Banks stability in current crisis ( CV )

mikewp

 The Coronas virus is  causing  mayhem with the worlds finances - will the banks remain stable or should they be a concern ?

eskbanker

What specifically would you do differently if you were concerned?

Normal approaches to resilience would seem sensible, e.g. only using FSCS-protected institutions, holding funds in multiple different banking groups to minimise risk from outages, etc....

mikewp

Thanks for your interest - Premium bonds maybe and/or spread my money across more banks ( albeit that is a pain )
 

greatcrested

depends how much you are talking about

Thrugelmir

UK banks operate within a highly regulated controlled regime. Annually stress tested to ensure that they can survive deep recessions. 

born_again

mikewp said:

 The Coronas virus is  causing  mayhem with the worlds finances - will the banks remain stable or should they be a concern ?

Is this on the back of a question ML was asked the other day?
Where someone said their friends were taking all their money out of the banks?

Banks are tested by BofE to ensure they have the funds to survive.

pinkdalek

If you look at the share prices, in general although the banks have dropped, the percentage they've dropped compared to other organisations has been less.  Banks have to take strict tests nowadays to show that they can survive in times like these, your post is doing nothing more than to panic morons into withdrawing their money out and visiting branches at a time when they don't need to.  Please self isolate from reading any form of newspaper especially the Daily Mail/Express for at least 14 days and your symptoms will subside.

mikewp

Approx 150k which is savings outside of my pension. This is a genuine enquiry and not intended to cause panic or indeed a prompt for people to rush and withdraw their funds from any bank, bit of an overreaction on your part methinks. This is the first time I have been on this forum for some time so no it not related to any recent threads. My pension is currently suffering big time, and although I hope it will recover it might not so forgive me for being a little concerned over my savings. Thank you all for your replies.

Thrugelmir

Split your £150k between different banks or move the entire balance to the NSI.  

pinkdalek

Move some to another bank, you can open online, even if it is with someone earning little interest at the moment at least then it will be safe and covered under the FSCS limits.  Don't forget if you receive a lump sum there are temporary high balance limits which guarantee your money for 6 months eg inheritence, windfall, injury claim, sale of property etc. 

Tildaplum

With practically all interest rates heading swiftly towards zero then you might as well put it all in NS&I for complete peace of mind