scottish referendum

worriedaboutscotland

Im pretty concerned about the way the votes going to go in the scottish referendum.Should i move my money into an english bank,and if so,how do i go about it.

Reaper

Even if Scotland votes for independence that doesn't mean anything for your bank balance in the short or medium term.

As for how do you move it out. Er.. withdraw it and pay it into a different bank?

P.S. There's already a thread on the subject here: https://forums.moneysavingexpert.com/discussion/5056143

roxy28

I have money with lloyds, Halifax, and Bank of scotland in current accounts, i will just have to see what happens and listen to the advice.

BarleyGB

Personally id move it, move it now you can forget about it, wait and how do we know there wont be a run on the banks? Account freezes.

No one knows whats going to happen, many (mainly Yes supporters) will claim its all going to be ok, but why take the risk, however small.

Id rarther have my money at a bank where I know what their home nations currency was, what the tax & regulatory regime is. Not in a country that threatens to renege on its debts.

Today we saw perhaps a taste of what's to come, Scottish financial service company's were hammered in the market just at the heightened chance of a yes vote.

Wouldn't take much to start a run on these banks and the whole house of cards to start wobbling.

rpc

BarleyGB wrote: »

Wouldn't take much to start a run on these banks and the whole house of cards to start wobbling.

Plans are in place to prevent a run through capital controls. Whether that is good or bad I leave as an exercise for the reader.

It is highly unlikely that England (or Wales or NI) domiciled account holders will not have their accounts transferred internally before independence (if the vote is a Yes). Of course, most people won't want to wait.

Those of us in Scotland don't even know what currency our bank accounts will be in :-(

ColdIron

I hope Scotland doesn't come back once a week to get its washing done

princeofpounds

Plans are in place to prevent a run through capital controls.

There's a lot of money to be made as long as you are pre-positioned on the right side of any capital controls.

Generally, if I had money in a Scottish account I would move it south. It is a risk-free trade, the only cost being a phone call.

I don't think it is likely you will have an immediate financial disaster in Scotland (although things will get difficult; liquidity will tighten up as capital flows out). But there is a small chance of something going wrong, possibly a bank run.

Archi_Bald

ColdIron wrote: »

I hope Scotland doesn't come back once a week to get its washing done

If they did, we would have no obligations or desire to let them use our washing machines, or to do any of their ironing. They's soon realise they'd have to do their own laundry.

Gram_Parsons

We'll be so rich we'll wear our clothes once and chuck them over Hadrian's wall for our poorer neighbours to fight over. ;-)

ColdIron

You presume we would be seen dead in Aran jumpers and kilts

Anyway it may not come to that, we have deployed our secret weapon

Scotland : "I'm leaving you..."
Britain : "You can't!"
Scotland : "I'm leaving. It's over."
Britain : "... I'm pregnant!!"

p00hsticks

ColdIron wrote: »

You presume we would be seen dead in Aran jumpers and kilts

Anyway it may not come to that, we have deployed our secret weapon

Scotland : "I'm leaving you..."
Britain : "You can't!"
Scotland : "I'm leaving. It's over."
Britain : "... I'm pregnant!!"

But which has more clout - a pregnant royal or a pregnant panda ?