any financial peeps on here?
It is very unlikely there will be a rush.
However if you choose to be supersafe you are protected under the Financial Services Compensation Scheme.
The scheme will pay up a maximum of £50,000 per customer per banking license. So if you have £50k with Lloyds Bank and they go under you will get £50k.
If you have two accounts with Lloyds of £50k each you would still only get £50k.
So, super safe would be £50k maximum each with RBS, Lloyds, Barclays, Santander, Coutts, HBoS, Nat West, Yorkshire Bank, etc.
Then if any given bank went bust your risk would be spread and for each £50k you could claim compensation.
However if you choose to be supersafe you are protected under the Financial Services Compensation Scheme.
The scheme will pay up a maximum of £50,000 per customer per banking license. So if you have £50k with Lloyds Bank and they go under you will get £50k.
If you have two accounts with Lloyds of £50k each you would still only get £50k.
So, super safe would be £50k maximum each with RBS, Lloyds, Barclays, Santander, Coutts, HBoS, Nat West, Yorkshire Bank, etc.
Then if any given bank went bust your risk would be spread and for each £50k you could claim compensation.
Scooby Regular
Joined: Oct 2009
Posts: 6,345
Likes: 1
From: In a house
ok, so weve just sold our house and moved into rented.
we will be buying again in about 3-4 months.
in the meantime we have a very large some of money sitting in a bank account at the mo (savings account).
is the money safe should our economy take a nose dive?
is there anything i can do to protect it?
i dont expect there to be a rush on banks now but hey you never know!
we will be buying again in about 3-4 months.
in the meantime we have a very large some of money sitting in a bank account at the mo (savings account).
is the money safe should our economy take a nose dive?
is there anything i can do to protect it?
i dont expect there to be a rush on banks now but hey you never know!
Just beware that as some banks are owned by other banks so make sure the accounts you use are actually completely different banks.
HTH
Scooby Regular
Joined: May 2006
Posts: 2,193
Likes: 0
It is very unlikely there will be a rush.
However if you choose to be supersafe you are protected under the Financial Services Compensation Scheme.
The scheme will pay up a maximum of £50,000 per customer per banking license. So if you have £50k with Lloyds Bank and they go under you will get £50k.
If you have two accounts with Lloyds of £50k each you would still only get £50k.
So, super safe would be £50k maximum each with RBS, Lloyds, Barclays, Santander, Coutts, HBoS, Nat West, Yorkshire Bank, etc.
Then if any given bank went bust your risk would be spread and for each £50k you could claim compensation.
However if you choose to be supersafe you are protected under the Financial Services Compensation Scheme.
The scheme will pay up a maximum of £50,000 per customer per banking license. So if you have £50k with Lloyds Bank and they go under you will get £50k.
If you have two accounts with Lloyds of £50k each you would still only get £50k.
So, super safe would be £50k maximum each with RBS, Lloyds, Barclays, Santander, Coutts, HBoS, Nat West, Yorkshire Bank, etc.
Then if any given bank went bust your risk would be spread and for each £50k you could claim compensation.
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