Santander - Next bank in line for mass withdrawals of savings?
Discussion
Heard a spokesman for Santander defending the bank on Radio 4 this morning, presumably trying to put fears at rest over the bank being at risk and a 'run' on savings being started.
Kent County Council have already pulled their cash out.
http://www.thisismoney.co.uk/money/news/article-21...
Anyone care to speculate over how this might play out?
I personally don't think anything will happen unlike the whole Northern Rock scenario, but once people get it into their heads to take their cash out it will probably be difficult to persuade them otherwise.
Kent County Council have already pulled their cash out.
http://www.thisismoney.co.uk/money/news/article-21...
Anyone care to speculate over how this might play out?
I personally don't think anything will happen unlike the whole Northern Rock scenario, but once people get it into their heads to take their cash out it will probably be difficult to persuade them otherwise.
Pickled Piper said:
Covered by the Government backed gaurantee scheme (can't remember what it is called). So makes very lttle difference to private individuals.
pp
Businesses and people who live in Spain are another matter though; if I were in that situation I'd be considering my position.pp
Pickled Piper said:
Covered by the Government backed gaurantee scheme (can't remember what it is called). So makes very lttle difference to private individuals.
pp
In theory, but I have some meagre savings in Santander that are covered many times over by the guarantee scheme and I considered moving my money. After all, Santander doesn't offer me anything that other banks do not (new joiner bonus rates have now expired), so what's my incentive to stay with them?pp
If I had significant savings there, even if still below the guarantee threshold, I would probably move them just to avoid the potential hassle of having to use the guarantee scheme.
I believe Santander UK is a distinct entity and so in theory shouldn't have exposure should the parent run into local (i.e. Spanish) difficulty. Plus there's the £85k FSCS cover. That said, I have the bulk of my savings with them and having been through the implosion of Kaupthing, have decided to move a chunk elsewhere (to a UK mutual), just to be on the safe side. Eggs, baskets and all that.
LaurasOtherHalf said:
Pickled Piper said:
Covered by the Government backed gaurantee scheme (can't remember what it is called). So makes very lttle difference to private individuals.
pp
how would it work if the bank went down though?pp
(speaking as someone who has filled his santander ISA's this morning!
pp
My company account is in a santander off shoot . I assume that the protection scheme doesn't cover business accounts?
Time to look at moving accounts, or moving as much as possible to my personal account.
Edit...checked on my banks website, and it looks as if small business accounts are covered. No need to start emptying accounts and putting it under the matress.
Time to look at moving accounts, or moving as much as possible to my personal account.
Edit...checked on my banks website, and it looks as if small business accounts are covered. No need to start emptying accounts and putting it under the matress.
Edited by 98elise on Tuesday 15th May 12:58
davepoth said:
Pickled Piper said:
Covered by the Government backed gaurantee scheme (can't remember what it is called). So makes very lttle difference to private individuals.
pp
Businesses and people who live in Spain are another matter though; if I were in that situation I'd be considering my position.pp
St John Smythe said:
This could become like the petrol buying panic of the other month. I've got savings in Santander and know full well they are covered by the government should anything happen. I've come to the conclusion that 95% of the population are idiotic sheep
And you're probably right. But if you have more than £85k in savings with Santander, or don't want to rely on a govt scheme which sets out guidelines, but no cast-iron promises, of when you might get your money back, then it makes sense to start bleating. With plenty of solid banks out there, why leave your cash with a weak one?Bluebarge said:
St John Smythe said:
This could become like the petrol buying panic of the other month. I've got savings in Santander and know full well they are covered by the government should anything happen. I've come to the conclusion that 95% of the population are idiotic sheep
And you're probably right. But if you have more than £85k in savings with Santander, or don't want to rely on a govt scheme which sets out guidelines, but no cast-iron promises, of when you might get your money back, then it makes sense to start bleating. With plenty of solid banks out there, why leave your cash with a weak one?Bluebarge said:
And you're probably right. But if you have more than £85k in savings with Santander, or don't want to rely on a govt scheme which sets out guidelines, but no cast-iron promises, of when you might get your money back, then it makes sense to start bleating. With plenty of solid banks out there, why leave your cash with a weak one?
Because they're offering the best interest rates? Like everything else it's a gamble I suppose....youngsyr said:
Bluebarge said:
St John Smythe said:
This could become like the petrol buying panic of the other month. I've got savings in Santander and know full well they are covered by the government should anything happen. I've come to the conclusion that 95% of the population are idiotic sheep
And you're probably right. But if you have more than £85k in savings with Santander, or don't want to rely on a govt scheme which sets out guidelines, but no cast-iron promises, of when you might get your money back, then it makes sense to start bleating. With plenty of solid banks out there, why leave your cash with a weak one?Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff