Banks going bust?

[Prizam]

I don't know enough about money, but I do remember the last "crisis", when a bunch of banks went under and folk who had money in them lost anything that was above the insured amount.

I'm in the fortunate position to have several accounts that are considerably over the insured amount. I'm trying to spend it, honestly. So I don't want to tie it up in any investments.

The question is... should I have a heightened concern for banks going bust or needing to be bailed out? Do I need to spend some time opening up new accounts with new banks and moving money about?

[Chris Type R]

In theory you could put the money into an NS&I savings account for >£85k protection - https://www.nsandi.com/get-to-know-us/security/pro...

[SS2.]

Have you considered a savings platform such as Flagstone ?

Open just one account but then choose where your funds are deposited. This spreads FSCS protection across a variety of banks without you having to endure the the grief of opening up multiple accounts.

Edited by SS2. on Thursday 22 June 15:45

[cliffords]

Chris Type R said:

In theory you could put the money into an NS&I savings account for >£85k protection - https://www.nsandi.com/get-to-know-us/security/pro...

That guarantee comes from the treasury,what could go wrong? I was literally looking at it this morning and thinking about how secure it made me feel.

[Dingu]

cliffords said:

Chris Type R said:

In theory you could put the money into an NS&I savings account for >£85k protection - https://www.nsandi.com/get-to-know-us/security/pro...

That guarantee comes from the treasury,what could go wrong? I was literally looking at it this morning and thinking about how secure it made me feel.

Well if that went wrong I doubt the FSCS will be much use either.