Do you have unshakable belief in the FSCS?

Eco_Miser

Yes:

Malthusian said:

Borisjake said:

Out of interest, is there any record of instances where they have paid out?

There is, on the FSCS' website.
Over the last five years the FSCS has paid out for banking collapses around 5 times a year. (Small ones but a bank is a bank.)

Most banks survived the 2008 calamity, didn't they? 

They certainly did. You can still open a Northern Rock account (now called Virgin Money but it's the same bank).
Can you imagine people being willing to go into a bank that had previously gone bust and open new accounts in the pre-FSCS 1800s era when it was considered normal for depositors in failed banks to lose their money?

Well, sort of. The same branches, the same computer systems, same cashiers probably, but different branding, and different people at the top. And that was before the merger with Clydesdale/Yorkshire Bank.

Back in the 1800s the shareholders in failed banks lost ALL their money - no limited liability for them. I wonder if any rivals even bought the building of a failed bank, or if the taint was considered too strong.

bryanb

Thumbs_Up said:

bryanb said:

Worked for me when Iceland bank went under. In fact they paid out more than the guaranteed sum at the time.

So you was lured in by a juicy saving rate?

Yep along with the District council