Move money from B&B?

sascasjor

Hi

I hope someone can help me as I am pretty clueless when it comes to financial matters! Anyway, I sold my late father's house in April and put the proceeds into different savings accounts until I find a house I want to buy. I put £34k in B&B and I've read/heard different thing which now make me worry about whether the money is safe there. I know its under £35k and therefor covered by some compensation scheme but I'm worried that if B&B do go under, I'll then find a house I like and have to wait months for the money to be returned? I might be totally wrong about the whole situation, if so please tell me! As I've said I'm clueless in these matters and would really appreciate some advice. Thanks in advance xx

ad44downey

You needn't worry, you're covered by the protection scheme/government.

Having said that alot of people must be trying to get their money out as it's difficult to log onto their website this morning

bristolleedsfan

There was a big queue formed outside its Bristol Branch yesterday lunch time, I started taking photos then a coach arrived and they all got on the coach.

aliasojo

bristolleedsfan wrote: »

There was a big queue formed outside its Bristol Branch yesterday lunch time, I started taking photos then a coach arrived and they all got on the coach.

............................................

davetrousers

Maybe if people did some reading on this then they wouldn't make knee jerk reactions.

Threads like this are scaremongering. This is entirely different to what happened with Northern Rock.

dunstonh

Here we go again. B&B send out a profits warning and the share price drops in line with that warning and now we have all the scare stories coming out which will do more damage than good.

B&B still turned in a profit. It just wasnt as high as expected.

sascasjor

davetrousers wrote: »

Maybe if people did some reading on this then they wouldn't make knee jerk reactions.

Threads like this are scaremongering. This is entirely different to what happened with Northern Rock.

The point is I have read about it and don't understand it. I just genuinely need some advise. I have not tried to take the money out as yet and have not decided what to do which is why I asked for advise.

Fella

To stick to facts:

1. If B&B did go busto then everything up to £35K is covered by the FSCS.

2. If you actually needed to rely on that you almost certainly WOULD be subject to long delays in getting your money. Six months is probably not unrealistic.

3. It's still very unlikely that it will come to that.

Fella

And BTW, I also have £34K in B&B & I'm not attempting to move it.

tradetime

dunstonh wrote: »

Here we go again. B&B send out a profits warning and the share price drops in line with that warning and now we have all the scare stories coming out which will do more damage than good.

B&B still turned in a profit. It just wasnt as high as expected.

Unfortunately, as I'm sure you well know, Joe Public conforms to the sheep mentality, and since there is a loss of confidence in the banking sector brought on by their own greed and lies there will be a lot more of this before it is all over.

campins

I have not long moved my savings from Northern Rock :eek: I was in the middle of moving to ICICI but the account opening process got the better of me and I went to Bradford instead! :wall: :wall: :mad: