Discussion
If the FSCS only cover upto £85,000 should you only ever have this amount in the account?
How do the wealthy and lottery winners get around this?
I remember seeing an american ATM receipt with $99 Million dollars in it, is this not stupid or could you actually trust placing that much with a bank?
How do the wealthy and lottery winners get around this?
I remember seeing an american ATM receipt with $99 Million dollars in it, is this not stupid or could you actually trust placing that much with a bank?
cuprabob said:
It's actually worse than that as it's not £85k per account but per institution.
Yep. And many banks are the same "institution" so be careful.An exception to the rule is a joint account where the FSCS applies to each person so up to £170k for the account (£85K per person per institution).
Id suggest that you would only be silly to leave more than that in a single institution if it were likely to go bust.
Currently Id argue all UK banks have an implicit government guarantee, which is exactly what the ring fence legislation is going to formalise.
Do you really think RBS which is 80%+ government owned is going to fail to pay out!? How can it even fail? Its impossible. The Govt would just fully nationalise it and back all deposits.
Some common sense is also required.
Currently Id argue all UK banks have an implicit government guarantee, which is exactly what the ring fence legislation is going to formalise.
Do you really think RBS which is 80%+ government owned is going to fail to pay out!? How can it even fail? Its impossible. The Govt would just fully nationalise it and back all deposits.
Some common sense is also required.
ringram said:
Id suggest that you would only be silly to leave more than that in a single institution if it were likely to go bust.
Currently Id argue all UK banks have an implicit government guarantee, which is exactly what the ring fence legislation is going to formalise.
Do you really think RBS which is 80%+ government owned is going to fail to pay out!? How can it even fail? Its impossible. The Govt would just fully nationalise it and back all deposits.
Some common sense is also required.
Both the gov. and the banking system is effectively broke. Currently Id argue all UK banks have an implicit government guarantee, which is exactly what the ring fence legislation is going to formalise.
Do you really think RBS which is 80%+ government owned is going to fail to pay out!? How can it even fail? Its impossible. The Govt would just fully nationalise it and back all deposits.
Some common sense is also required.
They would probably print the money though.
Yes, common sense is required.
Btw, funny how it was some £30k just a few years ago and now after being upped quite a lot you hear people saying "it's only £85k". Anyway I doubt most wealthy people have most of their money in cash - that would make them at best poorer over the years and apparently it's not quite happening.
Interesting points.
Take for instance you won euromillions and won £50Million, surely camelot have to give you the whole $50m?
Do you have to open multiple accounts?
The same with footballers, film stars and Traders with there huge bonuses every year.
Surely some people actually hold more in there bank than what would be covered by FSCS?
Take for instance you won euromillions and won £50Million, surely camelot have to give you the whole $50m?
Do you have to open multiple accounts?
The same with footballers, film stars and Traders with there huge bonuses every year.
Surely some people actually hold more in there bank than what would be covered by FSCS?
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