Are your savings safe? article discussion

bigsaverCol

bigsaverCol wrote: »

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

I asked the above question. Jacobean then also asked it. It was also asked this morning on Sky News but their 'expert' replied "I don't know".
Dunstonh replied the question was answered elsewhere. Dunstonh, point me in the right direction please.

Sarah_Edburton

Does anybody know whether business accounts are covered by the same protection as individuals?

GustyGardenGalaxy

Have a look here:

http://www.fscs.org.uk/industry/

isofa

I sometimes wonder if any new posters ever bother to search or see if their questions have been answered before?

Actually I don't wonder, I know they just can't be bothered so ask the same Qs over and over again.

I'm not personally being rude, but trying to educate people how to find out things for themselves.

In the case of #510 #512 and #513, asked several times today and a few days ago on different threads.

You shouldn't need pointing in the right direction if you use the SEARCH above..

Stavros_3

isofa wrote: »

I sometimes wonder if any new posters ever bother to search or see if their questions have been answered before?

Actually I don't wonder, I know they just can't be bothered so ask them same Qs over and over again.

Exactly, or as that say at the Japanese Stock exchange Ed Zachary

jacobean

altocumulus wrote: »

fwtw, if someone at your bank doesn't know the 100% answer - change banks !!!

Easier said than done if you have complex banking arrangements which took an age to set up in the first place - I have now spoken to several banks who considered it a 'grey area'. It's no wonder that people in the past have gone to the banks with a suitcase to withdraw their money as in Northern Rock. I used to think these people were stupid, but I am starting to sympathise.
I consider it no worse than people suddenly now flocking to the Irish banks or companies withdrawing several hundred thousand pounds of their reserves, leaving a small £35k deposit to spread the risk - surely this cant be much help for banks stability.

Personally I think we will look back at this period and blame the bloody media for suggesting and making things worse than they actually are.

trev9718

Has the article in todays Daily Mail been covered anywhere in the Forum. Thanks

dunstonh

trev9718 wrote: »

Has the article in todays Daily Mail been covered anywhere in the Forum. Thanks

Please do not swear. It is rude to mention the Daily M*** as a source of fact.

manduck

So (hypothetically) if the FSCS protection does go out the window where's the best place to put your savings? I.e. What banks are unlikely to go bust?

Northern Rock because they're guaranteed by the government? (not that I really trust the government)

Or someone like HSBC because they've got lots of deposits compared to loans?

GustyGardenGalaxy

manduck wrote: »

So (hypothetically) if the FSCS protection does go out the window where's the best place to put your savings? I.e. What banks are unlikely to go bust?

None. At a guess your best bet is probably National Savings and Investments who, I believe, will cover ANY amount as they are government savings, ie not just limited to £35K.

Northern Rock because they're guaranteed by the government? (not that I really trust the government)

See above. Nothing is 100% safe these days, but some are safer than others.

Or someone like HSBC because they've got lots of deposits compared to loans?

I'll let someone else answer that one.