped just before they made their posts

Ark_Welder

opinions4u wrote: »

As for the linked thread?

I'd go further and call that thread uninformed and uninformative. Why should anyone want to believe an anonymous post that is not backed up by any evidence?

There are those that try to feel important by pretending to be 'in the know' about something and then feeding it on. Then, there are those that are just sad and find nothing better to do with their time than try to cause panic and upset. And there are those that are quite happy to get frothed up in their own dispair and are fueled by the former. See the linked thread for what it is.

A far more sensible thread from that same site sums it all up quite succinctly: [FONT=Verdana, Arial, Helvetica]'Extra Terrestrials will wipe us out due to excessive methane'



[/FONT]

SilverSix

opinions4u wrote: »

What happens if one of them dies at a rather crucial moment?

Surely it's less hassle to spread the money around 3 organisations.

True. However I hope they don't!

It's quicker for me and them to open up extra online accounts in time to get two full months of interest from it.

The possibility of them dieing in the next two months is low. (24y.o. and 50y.o.) As long as it's protected that's the main thing for me.

MoneySaverLog

If enough people believe, soon the building society will collapse as people queue, just like they did with Northern Rock, to get their savings out. Until such time the government steps in and effectively carries the bank/building society.

Tax payers are burdened with more bad debt to save another bank/building society, the government defaults on it's debt and where are we. In total anarchy I guess.

dzug1

BennyC wrote: »

I think I'll get my mother & brother to open up identical accounts and plonk the remaining two thirds of my money in to each. This way is a bit of a no brainer = security & no interest lost.

Remember that it's then no longer your money but theirs. It's probably more likely that they will default than the bank will.

talexuser

I was told by someone "in the know" at a dinner party that around September/October the Nationwide Building Society will be perfectly safe...

SilverSix

dzug1 wrote: »

Remember that it's then no longer your money but theirs. It's probably more likely that they will default than the bank will.

I have a very good relationship with my brother and even more so with my mother. I don't doubt for one second that they won't return it to me when I request.

Ark_Welder

talexuser wrote: »

I was told by someone "in the know" at a dinner party that around September/October the Nationwide Building Society will be perfectly safe...

You gossiper, you! :rotfl:

agrinnall

BennyC wrote: »

I think I'll get my mother & brother to open up identical accounts and plonk the remaining two thirds of my money in to each. This way is a bit of a no brainer = security & no interest lost.

I would suggest that this could open up your brother and mother to money laundering investigations, having a large sum of money appear then disappear two months later will look suspicious. Remember Father Ted and the money that was 'just resting' in his account .

For the sake of two months I'd stick it all in Nationwide, earn the interest myself, know that I've got the money available when I need and and run the miniscule risk of them going bust.