debt level /credit rating

JayEl3

Hello just asking for opinions here - I opened a savings account and my accontant suggested that I check their debt level to have a fair idea that it isnt a risky establilshment or could go bust.
He suggested I ask them what their "debt level" is to give a rough idea. 
Is there actually a nice way to ask a bank that?? (or is there another indicator to check instead of asking straight out?) 
is debt level /credit rating the same thing?
the only thing Im doing is looking a Moody's and S&P to see what rating they give.
thanks for any suggestion here.

Mark_d

I don't think the bank's debt level matters...because FSCS protection should cover you if the bank goes bust

fatbelly

Provided you are not investing more than 85k per institution

Mikeeee_2

JayEl3 said:

Hello just asking for opinions here - I opened a savings account and my accontant suggested that I check their debt level to have a fair idea that it isnt a risky establilshment or could go bust.
He suggested I ask them what their "debt level" is to give a rough idea. 
Is there actually a nice way to ask a bank that?? (or is there another indicator to check instead of asking straight out?) 
is debt level /credit rating the same thing?
the only thing Im doing is looking a Moody's and S&P to see what rating they give.
thanks for any suggestion here.

What kind of accountant is this? Look out for this symbol. If the savings account displays this then the first £85,000 will be protected. Unless the provider is not legit and trying to con you of course! 😎

wmb194

All banks and building societies have lots of debt, that's how they operate. Are they really more concerned with profitability?

Front line staff won't know how to answer; if you look them up on Companies House you can find their annual accounts and have a look at those. The listed banks and most building societies will also have their annual reports on their websites.

JayEl3

fatbelly said:

Provided you are not investing more than 85k per institution

actually its just over that amount which is why i am unsure. and probably want to keep tabs on it every now and again. Just seems a difficult question to ask. though the bank has sent me annual statments. Moodys gives it an A- stable rating. but it is FSCS covered too. (only to 85k)

friolento

I would change Accountant

Gary1984

This is a very odd suggestion. How can you be expected to assess the credit worthiness of a bank? If you had these skills you'd probably be working in the city of London, not trying to figure out which savings account to open. Just asking for their 'debt level' won't tell you a thing. 

Change accountant and if you're genuinely worried about a bank failing then perhaps open a 2nd account with another bank and spread your savings between the two in order to stay under the £85k FSCS limit.

jimjames

JayEl3 said:

He suggested I ask them what their "debt level" is to give a rough idea. 
Is there actually a nice way to ask a bank that?? (or is there another indicator to check instead of asking straight out?) 

If you really want to you can check their annual reports. I wouldn't expect you'd get a sensible answer if you call their contact centre. But as above it doesn't seem worthwhile and a different accountant might be an easier solution.