Banks May Steal My Money! Help

Hominu

If you don't want your money stolen from you then you need to spend it. Buy some property for example, so you spend 150K on a typical house, and when its all blown over you sell it for profit as lack of houses will start pushing house prices up quickly, or you leave it there and sell it when you retire, letting it out in the meanwhile.

Leave 5K in the bank for SO, DDs and somewhere to stash your salary.

A_Flock_Of_Sheep

I pay absolutely nothing by direct debit and never will.

If the government take from people's bank accounts like they have in Cyprus can they take from people's investments like shares or unit trusts? If not maybe the time has come to dump the banks and start investing in the markets.

JSR

No

It is not the bankers taking the money it is the government. If you don't trust the government then your money isn't safe anywhere in this country in any kind of investment. You need to take it offshore.

Rich Cypriots and foreign investors may complain about the levy but their other option is to let the government and the banks go bankrupt and they will lose everything. There is no chance of the situation becoming that desperate here, there are far less controversial ways to raise money.

innovate

A_Flock_Of_Sheep wrote: »

I pay absolutely nothing by direct debit and never will.

If the government take from people's bank accounts like they have in Cyprus can they take from people's investments like shares or unit trusts? If not maybe the time has come to dump the banks and start investing in the markets.

Markets crash, so you can lose all your money there as well.

There is really only one way out for you - find a different planet to live on.

innovate

JSR wrote: »

You need to take it offshore.

roflmao..............like the rich Russians who took their money offshore to Cyprus.

Yorkie1

In Cyprus the E100K limit on savings has been protected. That's £85K here per institution. Spread the money between different institutions.

JSR

No

innovate wrote: »

roflmao..............like the rich Russians who took their money offshore to Cyprus.

Yeah, that is a problem with offshoring, you do need to find a government you trust. I think 'go live on another planet' is the best advice in the thread. :beer:

opinions4u

Just for clarity, they don't steal the money. The problem you fear arises when they lend it to too many people who don't pay them back.

YorkshireBoy

A_Flock_Of_Sheep wrote: »

If not maybe the time has come to dump the banks and start investing in the markets.

Your savings accounts have £85K FSCS 'protection'.

What's the 'protection' on your H-L S&S ISA?

agrinnall

innovate wrote: »

There is really only one way out for you - find a different planet to live on.

I think several people posting on this thread are already well on their way there .