Money unsafe in saga and birmingham midshires

davelaw

I have money invested in 1 year bonds with saga and birmingham midshires. I am therefore unsafe as they both are in the same group and only £35,000 would be covered in case of disaster. I wrote to saga explaining that this was not made clear to me when I opened the account and they closed my account and sent me a cheque by return without loss of interest for the full amount although I was only 6 months into the investment.
:j

dunstonh

That was very generous of SAGA. Especially as they have no reason to tell you what you say you believe wasnt made clear to you.

HonestWhitey

Martin had already made it clear ! http://www.moneysavingexpert.com/savings/safe-savings#whatcounts

DocProc

davelaw

It sounds like what you said to them left them with absolutely no alternative but to refund your cheque.

All a bit 'Lose Lose' really.

The only way it would ever have been 'Win' for you would have been when there is a run on SAGA/Birmingham Midshires/Bank of Scotland and they haven't got the cash to pay you out.

Now that scenario hardly bears thing thinking about.

This '£35,000 worth of FSA cover stuff' is all very 'theoretical', I feel. At least, I hope it is.

As I say, the reality of the scenario hardly bears thinking about.