Are your savings safe? article discussion
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Expert help please.
I've a business account with A & L plus personal a/c with RBS. I'm self employed. How safe is the business a/c. Its got £100,000 with company turnover of £250,000 year
Stupid question now. Where do, lets say, Paul McCartney and medium shops like say a bakers chain keep their money?0 -
Given that the government seem to be protecting banks from going bust in the UK, do you envisage they would do the same for non-UK banks operating in the UK, such as Kaupthing, or would that be something the Icelandic government would have to consider?
Almost unlikely and unthinkable, would the government bail out the UK operation of HSBC, are HSBC even a UK owned bank?
The question is (without scaremongering), is it best to stick with UK owned banks?0 -
If they are unwrapped investments then its 100% of the first £30,000 and 90% of the next £20,000.
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I've got both savings (including cash ISAs) and 'investments' (including equity ISAs) held by what's now one organisation in FSCS terms. Are they considered separately, each with their own guarantee limits?0 -
If the account is an HSBC offshore account it would, presumably, be covered by any scheme operated by Guernsey - i.e. not mainland UK, so not covered by the FSCS.
A week or so ago I was watching a phone-in on the TV about the panic and the FSCS guarantee. Someone phoned in from the Channel Islands asking if his savings were safe and was told that the UK 35K guarantee did not cover them.
There have been so many phone-ins on various shows about this of late that I cannot remember which show this was on.
Btw, if the sum in A&L is your life savings is it perhaps better to consider spreading it around various different banks anyhow just in case you get hacked? Nationwide do an online account as does Northern Rock, Lloyds, HSBC, Principality and no doubt many others.
Btw, I am no financial expert by any means so best to seek independent advice.This is not financial nor legal nor property advice. Consult a paid professional if in doubt.0 -
A colleague showed me this at work today:
http://www.guardian.co.uk/money/interactive/2008/sep/25/savings.providers
It's quite a simple little tool for quickly working out which institution is linked with which regarding FSCS protection.0 -
A colleague showed me this at work today:
http://www.guardian.co.uk/money/interactive/2008/sep/25/savings.providers
It's quite a simple little tool for quickly working out which institution is linked with which regarding FSCS protection.0 -
I've got both savings (including cash ISAs) and 'investments' (including equity ISAs) held by what's now one organisation in FSCS terms. Are they considered separately, each with their own guarantee limits?
Individually.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I couldn't see ICICI Bank anywhere.......does the £35,000 that's safe apply to accounts held here?0
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Elizabeth_T wrote: »I couldn't see ICICI Bank anywhere.......does the £35,000 that's safe apply to accounts held here?0
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