We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Bank account safety?

johnbarros101
Posts: 3 Newbie
I am 26 years old and have around 30k saved in my bank account. It's a normal account I set up when I was 12 and since graduating 2 years ago I've saved the 30k. Recently I was told that it's not safe to keep 30k in a bank account like this? I really don't know much about banks and their accounts so how can I safeguard this 30k? I was told to split it across several accounts or something.
0
Comments
-
Take it that this is a normal current account? Which bank?
Reason that this is advised is if a fraudster gets in it's a lot of money.
Far better to move some to a savings acc (yes I know the rates are poor) unless you have plans for that £30K in the short term.
That is unless it's the Santander 123 acc and then best return is £20K in there and the rest in a savings.
Although there are some savings acc that pay more. But that all depends on your plans for your cash and how quickly you need to get at it.
I would always advise having either more than 1 banks account or a credit card with another provider to cover any computer issues.Life in the slow lane0 -
It's safe in the sense that if the bank fails, you're covered by the Financial Services Compensation Scheme, which protects balances up to £85K, so you're some way short of that.
However, spreading funds across multiple accounts is generally a good idea, primarily for resilience, in that it safeguards against technical outages, account lockdowns, card loss, etc, and for those who fear accounts being emptied through fraud then it would offer some protection against that too.
Having said all that, it would make sense to shift the lion's share of that money into a savings account where it'll earn some interest....
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/0 -
Which bank is it as some banks are definitely safer from a security point of view than others0
-
What sort of account is it? I can't believe that you opened a current account when you were 12.
Please clarify your exact safety concerns.0 -
It's a current account with Natwest. For religious reasons I'd prefer not engaging in any transactions that involve interest whether that involves me paying interest or receiving interest (where I have the choice anyway). Are there any interest free alternatives that will be safer for me?0
-
I didn't open it by myself.. my mum helped me open it. Now I think of it I may have been slightly older than 12 but either way my point is that I was a child when the account was opened..0
-
johnbarros101 wrote: »I didn't open it by myself.. my mum helped me open it. Now I think of it I may have been slightly older than 12 but either way my point is that I was a child when the account was opened..johnbarros101 wrote: »It's a current account with Natwest. For religious reasons I'd prefer not engaging in any transactions that involve interest whether that involves me paying interest or receiving interest (where I have the choice anyway). Are there any interest free alternatives that will be safer for me?
You ask if there would be any interest free options which would be safer for you. Safer in what way? What do you consider to be unsafe about Natwest? I would agree that it is not a good idea to keep £30,000 sitting in a current account but equally if you don't want to receive any interest there is little point in moving it. Would suggest that you search Islamic accounts and choose one suitable for your needs with your preferred (safer) bank.0 -
-
By security I am assuming you are worried about some fraudster getting at your money, rather than the bank failing.
The most secure 'ordinary' bank is First Direct.
1.They do not allow their app on more than one device at a time.
2.The have voice ID so no-one can call pretending to be you.
3. They do not use insecure SMS to validate transactions and desktop logins - they use a physical secure keypad thingy (which can be transferred to your smartphone if you wish although in my view the keypad is more secure). What is more, the keypad thingy is locked to your account only, so no-one can use their keypad thingy to generate codes for your account even if they knew you keypad thingy pin code.
4. If you 'forget' your login details you can only reset them by calling FD - unlike a lot of banks that let you reset your 'forgotten' internet banking credentials with just a bit of personal info and the debit card - a goldmine for fraudsters.
Co-incidentally, they also do not pay any interest on current accounts.0 -
PS NatWest are inherently insecure - they let you log on to internet banking using your long debit card number !!!!!!. No point keeping your internet banking username secure then - might as well publish it on facebook.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.2K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.8K Work, Benefits & Business
- 617K Mortgages, Homes & Bills
- 175.6K Life & Family
- 254K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards