Is Santander Safe ?

The-Joker

Is any bank safe? Is any paper certificate or paper promise safe?

qpop

swift1 wrote: »

Nilrem,

I think your clutching at straws trying to find contradictions in my statement when there aren't any. I have taken out substantial amount of cash. No one knows how the crisis is going to unfold, you seem to have a very binary view on the crisis. Sterling is not in danger, the euro is. The euro collapse could take down the banks, the euro countries will have to resort back to their own currencies. UK gilts are in record demand for a reason, they think sterling is safe and trustworthy. If the banks go down it doesn't mean the bank of England goes down.

If you want to behave like an ostrich and bury your head in the sand, then be my guest.

I do hope when the eurocrats meet this friday they do manage to sort out this mess.

Perhaps you could start a business of manufacturing aluminium hats to protect from alien death rays, along with your safe-boxes full of cash?

swift1_2

qpop wrote: »

Perhaps you could start a business of manufacturing aluminium hats to protect from alien death rays, along with your safe-boxes full of cash?

That's quite a vivid imagination you've got there, you obviously haven't thought that one through - everybody knows that alien death rays will burn straight through aluminium! I just hope you put more thought into your finances.

You must be one of those guys when you happen to glance at their notepad is fully of doodles that would put a 2yr old to shame.

qpop

swift1 wrote: »

That's quite a vivid imagination you've got there, you obviously haven't thought that one through - everybody knows that alien death rays will burn straight through aluminium! I just hope you put more thought into your finances.

You must be one of those guys when you happen to glance at their notepad is fully of doodles that would put a 2yr old to shame.

No, I'm one of those guys who realises that if your cash is worthless in the bank, it will be just as worthless under your matress.

Until that point, succombing to the scaremongering becomes a self-fulfilling prophesy. In fact, in a very small way, your opinions and reaction to the "impending doom" makes it ever-so-slightly more likely, as your cash is no longer bolstering a banks capital adequacy figures.

Bravo!

When the mob are walking by with their pitchforks (bound to happen in your nightmare scenario) please do let them know the above.

atush

Indeed. Pulling money out of banks (ie a run on a bank) can make a fairly solid bank fail as they would not have enough cash on deposit to satisfy the banking regulators.

Not to mention it would not be covered if it is stolen, you have it in your house and your house burns down etc.

I have been tru quite a few crashes incl the 87 one (which happened a month after we got my Dad's insurance money after he died. My mom died a month before 9/11 and i was in DC that day to see her stockbroker about liquidating her holdings (which although they tanked in 87 soon recovered).

I am buying some things, selling others- mostly buying. And I am staying invested, and keeping my cash (subject to guarantee limits) in the bank.

The time to keep your head and nerve is when those about you are running scared. Could we lose money int he market? Yes. Can we lose money in the bank? Not if you are invested in a large, non irish, not portugese or greek one.

Acremead

Starship9 wrote: »

How safe is Santander ?

I'd got around £50K tied up in that bank - I think I'm covered by the UK's protection scheme though.

Should I be worried at the moment :question:

Thanks.

As a previous poster said, I think the biggest problem with Santander is their incompetence. One recurring theme seems to be suddenly locking your account for "security reasons" and then taking weeks to unfreeze it.

My own experience (Admittedly back in July 2010) was a frustrating day trying to close one Santander savings account and have them transfer it to another. After being given the run around from internet to phone to branch visit to phone by ill-informed staff giving conflicting advice I eventually gave up and pulled all my money out. I was very thankful that they at least managed to do that without problems, though I know others have not been so lucky.

gadgetmind

atush wrote: »

The time to keep your head and nerve is when those about you are running scared.

Agreed 100%. As long as you have good global exposure, I think the next few years will see some steady recovery. We might even see the odd year to match 2010, which would be nice!

adindas

Tell me how much cash do you have at home ??
Also do you mind telling me your address and when you are not at home please .....

MarcoM wrote: »

Swift, I would like to take some cash out of the bank but leaving it at home means it is at risk if there is a burglary. Any other ideas?

CLAPTON

santander shares pay about 9% in divi
NO savings a/c gets any where near 9%
the markets are never wrong

my 5 a/cs with santander (for historical reasons ) have just under £2.00 in total in them

Ark_Welder

CLAPTON wrote: »

the markets are never wrong

Yes they are. Was it 10 or 15 years ago that tobacco companies yielded around the 11% mark due to US class-action litigation worries? They're still here, and are considered to be safe and defensive companies now compared to other market sectors - if you ignore the obvious health risks.