Mortgages and savings with the same bank
08 October 2008, 06:39 PM
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Mortgages and savings with the same bank
I have only just found out that if the bank who i have my mortgage with goes 'bust' my savings in the same bank will be raided and put into what is still owed on my mortgage.
Strictly speaking i'm not losing my money its paying off a chunk of my mortgage but its leaving me with no cash.
Needless to say i will be putting my savings into another bank/building society where myself and the mrs will have our cash covered if the worse case scenario occurs.
Am i the only one that hadn't realised the down side to mortgage and savings within the same bank ?
Strictly speaking i'm not losing my money its paying off a chunk of my mortgage but its leaving me with no cash.
Needless to say i will be putting my savings into another bank/building society where myself and the mrs will have our cash covered if the worse case scenario occurs.
Am i the only one that hadn't realised the down side to mortgage and savings within the same bank ?
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18 September 2015 11:49 PM