How many subscribers here are over the FSA guaranteed savings limit?

knights

Yes I do I am afraid, more than one. Just cannot be bothered with loads of accounts (other than a few regular saver for a bit of fun).

Not worried.

10_66

Primrose wrote: »

Just wondered how many people on here have savings in one institution over the guaranteed FSA compensation limit?
And do they feel reasonably comfortable about it in the current climate?

No. I can't afford to take the risk. Never say never.

hra_2

Yes and a very qualified yes, sticking to the very largest institutions (such as Nationwide and HBOS) especially for term accounts. For any other bank or building society I am increasingly bothered over those with clauses which allow them to limit withdrawals in situations of financial stress (often loosely worded). This is a risk separate from and more likely than that of insolvency imo.

LuciferTDark

Savings? who needs savings? who can actually afford to have savings these days?

oldfella

all ours is spread around with a more or less strict £35K limit

isofa

For all the people worried about loosing all their money over the 35K protection limit, can anyone cite anyone loosing any deposits at any UK bank with accounts for personal savers (precluding Barings et al, very different kettle of fish), in the past 80-100 years? I rest my case

ManAtHome

isofa wrote: »

can anyone cite anyone loosing any deposits at any UK bank with accounts for personal savers

Leeds [and Holbeck] lost mine two years running - "computer errors" apparently, good job I didn't pop the clogs at the time...

Apart from that, only 1 more or less permanently over the limit, although occasional overlaps with fixed-rate accounts - not over-concerned.

DeepSporran

Yes and Yes.

Ian_W

isofa wrote: »

can anyone cite anyone loosing any deposits at any UK bank with accounts for personal savers (precluding Barings et al, very different kettle of fish), in the past 80-100 years? I rest my case

You're right - excluding the B words [Barings & BCCI - who were NOT UK retail Banks] no-one has lost anything on deposits in UK Banks or Building Societies in over a 100yrs.

I think it's funny how people view risk though.
All the folks who queued outside NR walked, biked, bused or drove to save their money, yet 3000 people are killed and a quarter of a million are injured on the roads every year. Arguably their physical well being was more at risk getting to the bank, than their money ever was!

For the record though, as Mrs W and myself share our dosh and have it in 4 diffent institutions for convenience, better rates, reg savers etc we [sadly ] don't have more than our combined cover of £70K in any one. If we did have £280K+ in savings we wouldn't bother about FSCS limits over much.

EdInvestor

Ian_W wrote: »

I think it's funny how people view risk though.
All the folks who queued outside NR walked, biked, bused or drove to save their money, yet 3000 people are killed and a quarter of a million are injured on the roads every year.

One problem was that NRK either through accident or design made it impossible to move funds online so people had no choice but to queue in the street. A big worry these days is getting money trapped inside banks and lifecos and subject to penalties or delays in removal.We saw it with Equitable, then at many insurers' With profits funds.We're now seeing it with commercial property unit trusts.

Even if there is a guarantee, if a bank goes belly up, how long will it take for the administrators to release the money.For that reason alone, it's sensible to spread the dosh around.