Are your savings safe? article discussion

opinions4u

Shelle wrote: »

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

The three businesses you mention are covered separately by the FSCS.

Building societies take your money and lend it out in the form of mortgages. Not completely risk free, but I would say the chances of losing money in any of these companies, even if you have more than the FSCS limit is somewhere between zero and 0.000001%.

spotit

Standard Life Internet Banking is completely different from Standard Life In surance so can anyone tell me if it is covered by the £35000 rule.
Thanks in advance

dunstonh

spotit wrote: »

Standard Life Internet Banking is completely different from Standard Life In surance so can anyone tell me if it is covered by the £35000 rule.
Thanks in advance

Standard Life "life asssurance" investments (i.e. investment bonds) and pensions are covered by the insurance protection scheme. The internet banking accounts are just like other bank accounts and are covered by the deposits protection scheme. The standard life fundzone is covered by the investments protection scheme.

Stretlow

Hi people, I would really appreciate it if you could give me some advice.

My dad has come to me today and told me he has about £28'000 invested with Norwich union, one is Capital bonds and the other is Portfolio down payment (sorry im not well up on these things)

If he takes the money out early he will lose a lot of money its accrued on top, but if he waits until May (i think) he can collect everything.

Its all the savings he has and is understandably worried he's is on his own and has asked me for advice.

Can someone please tell me if his money is safe or point me in the right direction as to how to find out.

He only told me this today and i'm obviously worried sick myself now

Thanks so much in advance

Stret

jingle68

Hi, i have savings in the following banks, can anyone tell me if they are all under the UK £35000 FSCS protection and if they are all classed as seperate institutions?

Kaupthing Edge
Birmingham Midshires
ICICI bank UK
Britannia Building Society
Halifax (childrens savings account of which i am trustee)
Alliance & Leicester

thank you for any help

Jingle68

lampshade_2

Is it true all monies deposited in a Northern Rock account are 100% safe?
Am just about to open an account.
Many thanks.

dunstonh

Stretlow wrote: »

Hi people, I would really appreciate it if you could give me some advice.

My dad has come to me today and told me he has about £28'000 invested with Norwich union, one is Capital bonds and the other is Portfolio down payment (sorry im not well up on these things)

If he takes the money out early he will lose a lot of money its accrued on top, but if he waits until May (i think) he can collect everything.

Its all the savings he has and is understandably worried he's is on his own and has asked me for advice.

Can someone please tell me if his money is safe or point me in the right direction as to how to find out.

He only told me this today and i'm obviously worried sick myself now

Thanks so much in advance

Stret

They are life assurance investment bonds so he has far higher protection than a savings account. 100% of first £2000 and 90% of the rest with no upper limit. He has no reason to be concerned.

The portfolio bond (which i assume is what you mean with the latter) is a modern, low cost contract with over 100 investment funds available. A very good contract when used well.

opinions4u

lampshade wrote: »

Is it true all monies deposited in a Northern Rock account are 100% safe?
Am just about to open an account.
Many thanks.

100% safeish.

I'd probably say 99.999999999% - it's government owned, therefore as secure as the British Government is at operating its finances.

Governments could, potentially, default - but I don't see it happening.

Does anybody else feel that a nationalised bank may have distorted the market in troubled times?

Stretlow

dunstonh wrote: »

They are life assurance investment bonds so he has far higher protection than a savings account. 100% of first £2000 and 90% of the rest with no upper limit. He has no reason to be concerned.

The portfolio bond (which i assume is what you mean with the latter) is a modern, low cost contract with over 100 investment funds available. A very good contract when used well.

Thank so much for the swift responce, Hes told me today that one matures in May and the other in 2012, so you think he has no reason to pull them out early and suffer the penalties?

Stret

dunstonh

Stretlow wrote: »

Thank so much for the swift responce, Hes told me today that one matures in May and the other in 2012, so you think he has no reason to pull them out early and suffer the penalties?

Stret

Is he sure they mature? The second one is open ended. Although it becomes available to draw after the 5th year without penalty (although charges drop if you keep it).

The investment range is good, there is even a deposit fund, guaranteed fund, inflation guaranteed fund in there with loads of externally and internally managed funds. Of all the investment bonds out there, the NU version comes out top more frequently than any other for me.

There is no reason to pull out on a financial strength point of view or product point of view.