And are you comfortable they aren't going to go under with the credit crunch?
The BoE has already indicated it won't be saving all banks that hit trouble... and rumours are circulating which send shivers amongst one or two big name banks - it would be a right downer to lose your life savings overnight.
2007-09-20 15:40:24 · 7 answers · asked by Narky 5 in Business & Finance ➔ Personal Finance
You people really have no reading of history do you? You can't take the last 50 years as being an absolute guide to the future.
There is hardly any money in the FCSC deposit scheme to cover any deposit protection payments if a big bank went under. No bank has paid in to the safety since it was created in 2001. So save me your spiel about it saving us all... it's worthless to me as it would be worthless if something happened.
2007-09-23 14:42:29 · update #1
Now the truth is finally emerging about Northern Rock, this farce was known about some time ago, it's no wonder people withdrew their money, think of the fiasco's of pensions, many people losing money that's supposed to have been for their old age.
2007-09-20 15:55:41 · answer #1 · answered by Anonymous · 2⤊ 0⤋
The Bank of England will step in any of the other major banks run into problems.
Also, you are protected at any bank by the Financial Services Compensation scheme if a bank collapses. This guarantees you 100% of the first £2000 back, and 90% of the next £33,000 so you would never actually lose all your savings.
If you have more than £35,000 in your account, then it makes sense to split the money between different banks, so that you never have more than £35,000 at any one bank. This will give you the most protection should any of the banks fail.
2007-09-21 05:47:45 · answer #2 · answered by Anonymous · 1⤊ 0⤋
i bank my wages and take it out straight way.the banks got in this trouble.because it had billions sitting in its vaults.and it
lent the money like loan sharks.and the people it lent the money to were just wide boys looking for a quick buck.now its gone pear shape.and the joke?is that if they do go t*ts up its.people like you and me [workers]who will lose our money
because the first people to get payed back are the big financial firms.
2007-09-20 23:15:01 · answer #3 · answered by peter o 5 · 2⤊ 0⤋
None of the Banks are at all liley to 'go under' with the loss of any deposits ...
If any of them look shaky you can be sure BoE will have to step in ...
NB. why on EARTH do you believe their 'indications' ??? That's EXACTLY what they said befor they stepped in over N.R ..
2007-09-23 17:50:14 · answer #4 · answered by Steve B 7 · 1⤊ 0⤋
My son banks with Cashconverters
2007-09-21 03:00:41 · answer #5 · answered by Anonymous · 1⤊ 0⤋
a dont i rob them
2007-09-20 23:02:01 · answer #6 · answered by tiger_davie 1 · 0⤊ 0⤋
i`m glad you lot have savings to care about!!!!!!!!!!!
2007-09-20 23:24:52 · answer #7 · answered by mistress midnight 2 · 1⤊ 0⤋