savings guaranteed to 35k but what about business accounts?
Discussion
Just looked into this for my other half. She works for a solicitors firm and they generally have ~£1m on deposit, of other people's money. I spoke to my bank and they advised that it the loss of the money is uninsurable as insurers cannot model the risk such is the volatility of the economy.
Advice received was to transfer the deposit into Bank of Ireland, or a nationalised bank such as Northern Rock or B&B. Given that Northern Rock probably don't want new deposits at the moment, and B&B is still sorting itself out - I think the choice is put into Ireland, or hang on to it where it is now on the basis that if you are affected, so will every one else.
Advice received was to transfer the deposit into Bank of Ireland, or a nationalised bank such as Northern Rock or B&B. Given that Northern Rock probably don't want new deposits at the moment, and B&B is still sorting itself out - I think the choice is put into Ireland, or hang on to it where it is now on the basis that if you are affected, so will every one else.
http://news.bbc.co.uk/1/hi/business/7647914.stm
bbc said:
Small businesses are also covered under the UK scheme for the first £35,000 of deposits.
They must satisfy two of the following three criteria: a turnover of not more than £6.5m, a balance sheet total of not more than £3.26m and a total number of employees of not more than 50.
Larger businesses are generally excluded from the scheme.
They must satisfy two of the following three criteria: a turnover of not more than £6.5m, a balance sheet total of not more than £3.26m and a total number of employees of not more than 50.
Larger businesses are generally excluded from the scheme.
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