Santander - Next bank in line for mass withdrawals of savings?

[Mermaid]

Tin mining shares - best option

[ringram]

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.

No its not they are so crap its unbelievable. So people should pull their money out on principle.

[DonkeyApple]

turbobloke said:

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.

It's the pyramid.

The Greek banks made their money lending to the Eastern European crap that no normal banks would touch.

The Greek banks borrowed from the bigger banks to lend out at a higher rate to this turd market.

One issue is that the French banks are underpinning all the Greek ones and in fact own some of them. SocGen, BNP and Credit Agricole are pretty much behind the Greek banking system and used these banks to get lending into the toxic markets.

And guess whose banks they went to to borrow money from.

Anyway, bank to UK banks and retail deposits. Surely people have learnt by now that the higher the interest rate you are being offered the less safe your money is. It's simple economics. If a bank is desperate for cash or is just badly run they have to offer market beating rates to get that cash in.

Santander is a turd which has been desperately underpinning its balance sheet with UK savers' money as it is screwed in its own market, it's own people have no cash and those that do are not putting it anywhere near local banks.

[turbobloke]

Mermaid said:

Tin mining shares - best option

Huh. More bias against the poor bloody milliners!

[Mermaid]

DonkeyApple said:

.. Surely people have learnt by now that the higher the interest rate you are being offered the less safe your money is. It's simple economics. If a bank is desperate for cash or is just badly run they have to offer market beating rates to get that cash in.

Generally yes. Halifax if offering 2.8% on all balances whilst Lloyds is offering 2.5% ( 1.6% below 10k) so does pay to shop around.

[Ribol]

anonymous said:

[redacted]

It does start to get complicated if you have a few quid, Nationwide and Derbyshire share the same credit license. I doubt many would be worried about a 250k cap in this current climate either.

As much as I like the way ING work, efficient, good website, answer the phone etc etc I wouldn't fancy having to sort out any fallout with the Dutch authorities. As bad as our lot are I think that would be easier to deal with.

[RichyBoy]

Barclays ranked 47 in this list, three places above santander and the rates they pay are atrocious:

http://www.gfmag.com/tools/best-banks/11661-worlds...

[WhoseGeneration]

Oh dear.
www.bbc.co.uk/news/business-18100049
Having quite a bit with the UK subsidiary, I'm wondering what the response will be from our Government and it's regulatory authority.

[turbobloke]

WhoseGeneration said:

Oh dear.
www.bbc.co.uk/news/business-18100049
Having quite a bit with the UK subsidiary, I'm wondering what the response will be from our Government and it's regulatory authority.

"It's not true that there is an exit of deposits at this moment from Bankia," said Fernando Jimenez Latorre.

Jimmy Hill said:

See, I'm rubbing my chin with my thumb and forefinger like this...

[dxg]

Well, as an RBS customer who is suddenly going to become a Santander customer if I don't do something about it, I guess I'm spending tomorrow opening accounts elsewhere. LLoyds / TSB look reasonable, from looking around...

Shifting the current account will be be fun.

[Mermaid]

Try calling Santander and you will find they are very very busy.

[TeamD]

turbobloke said:

WhoseGeneration said:

Oh dear.
www.bbc.co.uk/news/business-18100049
Having quite a bit with the UK subsidiary, I'm wondering what the response will be from our Government and it's regulatory authority.

"It's not true that there is an exit of deposits at this moment from Bankia," said Fernando Jimenez Latorre.

Jimmy Hill said:

See, I'm rubbing my chin with my thumb and forefinger like this...

Don't they all start off by saying that? Do they really think people believe a word of the standard bank bull, denial...government statements of how good they are...sudden requirement for tons of taxpayer dosh? Deluded or smoking their own socks eh?

[LaurasOtherHalf]

So what's the common consensus if you've got a few grand tucked away in a Santander savings/isa account?

Stay with them, get out now or wait & see?

[theironduke]

LaurasOtherHalf said:

So what's the common consensus if you've got a few grand tucked away in a Santander savings/isa account?

Stay with them, get out now or wait & see?

This, i've only got about 4k in an isa with them (i know, in PH world that doesn't heat the pool for a week) is it worth pulling it out?

[traxx]

Even the DM is now on the case

http://www.dailymail.co.uk/news/article-2146112/Sp...

[Mermaid]

traxx said:

Even the DM is now on the case

http://www.dailymail.co.uk/news/article-2146112/Sp...

Thanks -

"Nevertheless, they can be confident that their deposits up to £85,000 are guaranteed by the British government should there be a loss of confidence.
Although it is a wholly owned subsidiary of Madrid-based Banco-Santander, the UK offshoot is regulated by the Financial Services Authority and would have access to Bank of England emergency funds in the unlikely case that it is threatened.
Senior UK regulators noted last night that Santander UK had more share capital and a better cushion of cash than the Spanish bank and it is hermetically sealed from the problems of the Spanish banking system."


Now would Osborne stand up and say savings in Santander are safe up to £85k?

[anonymous-user]

Mermaid said:

traxx said:

Even the DM is now on the case

http://www.dailymail.co.uk/news/article-2146112/Sp...

Thanks -

"Nevertheless, they can be confident that their deposits up to £85,000 are guaranteed by the British government should there be a loss of confidence.
Although it is a wholly owned subsidiary of Madrid-based Banco-Santander, the UK offshoot is regulated by the Financial Services Authority and would have access to Bank of England emergency funds in the unlikely case that it is threatened.
Senior UK regulators noted last night that Santander UK had more share capital and a better cushion of cash than the Spanish bank and it is hermetically sealed from the problems of the Spanish banking system."


Now would Osborne stand up and say savings in Santander are safe up to £85k?

They are safe up to 85k. Not quite sure why some people are questioning this?

[anonymous-user]

It's like the media driven fuel panic buying.

"There might be a run on Santander. . . . Slightly more people from Santander withdrew some money yesterday. . . . there might be a run on the bank . . . . It hasn't actually happened yet but it could happen"

[Mermaid]

St John Smythe said:

They are safe up to 85k. Not quite sure why some people are questioning this?

Agree. But people have lost faith the financial system and will seize any opportunity to distrust a Bank

If you had the choice to keep £85k Santander or £85k with Lloyds (both paying the same rate) who would you keep your money with whist the Euro issue unfolds? Lloyds do not pay the same rate, and so Santander attracts funds for people who you may say are savvy and not so cautious.

I cannot recall whatever happened with Icelandic Banks, and did the Government refuse to bail out savers at a UK building Society for amounts over £85k?

[don4l]

Mermaid said:

St John Smythe said:

They are safe up to 85k. Not quite sure why some people are questioning this?

Agree. But people have lost faith the financial system and will seize any opportunity to distrust a Bank

If you had the choice to keep £85k Santander or £85k with Lloyds (both paying the same rate) who would you keep your money with whist the Euro issue unfolds? Lloyds do not pay the same rate, and so Santander attracts funds for people who you may say are savvy and not so cautious.

I cannot recall whatever happened with Icelandic Banks, and did the Government refuse to bail out savers at a UK building Society for amounts over £85k?

The Santander operations in the UK are a UK bank.

The £85k guarantee is a UK government guarantee. It has nothing at all to do with Spain.

Don
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