Are your savings safe? article discussion

altocumulus

calypso_rhapsody wrote: »

I understand your reactions but as someone who has tried to follow the advice to limit savings in any one institution to the FSCS limit (£35k, soon to be £50k) i find it rather disturbing that my efforts are being undermined!

Are you saying that you would place a limitless amount in any institution? Certainly not Martin's advice!

I'm not outrageously risk averse - indeed my hobby (horse-riding) is said to be the most dangerous there is! But i feel that it there is protection there when i open a fixed term savings account then it should be there for the life of the product.

Follow Martin's advice.... :money:

Stavros_3

calypso_rhapsody wrote: »

Are you saying that you would place a limitless amount in any institution? Certainly not Martin's advice!

I have, and with the B & B, way over any compensation level. the forum is now becoming saturated with scaremongering and hype. I'm off to watch Chitty Chitty Bang Bang, I'm more scared by the child catcher on there than some of the horror stories being written on here toodle pip

dunstonh

Are you saying that you would place a limitless amount in any institution?

No. I'm no rate tart and I stick with the big guns. The Govt is not going to let any high street name fail. I wouldnt want to be with an obscure brand though that is based overseas.

Certainly not Martin's advice!

Martin has no option but to say that on TV. The fact its the FSCS is just a comfort blanket for all but the smallest banks is irrelevant.

I have, and with the B & B, way over any compensation level.

Which is a good example. When the B&B was nationalised, the FSCS paid out money and not one saver with over £35k lost out. No saver had to fill in claims forms and wait for their money like an insurance claim. It was all done behind the scenes at corporate level.

Gary555James

Can anyone advise whether ISA Bonds are covered under the FSCS savings compensation scheme. The article states that "any cash ISA" is protected, but does this include cash ISA Bonds ?

Baldur

'Bond' is just marketing speak as far as Cash ISAs & other savings products are concerned - they are Cash ISAs the same as any others which do not have the word 'bond' in their title, so are covered.

dunstonh

Unless Gary is talking about real bonds inside an ISA and not the misnamed marketing versions

relaxcheznous

Can anyone offer me definitive advice on the treatment of money held in an account that is the subject of a trust fund? Would each of three trustees (who are also) benificieries (who are also signatories) to the account be covered for £50,000 should the bank fail?
Thanks for your useful replies,
Steve

kaydeed

if i was to take £ 100,000.00 out of a small buisness account and set up a normal joint named bank account instead of a buisness account with a few different banks . Is my money safer and would this pose a tax problem.

MichaelB

I have a question. I invested some money with NDFA and they invested it with Leman Brothers.

I have heard from NDFA that they don't know whether the investment is safe or not, until it is clearer which assets Barclays have bought. I am worried that I may have lost all this money. If I do lose it, is there any compensation I can get?
MichaelB

dunstonh

kaydeed wrote: »

if i was to take £ 100,000.00 out of a small buisness account and set up a normal joint named bank account instead of a buisness account with a few different banks . Is my money safer and would this pose a tax problem.

Assuming you mean Limited company as thats the only time a business account classification would matter...

That could be classed as a capital withdrawal from the business and your accountant and may have a few words to say to you about that. Your tax bill next year could be significantly increased if you do this.