Bank bail ins are coming to the UK

wotsthat

kabayiri wrote: »

I'm not going to assume this. I am going to ask the bank.

I used to like the legacy Nationwide mortgages. Standard mortgages but if you wanted to make overpayments then the balance would immediately drop but overpayments could be withdrawn - you just dropped them an email and you'd have the money in 48 hours. If they'd have gone bust nothing would have been lost other than potential cash flow problems if spare cash was only intended to be parked in the mortgage for a short period.

I did look at true offset accounts like the Virgin One account but when the Nationwide BMR dropped to 2.5% there seemed little point moving mortgage providers or parking cash in the mortgage.

Be interesting to know what you find out.

antrobus

berbastrike wrote: »

....I have £75k in a few accounts. I'm hoping FSCS would cover me but I honestly don't know.....

FSCS will cover you up to €100,000 per institution.

berbastrike wrote: »

....I think some banks will take 50% of deposits over £75k. ...

As I recollect, what is supposed to happen is that a bank's creditors how have to eat up the losses amounting to up to 8% of the total assets, before you can consider pumping taxpayer's money into the bank. I believe there is a hierarchy of creditors, that starts with the various classes of bonds, and ends up with the + €100k depositors.

It would be impossible to say what might hypothetically happen, without knowing what bank you were talking about, or what the scale of losses involved.

grizzly1911

kabayiri wrote: »

Give me some credit !!

(I was going to ask 'some bloke' over the counter)

...or girl...or automated teller assistant droid.

First time I have been here in a long long time.

As ever you have brought a smile to my face with your pragmatism.:)

Generali

grizzly1911 wrote: »

First time I have been here in a long long time.

As ever you have brought a smile to my face with your pragmatism.:)

I hope all's well grizzly1911.