Are your savings safe? article discussion

b320

I am also concerned about the safety of my savings. I have saving accounts with Smile, Birmingham Midshire BS and Halifax. I have just found out that the last two actually both belong to the HBOS Group.

I know there is that £35,000 guarantee, but would rather only go down that route as a last resource. Would it would be a better idea to transfer some of my savings to Smile, which is also my bank? Thanks a lot.

alared

Seems like nowhere`s safe anymore.

Guess we`ll all have to draw our money out and put it under the bed.

alared

b320 wrote: »

I am also concerned about the safety of my savings. I have saving accounts with Smile, Birmingham Midshire BS and Halifax. I have just found out that the last two actually both belong to the HBOS Group.

I know there is that £35,000 guarantee, but would rather only go down that route as a last resource. Would it would be a better idea to transfer some of my savings to Smile, which is also my bank? Thanks a lot.

If they are joint accounts,you`re covered up to £70k.

HBOS shares,when I lasted looked, were down another 25% to 175p.
They dropped yesterday,at,one time by 33%.
Think I would get below the £35k limit with them

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heygringo

alared wrote: »

Seems like nowhere`s safe anymore.

Guess we`ll all have to draw our money out and put it under the bed.

Hell my nose is only inches away from the ceiling now! (I wish) :rotfl:

tonytsdiver

alared wrote: »

Seems like nowhere`s safe anymore.

Guess we`ll all have to draw our money out and put it under the bed.

The only cast iron guarantees at the moment are with Northen Rock or NS&I ?
Not so sure about under the bed, better under the pillow, that way in the morning you'll find it increases

heygringo

tonytsdiver wrote: »

The only cast iron guarantees at the moment are with Northen Rock or NS&I ?
Not so sure about under the bed, better under the pillow, that way in the morning you'll find it increases

God bless the fairies.;)

We've just been in to Abbey to get some verification on our accounts & what happens if the s**t hits the fan. The good news (for us) is that because of the way we have our investments, we SHOULD be OK!
Pity the Zimbabwians, with millions % inflation & we think we've got problems.:cool:

heygringo

I've just had a look at HSBC on line, with a view to move part of our ISA accounts. Can anyone explain the meaning of this?

Quote "It's a straightforward tax free savings account with a great variable rate of 6.25% AER (6.08% Tax Free). Open and Manage online"

I don't get the 6.08% tax free bit.

YorkshireBoy

heygringo wrote: »

I don't get the 6.08% tax free bit.

Interest is paid monthly at this lower rate. If you leave the interest in the account it will compound and deliver 6.25% AER.

(but this has little to do with "are your savings safe")

heygringo

YorkshireBoy wrote: »

Interest is paid monthly at this lower rate. If you leave the interest in the account it will compound and deliver 6.25% AER.

(but this has little to do with "are your savings safe")

I have been following/contributing to this discussion & was looking at other ISA providers, with a view to possibly move some that we have, which will take us over the compensation limit. I fail to see why you have decided to add a comment in parentheses. A number of posts don't directly address the question "are your savings safe" but merely add content, & could even take the discussion into better hidey-holes for our well earned cash.
Very churlish IMHO :rolleyes:

alared

heygringo wrote: »

I've just had a look at HSBC on line, with a view to move part of our ISA accounts. Can anyone explain the meaning of this?

Quote "It's a straightforward tax free savings account with a great variable rate of 6.25% AER (6.08% Tax Free). Open and Manage online"

I don't get the 6.08% tax free bit.

Transfers in are not available on this account.:mad: