Banks - Security on funds ala Northern Rock

[Olf]

So, let's say you have a business account with a positive funds in it. What security do these funds have? What I'm thinking is that before the NR debacle, in a private bank account, 2k of your savings were guaranteed 100%, then if my memory serves me correctly the next 34k was guaranteed to 90% and then beyond that - nadda.

Now the law has changed to a private individuals entire account balance is guaranteed.

Do the same guarantees apply to positive funds in a business account?

Edited by Olf on Thursday 20th December 20:40

[Retard]

Interesting question is what one can do. Buying gilts isn't practical for a small business - do national savings take business deposits?

[Olf]

coyft said:

Olf said:

So, let's say you have a business account with a positive funds in it. What security do these funds have? What I'm thinking is that before the NR debacle, in a private bank account, 2k of your savings were guaranteed 100%, then if my memory serves me correctly the next 34k was guaranteed to 90% and then beyond that - nadda.

Now the law has changed to a private individuals entire account balance is guaranteed.

Do the same guarantees apply to positive funds in a business account?

Edited by Olf on Thursday 20th December 20:40

None.

As I suspected. So. I have one idea to deal with this but our friends would probably object. Any other ideas?

[Olf]

coyft said:

Olf said:

coyft said:

Olf said:

So, let's say you have a business account with a positive funds in it. What security do these funds have? What I'm thinking is that before the NR debacle, in a private bank account, 2k of your savings were guaranteed 100%, then if my memory serves me correctly the next 34k was guaranteed to 90% and then beyond that - nadda.

Now the law has changed to a private individuals entire account balance is guaranteed.

Do the same guarantees apply to positive funds in a business account?

Edited by Olf on Thursday 20th December 20:40

None.

As I suspected. So. I have one idea to deal with this but our friends would probably object. Any other ideas?

Buy gold . What is your idea?

Move the cash to where it is guaranteed.

[Olf]

p.s. I like the gold idea but..

The bullion vault looks bit gimmicky. Is it copper bottomed?

Is there a more personal way of doing it for your average punter?

[Olf]

Yum. Rands.

I'll have a look at the bullion vault.

Where? In a personal acct. In the form of a Directors loan m'be.

[Olf]

Yep but the 6% would go straight back to the co. no?

There might be a fine I guess but would it be 6% given a good reason and non personal use of the cash, just stashing...

[Retard]

If you move it to gold and people decide they don't like shiny rocks as much any more then you're fecked...