Santander - Next bank in line for mass withdrawals of savings?
Discussion
youngsyr said:
Why - it's not like it's a pile of notes being shipped from one bank to another - it's just numbers in a database.
If you delete those numbers they cease to exist until someone re-enters them. If the person entering them doesn't use the same date as when they were deleted, those numbers do not exist for the period between systems.
That's making a lot of assumptions about what happens in reality, but to my mind it's at least theoretically possible.
In reality it goes into a holding account that is invested for the period in which it is in there.If you delete those numbers they cease to exist until someone re-enters them. If the person entering them doesn't use the same date as when they were deleted, those numbers do not exist for the period between systems.
That's making a lot of assumptions about what happens in reality, but to my mind it's at least theoretically possible.
This is the same with all payments through the UK banks.
My mum is due to retire in a few years - she has no pension but about £20k life savings in Santander (banked with Abbey forever)
Do I convince her to take it all out sharpish and move to somewhere else (another building society or even premium bonds)
I understand its suppoed to be covered up to £85k but mixed messages on here - do I convince her to move it?
Do I convince her to take it all out sharpish and move to somewhere else (another building society or even premium bonds)
I understand its suppoed to be covered up to £85k but mixed messages on here - do I convince her to move it?
Soir said:
My mum is due to retire in a few years - she has no pension but about £20k life savings in Santander (banked with Abbey forever)
Do I convince her to take it all out sharpish and move to somewhere else (another building society or even premium bonds)
I understand its suppoed to be covered up to £85k but mixed messages on here - do I convince her to move it?
She will be fine.Do I convince her to take it all out sharpish and move to somewhere else (another building society or even premium bonds)
I understand its suppoed to be covered up to £85k but mixed messages on here - do I convince her to move it?
The mixed messages are based on the timescale on getting back from Government and those with business accounts.
i've got about another 6k to transfer in from a separate isa and this years entitlement too, so well over another 11k that needs processing as ISA entitlement yet. was due to go in santander but after this they can b
ks. i think i'll stick that lot somewhere else, whoever has the best balance of reliability/security/customer service and interest rates.
would have been nice to see it all in one place but theyve really st the bed with me in terms of customer service. just dreadful.
ks. i think i'll stick that lot somewhere else, whoever has the best balance of reliability/security/customer service and interest rates.would have been nice to see it all in one place but theyve really s
t the bed with me in terms of customer service. just dreadful.VinceFox said:
i've got about another 6k to transfer in from a separate isa and this years entitlement too, so well over another 11k that needs processing as ISA entitlement yet. was due to go in santander but after this they can bks. i think i'll stick that lot somewhere else, whoever has the best balance of reliability/security/customer service and interest rates.
would have been nice to see it all in one place but theyve really st the bed with me in terms of customer service. just dreadful.
I went with Skipton Building Society for my ISA, not the most advanced company in the world but the customer service has been excellent.ks. i think i'll stick that lot somewhere else, whoever has the best balance of reliability/security/customer service and interest rates.would have been nice to see it all in one place but theyve really s
t the bed with me in terms of customer service. just dreadful.elster said:
youngsyr said:
Why - it's not like it's a pile of notes being shipped from one bank to another - it's just numbers in a database.
If you delete those numbers they cease to exist until someone re-enters them. If the person entering them doesn't use the same date as when they were deleted, those numbers do not exist for the period between systems.
That's making a lot of assumptions about what happens in reality, but to my mind it's at least theoretically possible.
In reality it goes into a holding account that is invested for the period in which it is in there.If you delete those numbers they cease to exist until someone re-enters them. If the person entering them doesn't use the same date as when they were deleted, those numbers do not exist for the period between systems.
That's making a lot of assumptions about what happens in reality, but to my mind it's at least theoretically possible.
This is the same with all payments through the UK banks.
youngsyr said:
elster said:
youngsyr said:
Why - it's not like it's a pile of notes being shipped from one bank to another - it's just numbers in a database.
If you delete those numbers they cease to exist until someone re-enters them. If the person entering them doesn't use the same date as when they were deleted, those numbers do not exist for the period between systems.
That's making a lot of assumptions about what happens in reality, but to my mind it's at least theoretically possible.
In reality it goes into a holding account that is invested for the period in which it is in there.If you delete those numbers they cease to exist until someone re-enters them. If the person entering them doesn't use the same date as when they were deleted, those numbers do not exist for the period between systems.
That's making a lot of assumptions about what happens in reality, but to my mind it's at least theoretically possible.
This is the same with all payments through the UK banks.
elster said:
youngsyr said:
elster said:
youngsyr said:
Why - it's not like it's a pile of notes being shipped from one bank to another - it's just numbers in a database.
If you delete those numbers they cease to exist until someone re-enters them. If the person entering them doesn't use the same date as when they were deleted, those numbers do not exist for the period between systems.
That's making a lot of assumptions about what happens in reality, but to my mind it's at least theoretically possible.
In reality it goes into a holding account that is invested for the period in which it is in there.If you delete those numbers they cease to exist until someone re-enters them. If the person entering them doesn't use the same date as when they were deleted, those numbers do not exist for the period between systems.
That's making a lot of assumptions about what happens in reality, but to my mind it's at least theoretically possible.
This is the same with all payments through the UK banks.
Olivera said:
It's pointless pulling your money out of santander UK as it's covered by the government guarantee scheme. Even if we didn't have enough money to cover the guarantee then we would simply print money to cover the deficit.
If you read the thread you will note that many people have acknowledged the government guarantee scheme, but have then gone on to say it is far less worry/hassle to simply move banks than wait for the government to allegedly pay you back once the one you are in goes pop.NinjaPower said:
Olivera said:
It's pointless pulling your money out of santander UK as it's covered by the government guarantee scheme. Even if we didn't have enough money to cover the guarantee then we would simply print money to cover the deficit.
If you read the thread you will note that many people have acknowledged the government guarantee scheme, but have then gone on to say it is far less worry/hassle to simply move banks than wait for the government to allegedly pay you back once the one you are in goes pop.one of three places:
the originating bank (ie they move it fro your ISa to their holding account)
A clearing house (ie its gone from the originator, but is held with BACS)
The receiving bank (ie in THEIR holding account)
or they sent it to the wrong customers account, who will have earnt interest (although in this case you should both get the interest!)
the originating bank (ie they move it fro your ISa to their holding account)
A clearing house (ie its gone from the originator, but is held with BACS)
The receiving bank (ie in THEIR holding account)
or they sent it to the wrong customers account, who will have earnt interest (although in this case you should both get the interest!)
NinjaPower said:
If you read the thread you will note that many people have acknowledged the government guarantee scheme, but have then gone on to say it is far less worry/hassle to simply move banks than wait for the government to allegedly pay you back once the one you are in goes pop.
So which bank would you move it to then? I guess RBS or NSI would in theory be the safest being government owned, of the rest it would have to be HSBC. However these pay awful rates of interest so unless you are likely to need your money out in double quick time I think it's best to just leave your money where it is, take the higher interest rates and then if it all goes pear shaped just wait till the government repays you. It also reduces the likelihood of a bank going pop if everybody just leaves their money where it is.I have to confess that I had money in Icesave and Kaupthing which I moved out a short time before they went pop (on the advice of my financial advisor), but at that time the government guarantees where lower and much less understood.
If one of the big banks goes then we're all in trouble anyway I guess.
Inkyfingers said:
So which bank would you move it to then? .
There are quite a few paying around 3% - Halifax, Derbyshire, Coventry and I think NR also. Santander is Uk regulated to also counts but check this.http://www.moneysupermarket.com/savings/
I can see any number of Greek banks going titsup, a couple of French and Spanish banks likewise, but as yet I can't see UK banks following their lead. Having said that I realise an economist will be along shortly to point out webs of debt and capitalisation levels and the rest, and also why post-Lehman the government won't step in one way or another.
Mermaid said:
There are quite a few paying around 3% - Halifax, Derbyshire, Coventry and I think NR also. Santander is Uk regulated to also counts but check this.
http://www.moneysupermarket.com/savings/
Sorry, that was a bit of a rhetorical question. My point is are any of those alternatives actually a "safer" place to deposit your money than Santander?http://www.moneysupermarket.com/savings/
Olivera said:
It's pointless pulling your money out of santander UK as it's covered by the government guarantee scheme. Even if we didn't have enough money to cover the guarantee then we would simply print money to cover the deficit.
As we have already said thats only the first 85,000Although you may think anything above this is will be covered by the Government that could take years - after all they still haven't sorted out anything regarding the shareholders who owned Northern Rock
At the end of the day though imo if Santander are only paying the same interest rate as a "UK bank" then why take the risk, move to the UK bank
and if they are paying a higher rate .............. doesn't that tell you something about their current financial state?
Edited by traxx on Wednesday 16th May 20:24
traxx said:
and if they are paying a higher rate .............. doesn't that tell you something about their current financial state?
Quite a few UK Banks (including non-casino Nationwide) paying similar & higher rate - so what does that tell you? Is it a big concert operation by the Government to divert funds to institutions that have the worst Tier 1 capital ratios? 
Mermaid said:
traxx said:
and if they are paying a higher rate .............. doesn't that tell you something about their current financial state?
Quite a few UK Banks (including non-casino Nationwide) paying similar & higher rate - so what does that tell you? Is it a big concert operation by the Government to divert funds to institutions that have the worst Tier 1 capital ratios? 
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