Are your savings safe? article discussion

Fella

You're very tedious. If you're going to post on a forum learn the etiquette.

arty4

in martin's updated table of banks sharing ownership and therefore obliged to pay out only one lot of compensation, natwest and rbos are listed as separate - should that be corrected or am i missing something?

sabretoothtigger

They are part of the same company but operate as separate institutions so that is correct

evenasus

I have £180,000 in one building society, is this madness? I do have three other bank savings accounts with the £35,000 recommended (ok, so one has a bit more in) but knowing where to put money these days has my mind in a fog. Quite a bit of the £180,000 is in matured Tessa, Cash Isa and Bond savings. These get good interest and are not easy to move. Anyone recommend the easiest safe easy access UK accounts?

voyagerbear

dunstonh wrote: »

That is the standard deposits protection scheme but they are owned by the Govt now so you would need the Govt to go bankrupt. The Govt, before they stepped in fully, extended the protection to NR to 100%. That has not been rescinded but its a non issue now due to their ownership.

I just called NR to clarify their situation for myself. So here it is straight from the horse's mouth.
At present any amount of savings are 100% secure. However, at some point in the future the government will remove the 100% guarantee but will give NR 3 advanced notice, which in turn they will give to their customers. She didn't say when.
When this happens it will revert to £35000 guarantee on variables but if you already have fixed savings they will still be covered 100%.:o hope this helps someone............... If you've got a considerable amount of money to save, you could put, £33K here and there and a bigger wad in NR.........Lower rate but at least it's safe.

voyagerbear

Sorry. I meant to say 3 months notice......:T

GustyGardenGalaxy

Is this table:

http://www.moneysavingexpert.com/savings/safe-savings#whatcounts

still 100% accurate, bearing in mind the ongoing Lloyds and HBOS merger? At the very least, I assume it should be the case that all green (HBOS) banks will be under the same umbrella as all the cyan (Lloyds).

Is that it?

dunstonh

still 100% accurate, bearing in mind the ongoing Lloyds and HBOS merger? At the very least, I assume it should be the case that all green (HBOS) banks will be under the same umbrella as all the cyan (Lloyds).

No change. Lloyds have yet to get agreement to buy HBOS and even if they do, it will be some months at least before they kill the HBOS licence. They may not even do that for some years or at all.

MarkFromCornwall

> An extra .5% on a £35k investment is 0.48p a day.

Actually it's 48p a day.

GustyGardenGalaxy

dunstonh wrote: »

No change. Lloyds have yet to get agreement to buy HBOS and even if they do, it will be some months at least before they kill the HBOS licence. They may not even do that for some years or at all.

Really? But surely once the merger is completed they will be classed as the same bank, therefore only £35K will be covered amongst all the savings (if said savings are over £35K and are split across multiple accounts)?