Is west brom building a safe enough option?

martin57

Hi there,

Was just wondering if west bromich building society is a safe enough place to stack your saving, as I see bond rates are over 6% one of the best around. What really are the risks inovled of putting all of your savings into a bond there?

many thanks
martin

LittleVoice

martin57 wrote:

Hi there,

Was just wondering if west bromich building society is a safe enough place to stack your saving, as I see bond rates are over 6% one of the best around. What really are the risks inovled of putting all of your savings into a bond there?

many thanks
martin

I would never put ***ALL*** of my savings in one place.

Robert_Sterling

Building Societies started to spring up more than a hundred and fifty years ago. At its height the number reached about 5000 societies. No ordinary member of any building society has ever lost any money. Even when the Grays Building Society collapsed in the nineteen seventies following the suicide of its Chief Executive and Chairman Mr Harold P Jaggard all members got their money plus any interest due paid to them. Other building societies chipped in to bring this about. Only the directors of the society lost thier money as a result of the collapse of the society.

So no ordinary member has lost anything ever with any building society in the UK.

Ian_W

In addition you will be covered by FSCS for 100% of the first £2K then 90% of the next £32K - but Robert's point probably the best protection that other BS's have always rallied around to prevent losses damaging confidence in the BS movement.

cdon

Who owned the laptop that Nationwide lost? Who ultimately pays the £980000 fine for loss of said laptop. Who knows how many millions will be lost in ID fraud? Its a scary thought that Nationwide will probably one day own all building societies. Just opened a west brom account. :beer:

Phoenix79_2

martin57 wrote:

Hi there,

Was just wondering if west bromich building society is a safe enough place to stack your saving, as I see bond rates are over 6% one of the best around. What really are the risks inovled of putting all of your savings into a bond there?

many thanks
martin

Depends on how much you are putting there? If its millions then i would never agree with putting it all in one place.

West Brom BS has assets of £7.2bn and is the 9th largest BS. They also have great CS from my experience with them.

Ian_W

cdon wrote:

Who owned the laptop that Nationwide lost?

Err, nationwide?

cdon wrote:

Who ultimately pays the £980000 fine for loss of said laptop.

Err, Nationwide customers - like if a bank had lost it I'm sure the chairman & chief exec would have forked out for it.

cdon wrote:

Who knows how many millions will be lost in ID fraud?

Search me!

cdon wrote:

Its a scary thought that Nationwide will probably one day own all building societies.

Be scarier if it was the mafia or taliban but I get your drift - NW staff can lose a laptop but a bank staff member couldn't possibly - right!

cdon wrote:

Just opened a west brom account. :beer:

Well done - you'll soon be taken over by Nationwide and probably get a pay-out.