co-op bank more dosh than disability

innovate

Anyone having more than £85K per person in a single financial institution these days is playing with fire and shouldn't be surprised if they get burnt.

Anyone with less than the £85K (allowing for accrued interest) is perfectly fine. It is irresponsible to create any sort of panic just because a ratings agency has coughed. The markets have known for some time what Moodys know.

pmduk

woodbine wrote: »

are you aware just how long it might take the fscs to pay out a penny?
look at some facts,

One fact, the FSCS usually pays out within days, not weeks.

The_pc_tech

The kind of irresponsible comment made by the OP is what brought Northern Rock to its knees followed by RBS and meant that we all ended up having to cough up to bail them out and why the country is now flat broke.

Talk about self fulfilling prophecy.

opinions4u

woodbine wrote: »

are you aware just how long it might take the fscs to pay out a penny?

All firms with a banking licence have had to show the FSA that, if in default, their systems are robust enough to allow the FSCS to act within a week.

pmduk wrote: »

No UK bank account customer has lost money in a UK bank in modern times.

Southsea Mortgage and Investment Company?

http://www.bankofengland.co.uk/publications/Pages/news/2011/060.aspx

oldagetraveller

And who, in their right mind, would have any savings with the Co-op/smile/Britannia considering their less than competitive interest rate offerings? They've been fairly poor for a long time now. They were giving 3% on my current account once!

pmduk

opinions4u wrote: »

Southsea Mortgage and Investment Company?

http://www.bankofengland.co.uk/publications/Pages/news/2011/060.aspx

Thanks, I phrased my original point badly. The FSCS has always been able to meet it's commitments in modern times. A depositor, keeping within the £85,000 limit has no reason to fear from a bank failure.