2007-09-14 23:04:48 · 4 answers · asked by peter clark 1 in Business & Finance ➔ Personal Finance
In the event of any bank going bankrupt the law guarantees 100% of the first £2,000 of savings and then guarantees 90% of savings upto to £31,700 per person. In reality you are likely to get more than this as liquidation of assets would be used to pay off the bank's creditors, eg. those who save there.
However, this is almost certainly a mute point as Northern Rock is still financially sound despite the panicked herd mentality of some of its customers. The current problem relates to a lack of liquid cash. The bank itself is solvent which is why the Bank of England has agreed to loan it short term cash if it needs it. Your savings will be fine.
2007-09-15 13:20:46 · answer #1 · answered by Tim W 4 · 0⤊ 0⤋
Your money is SAFE !
Everyone in a UK bank is protected by the Banking Code.
Money saved up to a certain amount is guaranteed to be paid back 100%.
No matter which bank or building society you are with.
2007-09-14 23:17:48 · answer #2 · answered by keith j 4 · 0⤊ 0⤋
In the USA it is insured up to 100,000 if it is a banking member of FICA. Otherwise, you get pennies on the dollar, like my sister in law and her annuity.
2007-09-14 23:08:22 · answer #3 · answered by Mike1942f 7 · 0⤊ 0⤋
you get NOTHING because they are investment savings. Id withdraw them ASAP and put them into HSBC or Barkleys
2007-09-14 23:09:54 · answer #4 · answered by Anonymous · 0⤊ 1⤋