Out of A&L (yippee!) ....now where is the quality ?

deaglecat

Closed my direct saver today (was way over the 31K compensation - which I don't really trust given that it seems to be an industry funded levy rather than a BoE guarantee).... A&L may well be in good shape but the lack of transparency about their wholesale banking needs coupled with strong late market selling were just too compelling...

Now - where do I find quality ? Not necessarily the best interest rate - I will sacrifice 1-2% to be AAA+ rated safe.

HSBC ?
NSI ?
Coop / Smile ?

Any other ideas....

dunstonh

Northern Rock is probably the safest bet at this time as its the only bank with a 100% guarantee return of money.

deaglecat

Ironic - yet probably good advice ! Would want to see the small print first though....

[Deleted User]

Its ok, I have it on good authority that Richard Branson and Bill Gates both opened direct savers with there Dagenham branch depositing 200 billion each in 5 bob notes. So I dont think its safe.

baby_boomer

dunstonh wrote: »

Northern Rock is probably the safest bet at this time as its the only bank with a 100% guarantee return of money.

That's a great sales line .

BUT don't forget that many IFA sold income products will have suffered actual capital losses during this turbulence.

And NSI is clearly a safe haven. What about inflation linked certificates for £15K per person?

YorkshireBoy

Yant1 wrote: »

Its ok, I have it on good authority that Richard Branson and Bill Gates both opened direct savers...

They're in good company then, because Sir Bobby Robson is opening a Northern Rock account tomorrow.

http://news.bbc.co.uk/1/hi/england/6999608.stm

gt94sss2

NS&I is backed by the government

HSBC is the 3rd largest bank in the word and less affected by the liquidity crunch than the other high street banks in the UK according to all the stats I have seen, as they traditionally keep a relatively strong balance sheet..

After that.. Nationwide?

I agree money in Northern Rock is safe but then I always thought it would be - not that the new 'guarantee' only applies to current funds and not new funds though

Regards
Sunil

dwsjarcmcd

dunstonh wrote: »

Northern Rock is probably the safest bet at this time as its the only bank with a 100% guarantee return of money.

As I understand it, the guarentee applies to all banks, not just the Rock

EdInvestor

dwsjarcmcd wrote: »

As I understand it, the guarentee applies to all banks, not just the Rock

Quite so, guarantee now extended to all deposits at all banks that might come under attack.

DoubleEntry

Quite so, guarantee now extended to all deposits at all banks that might come under attack.

Can't find any mention of this in news items - when/where did this happen?

thelawnet

EdInvestor wrote: »

Quite so, guarantee now extended to all deposits at all banks that might come under attack.

attack?

is that attack as in hari kari?