Atom, Paragon & Vanquis Banks

DeanYorks

That's good to know ManAtHome. Perhaps I should stop being so set in my ways and give at least one of these a try. Not sure if I dare put more than 20k with one though

Dird

polymaff wrote: »

By which I means that if one of the big-name institutions goes bust, FSCS will just fold - whereas it will probably survive the collapse of one or two of the minnows.

Unless they have secret dependencies on the bigger bank so go at the same time~ or the large bank creates a domino effect...can't refuse to do FCSC for Barclays but then do it for Paragon a month later

2010

DeanYorks wrote: »

Perhaps I should stop being so set in my ways and give at least one of these a try. Not sure if I dare put more than 20k with one though

You`re covered for £85k.

Also have a look at Charter Bank.

http://www.chartersavingsbank.co.uk/

Keep_pedalling

DeanYorks wrote: »

That's good to know ManAtHome. Perhaps I should stop being so set in my ways and give at least one of these a try. Not sure if I dare put more than 20k with one though

Perhaps move even further from your set in ways, and stop holding such silly sums in cash?

DeanYorks

I am not even in possession of the funds yet. So I am not holding anything! It is inheritance due to a bereavement.

polymaff

Dird wrote: »

Unless they have secret dependencies on the bigger bank so go at the same time~ or the large bank creates a domino effect...can't refuse to do FCSC for Barclays but then do it for Paragon a month later

Quite - but that is just emphasising my point that the collapse of one big institution will collapse the - note - F S C S

In fact, these smaller institutions have their own pool of borrowers - all pretty high-risk individuals that aren't wanted - officially - by the bigger institutions. The only link between the small and the big is that the small are not providing the money transfer mechanisms themselves but hold their own account with a larger institution. For those thinking of investing in one of these small institutions, then, don't be surprised if they give you an HSBC sort code and account number to pay into.

TheTracker

I'm with Al Rayan and Atom, and others like Monzo and Starling, and hold 6 figures across them. I choose them over the high street banks due to their low/zero fees and customer service and espoused visions of banking. I wouldn't say they have particularly high risk customers. Al Rayan certainly not. I sleep well at night.

DeanYorks

That's good to know. However I never see them advertising themselves. I'd never even heard of them until I looked on this website.