Abbey Bank - risk?

rick2000

Hi,

I am worried about our savings we hold in this bank in branch savers accounts.

Do any of the experts here know the status of Abbey bank after the lastest market issues?

I could move some money elsewhere but no doubt the banks will cockup transfers etc etc but if i am at risk of losing all of my savings then it would be worth it...

thanks

dunstonh

Do any of the experts here know the status of Abbey bank after the lastest market issues?

Same as it was before.

I am worried about our savings we hold in this bank in branch savers accounts.

Why?

Jonbvn

Do you really think that the 7th largest bank in the world (by profit) is likely to go under?

Furthermore, up to approx 30k of your savings are guaranteed by the FSA (gov't).

Ivan_Konstantinov

Jonbvn wrote: »

Do you really think that the 7th largest bank in the world by profit is likely to go under?

look what happened to barings bank

dunstonh

look what happened to barings bank

And how active were they in retail banking?

Sapphire

dunstonh wrote: »

And how active were they in retail banking?

You know, I am getting increasingly worried about my savings, too, given the amount of debt there is in the UK and other factors that appear to indicate that our economy is built on a pack of cards. Yes, I know that a collapse of the banking system has never happened before (in the UK), but there is always a first time for everything.

I have well over £33,000 in the Sainsbury's account and am concerned about the potential risk in holding so much in one account.

Could anyone suggest a similar high-paying account to the Sainsbury's account – one that is UK based and can be accessed over the Internet? I do not want to put my savings into the Indian bank (don't trust it) or the Icelandic one (whaling issues).

I have already maxed-out on my cash ISA allowance and on an NSIL certificate. I do not want to invest in shares.

Any help appreciated.

gt94sss2

Sapphire wrote: »

Could anyone suggest a similar high-paying account to the Sainsbury's account – one that is UK based and can be accessed over the Internet? I do not want to put my savings into the Indian bank (don't trust it) or the Icelandic one (whaling issues).

Even if you don't trust ICICI, its still regulated by the FSA and covered by the Financial Services Compensation Scheme..

Otherwise HSBC offer 6.25% but note the withdrawal conditions - though this is fine as long as you can time your withdrawals to be at the beginning of the month...

If you are over 60, the Coventry Building Society also has an account you might be interested in..

Regards
Sunil

Jonbvn

Ivan_Konstantinov wrote: »

look what happened to barings bank

Totally unrelated. They were a merchant bank taken down by a rogue trader called Nick Leeson.

Ivan_Konstantinov

Jonbvn wrote: »

Totally unrelated. They were a merchant bank taken down by a rogue trader called Nick Leeson.

Not unrelated as in both cases (retail or merchant) have or are going to lose loads..these US retail banks were shoveling money out to people without any hope of repaying....Ninja's! (No Income, No Job and No Assets) Northern Rock in the UK were giving 100%+ mortgages

here's a good article from March 2007 http://www.washingtonpost.com/wp-dyn/content/article/2007/03/13/AR2007031301733_pf.html

ferox666

Ivan_Konstantinov wrote: »

these US retail banks were shoveling money out to people without any hope of repaying....Ninja's! (No Income, No Job and No Assets)

I don't understand why this crash is happening...will the bank not get the house when it's repossessed? If you can't pay your mortgage the lender can take your house back and resell it I thought??? Hope someone can explain

realaledrinker

They were lendin' to eminem's mom & the like. Not much call for repossessed trailer park homes I guess.