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Is Your Money Safe?
Comments
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No. You're not the only one!Am I the only one who thinks the government guarantee is probably not worth the paper it is written on. If things get bad the government will just rewrite the banking guarantee so that people will only get a proportion of what they have saved or nothing at all.
If there is no money then there is no money!
I do disagree with the bit in italics though. There are different ways of devaluing money that aren't quite as blunt.0 -
No government can let any significant bank go to the wall. The issue isnt personal savings, it's corporate deposits and complex interbank links. If one major bank really goes bust they all will as will a large part of British industry with global knock-on effects.
The government has all the money it would need to take over a failing UK bank: it prints it, or rather changes a number in a computer. There may be unpleasant long term effects but these would be far more preferable than a total collapse of the UK economy.
So the major banks are safe for private depositors and the indiviudal smaller banks are covered by the FSCS scheme.
As long as your savings are below the FSCS limit your money is as safe as the total UK economic and political system. And if that collapses your money doesnt mean anything anyway.0 -
opinions4u wrote: »My comment wasn't anything to do with joint accounts.
Let me re-word it.
30% (approximately) of all retail deposits are not covered by the FSCS.
I see, interesting DATA - could you point me to where I may read more about this?
A link will do fine if they are allowed .... I cannot believe that 30% of deposits are not covered - that's a shocking risk for those involved.Bringing Happiness where there is Gloom!0 -
Am I the only one who thinks the government guarantee is probably not worth the paper it is written on. If things get bad the government will just rewrite the banking guarantee so that people will only get a proportion of what they have saved or nothing at all.
If there is no money then there is no money!
You are quite right in my opinion ..... I'm surprised by the comments of those with their heads stuck in the sand.
When the collapse happens it will be so bad that we all will just be so grateful to get back 10p in the £ that the Government will be off the hook ......... I can see it as clear as day.Bringing Happiness where there is Gloom!0 -
These threads are boring me now.
Really boring me.
Keep below the £85k limit.
If you genuinely believe a large global bank or economy will fail, take precautions by stocking up on a years supply of tinned foodstuffs and be sure to know where you can gain access to a firearm.0 -
Not got one handy.I see, interesting DATA - could you point me to where I may read more about this? A link will do fine if they are allowed ....
Perhaps a risk that they prefer to the idea of investing the money.I cannot believe that 30% of deposits are not covered - that's a shocking risk for those involved.
It's likely that the 30% of balances is concentrated on just 1% of the population. These people are rather wealthy compared to me!0 -
These threads are boring me now.
Really boring me.
Keep below the £85k limit.
If you genuinely believe a large global bank or economy will fail, take precautions by stocking up on a years supply of tinned foodstuffs and be sure to know where you can gain access to a firearm.
Is it beyong your ability to save yourself stress and not read them then? Jeeeeeeeez .... to read the thread and then to actaully post on it takes a really 'special' person :rotfl:Bringing Happiness where there is Gloom!0 -
I'm just waiting for the S word, it's normally the answer to all these problems.0
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Supercalifragilisticexpialidocious?Living for tomorrow might mean that you survive the day after.
It is always different this time. The only thing that is the same is the outcome.
Portfolios are like personalities - one that is balanced is usually preferable.
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...Just my opinion - looking for others?.....I'm surprised by the comments of those with their heads stuck in the sand........ I can see it as clear as day.
Without wishing to cause offence if it's that clear to you, why the interest in the opinions of others.
If you simply want to pass on your concerns then you have to accept some will not share them, or not be so pessimistic.
One potential problem with asking the opinion of others is that they don't always agree with you.0
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