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Anyone here moving their Santander savings?
Comments
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Even if you are covered by the Banking guarantee, there would still be the mess to sort out!
Exactly!! IMHO risk assessment is king right now, as it was back in 2008/9. I've recently pulled most funds out of a Santander account. I also opened a NS&I Direct Saver account over a year ago with £1 just so that I can move other funds over there online relatively quickly if I deem it sensible to do so as things develop (ie. should the !!!! start to hit the fan!).There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0 -
I have no accounts with them as their Customer Service is aknowledged as one of the worst.
Just wondering, and looking down the road of a EU collapse, who would leave their money in a Spanish Bank?
Even if you had a santander account im sure your £47.50 would be ok dudeMaidstone Prices - average reductions at 8.5% (£19,668) Feb 2012 - We thought the dudes were not allowed to drop prices?0 -
I don't trust Bankers and I don't trust Governments in trouble .... UK Bank or not, I suspect that it would just fold - then, you will have to hope and wait for the UK to pay back your lost money.
So presumably you've moved your savings out of all UK bank accounts. Are you keeping cash under the mattress or something else?0 -
Savings? What are they?
I'm with Santander and have been with them (under the original guise of Abbey) for over a decade with little problems. All queries have been sorted quickly and with little hassle.
The old style Lloyds was a different matter!
I'll be sticking with them, better the devil you know than one you don't.We made it! All three boys have graduated, it's been hard work but it shows there is a possibility of a chance of normal (ish) life after a diagnosis (or two) of ASD. It's not been the easiest route but I am so glad I ignored everything and everyone and did my own therapies with them.
Eldests' EDS diagnosis 4.5.10, mine 13.1.11 eekk - now having fun and games as a wheelchair user.0 -
Most of Santander UK's assets are UK mortgages. They can't be syphoned off to Spain. The bank is more vulnerable to the UK housing market than to anything else. Spain isn't the thing to worry about.
But FSCS compensation only arises if the bank folds, and that's not going to happen. If it gets into trouble, it'll be sold, or failing that nationalised, as a going concern, as with all the other bank rescues. For the government, the immediate cost of buying a bank and keeping it afloat is much cheaper than compensating all the savers."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Most of Santander UK's assets are UK mortgages. They can't be syphoned off to Spain. The bank is more vulnerable to the UK housing market than to anything else. Spain isn't the thing to worry about.
Customer deposits are another matter.
If Santander does fail. The UK taxpayer (who is also a mortgage holder) will be funding the bill. As is the case for bailing out the Icelandic banks. As FSA fees have increased significantly to recover the monies paid out.0 -
worldtraveller wrote: »Exactly!! IMHO risk assessment is king right now, as it was back in 2008/9. I've recently pulled most funds out of a Santander account. I also opened a NS&I Direct Saver account over a year ago with £1 just so that I can move other funds over there online relatively quickly if I deem it sensible to do so as things develop (ie.the !!!! hits the fan!).
If the Government is screwed trying to bailout Santander or any other bank I don't think NS&I would be any safer haven once the liquidity dries up or confetti gets printed up.."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
I don't trust Bankers and I don't trust Governments in trouble .... UK Bank or not
The trouble is who do you trust. Its like a ball of string unwinding as you drop it, you grab the end and it just keeps unraveling. Maybe Iceland:think:"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »If the Government is screwed trying to bailout Santander or any other bank I don't think NS&I would be any safer haven once the liquidity dries up or confetti gets printed up..
Why would the UK government try to bail out Santander (UK) at all?
The government may well back the £85K depositor guarantees, but beyond that it will be best to let this bank fail - at least if things get sticky a subsidiary of a foreign bank will be well back in the queue for being 'rescued' after all British banks and building societies.
The difference with NS&I is the government effectively owns it 100% already and as long as the government owns a printing press money will be 'safe' (i.e. repayable at face value) there. To put it another way, if NS&I were to collapse it would be the last to do so, and all the other significant banks would have gone first.
As Sir Mervyn King said yesterday - it isn't a liquidity problem the banks have, it's a solvency problem. And you could see the terror in his eyes as he said it. He said this was why he was urging banks to not pay any dividends, not to pay staff any cash bonuses (or pay staff cash at all unless they really had to!) and to keep as much money as they could 'in the bank'.0 -
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