Should I move my savings??

Katie1981

I've got 90k in savings in a high interest account.

Is it best to keep it all together or split it up into different banks.

I'm worried about the banks going bust.

I also have to think about the fact that if I do move it I end up losing a month's interest.

Any advice on this matter greatly appreciated.

LardyCake

Start by reading Martins article: http://www.moneysavingexpert.com/savings/safe-savings

(in particular the section " How do I ensure I get 100% safety?")

Meltdown_2

Posted by Katie1981 :

I've got 90k in savings in a high interest account.
Is it best to keep it all together or split it up into different banks.
I'm worried about the banks going bust.
I also have to think about the fact that if I do move it I end up losing a month's interest.
Any advice on this matter greatly appreciated.

If it is in Northern Rock, then it as safe as it can be.
How safe it is with any other bank or building society depends on which institution it is with. If you want complete safety, then put it in NR or NS&I (National Savings & Investments) since these are backed by the government (which apparently has billions of pounds it is ready to hand over to the banks).
Alternatively, split the £90,000 equally between 3 separate banks who are signed-up to the FSCS (Financial Services Compensation Scheme).

ianmr65

Meltdown wrote: »

Posted by Katie1981 :
(which apparently has billions of pounds it is ready to hand over to the banks).

:T :T Under Gordon's mattress, and in Alistair's Piggy bank, apparently.