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question for the financial wizzards
02GF74 - 7/10/08 at 09:54 AM

After Nothern Rock going tits up, I seem to remember hearing/seeing/reading that if you have £ 49 K or less in savings at any building society, then that is guaranteed (by the bank of england??),

Is that correct?

If say somebody had more than that, is it prudent given the current money market uncertainties, to move the money to other building societies/banks to be below that limit?

ta.

[Edited on 7/10/08 by 02GF74]

theconrodkid - 7/10/08 at 10:00 AM

thats the jist of it,make sure you move it to somewhere that is not part of or owned by your original bank as groups will be classed as one.
i,m about to invest in iceland and nigeria

Rek - 7/10/08 at 10:01 AM

Now the govt. owns northern rock it is not limited to 49K like all the rest!!!!

markyb - 7/10/08 at 10:01 AM

that is my understanding as well but be careful where you put the rest of your dosh as it may not be protected

One guy on the radio had money in the Bradford and Bingley and the Abbey so was fully protected for both accounts but now that Santander owns both banks he is only protected for the first £50k

[Edited on 7/10/08 by markyb]

02GF74 - 7/10/08 at 10:04 AM

ok, so apart from Abbey (santander) what are teh safe building societies/banks that pay good interest?

iank - 7/10/08 at 10:05 AM

Yes the protection is per FSA license not per institution.

Northern Rock doesn't have any limit now, but aren't accepting any more deposit accounts as they are limited to (1.5% I think) a maximum market share - to prevent everyone putting their money somewhere safe.

Paul TigerB6 - 7/10/08 at 10:10 AM

quote:
Originally posted by iank
Yes the protection is per FSA license not per institution.


As per the above, its per licence so if you have more than £50k then make sure its spread over the different groups - so one in the HBOS group, Santander group etc. The above protection limit of £50k per account is per person so joint accounts get £100k etc

Benzine - 7/10/08 at 10:17 AM

buy gold

02GF74 - 7/10/08 at 10:18 AM

quote:
Originally posted by Benzine
buy gold


that was an alternative, where from?

rf900rush - 7/10/08 at 10:52 AM

If you have loadsamoney don't worry, us the taxpayers will help you out.

02GF74 - 7/10/08 at 10:57 AM

quote:
Originally posted by rf900rush
If you have loadsamoney don't worry, us the taxpayers will help you out.


should bloody think so too, I pay more than enough in tax; about time I should see some of it back

Omni - 7/10/08 at 11:05 AM

quote:
Originally posted by 02GF74
quote:
Originally posted by Benzine
buy gold


that was an alternative, where from?


Info

Omni - 7/10/08 at 11:12 AM

Mmmmmm BULLION

Useful site

O

omega 24 v6 - 7/10/08 at 11:27 AM

Along the same vein what happens to all the shares issued to BBB society members now that it's gone tits up??

wilkingj - 7/10/08 at 11:28 AM

quote:
Originally posted by Omni
Mmmmmm BULLION

Useful site

O


Which reminds me...

Which is heaviest?
A pound of Feathers or a pound of Gold?.


[Edited on 7/10/2008 by wilkingj]

Hammerhead - 7/10/08 at 11:28 AM

My FA suggested NSandI (national savings) which is guarunteed up to £2million. I have also opened a Nationwide building society account.

Might not be a bad time to use your ISA allocation for this year too.

mad4x4 - 7/10/08 at 11:29 AM

Thats fine but how does all this effect someone in Scotland - We have different LAWS to England. Certianly for House buying etc. We also used to have a Bank called Bank of Scotland.....


Does this get complicated if I use a National Bank (Co-OP) and live in Scotland?

PeterW - 7/10/08 at 11:32 AM

Gold is not as safe as people believe....

The dollar rate for Gold in the commodity market has moved in the last few weeks from $900 to $1035 and back to $865, so if you had put money into Gold at its height, you would have lost $170, or 18% of your money.

Gold is a commodity, not an investment. However, most governments use a long term gold holding as it is a) a physical asset and b) universally accepted and traded; which makes it 'safe' for larger (multi million) investment values.

If you really want a long term 'safe' investment that shows consistent growth then go for fine wine...

Cheers

Peter

mad4x4 - 7/10/08 at 11:40 AM

quote:
Originally posted by Hammerhead
My FA suggested NSandI (national savings) which is guarunteed up to £2million. I have also opened a Nationwide building society account.

Might not be a bad time to use your ISA allocation for this year too.


Why a Nationwide Account ???

nick205 - 7/10/08 at 11:53 AM

quote:
Originally posted by mad4x4
quote:
Originally posted by Hammerhead
My FA suggested NSandI (national savings) which is guarunteed up to £2million. I have also opened a Nationwide building society account.

Might not be a bad time to use your ISA allocation for this year too.


Why a Nationwide Account ???



I think because Nationwide are still a true building society and not a bank?

Not sure how that makes a difference though!

woodster - 7/10/08 at 12:10 PM

Don't worry as Mr Brown has told you on many occasions ....... with this labour goverment it s the end of BOOM AND BUST

bank of ladbrokes is the best place for your money

[Edited on 7/10/08 by woodster]

DannyC - 7/10/08 at 12:10 PM

I receive e mails from a helpful financial web site www.moneysavingexpert.com/tips and their guidance is as follows:


'The £35,000 protection golden rule. For all bank & building society deposit accounts, eg savings, cash ISAs, fixed savings, in the unlikely event a bank goes bust, £35,000 per person, per institution (either an individual bank or a banking group) is guaranteed. While the PM plans to raise it to £50,000, that ISN’T law yet. So if you’ve over £35,000, spreading savings helps mitigate any risk.'

Not that this concerns me!!!!

Danny

RK - 7/10/08 at 12:35 PM

Call the government and download their information. Gold and the like are like playing roulette and are not guaranteed by anyone.

woodster - 7/10/08 at 02:26 PM

quote:
Originally posted by RK
Call the government and download their information. Gold and the like are like playing roulette and are not guaranteed by anyone.


that should read ... call the goverment and ask them if they know what the hell is happening

mookaloid - 7/10/08 at 02:51 PM

I don't think I'd recommend Iceland to put your savings into just now Iceland faces economic collapse

RK - 7/10/08 at 02:51 PM

"The government" is not to blame in any of this; there or anywhere. Their mistake - as with all the western governments, was letting the lending rules get bent. Now we all have to get on with it, and repair it, until, as the Guardian said a few months ago: "some bright spark figures out how to circumvent the laws to cause the next financial disaster".
Ideology will not help.