Are your savings safe? article discussion

c0050rt1

Does a Guaranteed Equity Bond (GEB), which pays out if the FTSE 100 goes up in value over a period, count as an investment?

If I have £50,000 in a GEB and £35,000 in savings with the same institution would I get £83,000 (£48k for the GEB and £35k for savings) back if they went bust?

angel69_2

A friend just inhertited about £30k, I think he has put it in the Britannia...is it safe?

tradetime

angel69 wrote: »

A friend just inhertited about £30k, I think he has put it in the Britannia...is it safe?

Yes, actually, when this crisis is all over Britania will be the only financial institution left in the the whole wide world

dunstonh

c0050rt1 wrote: »

Does a Guaranteed Equity Bond (GEB), which pays out if the FTSE 100 goes up in value over a period, count as an investment?

If I have £50,000 in a GEB and £35,000 in savings with the same institution would I get £83,000 (£48k for the GEB and £35k for savings) back if they went bust?

If the GEB is unwrapped or held in an ISA then its the investment protection that applies. If it held in the life assurance wrapper then the insurance protection applies.

alared

angel69 wrote: »

A friend just inhertited about £30k, I think he has put it in the Britannia...is it safe?

Yes, if you mean the Royal Yacht Britannia:rotfl:

amoros

Afternoon all! First let me say what a great, informative web-site this is! Will be exploring the rest of it later tonight! Sure some savings are to be had! :-P

Now...


I've read almost all pages in this thread, however haven't seen any posts with regard to accounts in euros.

I currently hold aprox. 70,000 euros in a HSBC "Foreign Currency Account" held in the Mainland UK. Thought it might be worth mentioning it's a Mainland UK rather than Offshore account.

I've only recently come into this money and whilst I was in the process of finding an appropriate "euro savings account" this whole HBOS situation prompted me to first ensure my money is secure!

You might wonder why I don't ask HSBC - well I have and so far no luck - they keep saying that they will research my questions as they don't know the answer - and to be honest you know how unreliable customer services can be - today they say one thing - 2mrw another!

My questions are:

1. The fact that my money is in euros rather than pounds am I still covered by the £35k FSA Compensation Scheme???

2. I hold a mortgage with HSBC also which I've only recently taken out. Having read through this thread it seems that if something happened my savings would be offset to my mortgage? Will it still happen if I have euros rather than pounds?

3. I also saw some people posting that holding a joint account will double the compensation amount? Does this apply to all banks by law or should I ensure HSBC has such a policy?


P.S. I want to keep my money in euros, particularly because the pound has been losing ground on the euro as of late.

Thank you in advance!

:-)

tradetime

http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/

!.) Number 9

2.) Probably, money is money

3.) It's not about the "law and banks" The compensation is not payed by the bank, it is payed by the FSCS so the same rules apply to all banks that are covered by the FSCS

amoros

Afternoon all! First let me say what a great, informative web-site this is! Will be exploring the rest of it later tonight! Sure some savings are to be had! :-P

Now...


I've read almost all pages in this thread, however haven't seen any posts with regard to accounts in euros.

I currently hold aprox. 70,000 euros in a HSBC "Foreign Currency Account" held in the Mainland UK. Thought it might be worth mentioning it's a Mainland UK rather than Offshore account.

I've only recently come into this money and whilst I was in the process of finding an appropriate "euro savings account" this whole HBOS situation prompted me to first ensure my money is secure!

You might wonder why I don't ask HSBC - well I have and so far no luck - they keep saying that they will research my questions as they don't know the answer - and to be honest you know how unreliable customer services can be - today they say one thing - 2mrw another!

My questions are:

1. The fact that my money is in euros rather than pounds am I still covered by the £35k FSA Compensation Scheme???

2. I hold a mortgage with HSBC also which I've only recently taken out. Having read through this thread it seems that if something happened my savings would be offset to my mortgage? Will it still happen if I have euros rather than pounds?

3. I also saw some people posting that holding a joint account will double the compensation amount? Does this apply to all banks by law or should I ensure HSBC has such a policy?


P.S. I want to keep my money in euros, particularly because the pound has been losing ground on the euro as of late.

Thank you in advance!

:-)

tradetime

Must be an echo.

Shelle

Anyone know where these 2 building societies stand in terms of protection - Norwich and Peterborough and Yorkshire Building Society. I have some funds in these two plus IF, so was checking to make sure I am spreading my money around the right places, but am struggling to understand where building societies stand in the big picture.

Thanks