Are your savings safe? article discussion

jubev

dunstonh wrote: »

Endowments are not deposits and are therefore not protected under the deposit protection scheme. They are protected under the life and pensions protection scheme. That is 100% of first £2000 and 90% of the rest with no upper limit.

However, if you have a unit linked investment then you really dont have to worry about protection as the units are ringfenced within a company. Conventional with profits funds are at risk with the company but the above limit applies.

Thanks to the equitable life issues many years ago, the FSA insisted that insurers meet stronger solvency requirements and this places the UK insurers in a very good position. Plus most investments for a good many years now have been unit linked so that should really take a lot of your concern away.

I feel reasured so won't rush to sell my endowment.

debbiejt

I have been reviewing all my savings following your article. My question is what do we do about ISA's?
Mine is over the 35,000 limit but ifi take money out i will lose the tax free interest.
Any ideas please??
Thanks

10_66

Heinz wrote: »

I have to admit I haven't waded through the 16 pages of this thread and am just going to pose my question.

I understand that if I (alone) have £35k in (say) a SAGA savings account, I'm fully covered by the FSA guarantee and/or Alistair Darling.

What would be the case though if I and the GL also had another £35k in a joint A/C with SAGA? Would that be fully covered? Or would only half (the GL's half) of it be covered? Or would none of it be covered?

Your GL would be covered for half of your joint account. If your half of your joint account takes you over the £35k covered (due to your single account), you would not be covered for more than the £35k.

Heinz

debbiejt wrote: »

I have been reviewing all my savings following your article. My question is what do we do about ISA's?
Mine is over the 35,000 limit but ifi take money out i will lose the tax free interest.
Any ideas please??
Thanks

Couldn't you open an ISA with another bank/building society and transfer in part of your existing ISA?

That's assuming, of course, that you've not already used all this year's £3,600 cash ISA allowance.

heygringo

So, in trying to digest all this info, it seems to me that apart from Northern Rock, HSBC is the one to stash ones excess cash in, if the need is felt to move any of ones assets that would not be covered by the supposed 35K guarantee, according to the HSBC info. link, supplied by contributor, tradetime.

YorkshireBoy

heygringo wrote: »

...apart from Northern Rock

Don't forget NS&I

chris1

Heinz wrote: »

Couldn't you open an ISA with another bank/building society and transfer in part of your existing ISA?

That's assuming, of course, that you've not already used all this year's £3,600 cash ISA allowance.

You can transfer an existing ISA of any amount, in addition to the £3600 annual allowance for new money.

heygringo

YorkshireBoy wrote: »

Don't forget NS&I

Erm!---Not forgetting National Savings & Investments.:o

spotit

Is the internet bank, Standard Life british and is it protected up to the £35000 limit also?

LongTermLurker

spotit wrote: »

Is the internet bank, Standard Life british and is it protected up to the £35000 limit also?

I wouldn't call standard life an internet bank - they're a very long standing insurance company (hense the "life" bit) - they are British and compensation levels depend on what you are doing with them - deposits? insurance/assurance products? stock market investments?