What 4 banks to choose to maximise losses

skronk

What 4 banks to choose that are not affiliated and therefore would allow any potential losses to be met in "full" :eek:

clearform

It won't matter. They all guaranteed now without any limit. That's what the chancellor said yesterday

Steve_xx

clearform wrote: »

It won't matter. They all guaranteed now without any limit. That's what the chancellor said yesterday

No, that's not what he said. He actually said that deposits would be guaranteed during the "current" crisis. From that you can deduce that the crisis is expected to end at some point and the 100% guarantee on deposits will too.

LittleVoice

Lots of permutations of 4. Here's one - but not necessarily the best places for your money.
1 RBS
2 LTSB
3 HSBC
4 HBOS

clearform

Steve_xx wrote: »

No, that's not what he said. He actually said that deposits would be guaranteed during the "current" crisis. From that you can deduce that the crisis is expected to end at some point and the 100% guarantee on deposits will too.

Yes but the OP is going to open the accounts now (or why else would he or she wouldn't be asking the question) so would be covered by the guarantee.

Stompa

Steve_xx wrote: »

No, that's not what he said. He actually said that deposits would be guaranteed during the "current" crisis. From that you can deduce that the crisis is expected to end at some point and the 100% guarantee on deposits will too.

And he also said that it would only apply in those cases where the BoE had agreed to act as a lender of last resort.

poleposition

Press reports say the chancellor said "existing" deposits would be guaranteed in full. Presumably old rules apply to any new deposits.

Also, anyone holding separate Halifax & BoS savings accounts pre 17 Sept had benefit of FSA Compensation Scheme applying separately to each account. That has changed and Scheme now applies once to combined accounts. This also applies to BM but not clear if Sainsburys also included.

Steve_xx

clearform wrote: »

Yes but the OP is going to open the accounts now (or why else would he or she wouldn't be asking the question) so would be covered by the guarantee.

They may be covered by the current guarantee, but what we don't know is how long that guarantee will last. The chancellor has said that the guarantee will apply to the "current" market crisis. therefore if the crisis ends today then so might the guarantee. Got it?

nilrem_2

Steve_xx wrote: »

They may be covered by the current guarantee, but what we don't know is how long that guarantee will last. The chancellor has said that the guarantee will apply to the "current" market crisis. therefore if the crisis ends today then so might the guarantee. Got it?

It was also agreed that the present £33k guarantee was not up to the job and that a better scheme would have to be introduced.:)

Steve_xx

nilrem wrote: »

It was also agreed that the present £33k guarantee was not up to the job and that a better scheme would have to be introduced.:)

Yes indeed this was agreed, but no replacement is yet in place and therefore the exisiting system will apply until it is.

regularsaver1

poleposition wrote: »

Press reports say the chancellor said "existing" deposits would be guaranteed in full. Presumably old rules apply to any new deposits.

Also, anyone holding separate Halifax & BoS savings accounts pre 17 Sept had benefit of FSA Compensation Scheme applying separately to each account. That has changed and Scheme now applies once to combined accounts. This also applies to BM but not clear if Sainsburys also included.

Sainsbury's is not included because HBOS only has 50% share, and they have their own licence

Halifax share licence with BOS, BM and Intelligent Finance

Halifax Life and St Andrews Life have own licence