Are our Savings, safe ?

[IceBoy]

Should we worry about large amounts of savings we have in high street banks.....discuss ?

Or should we take money out and stuff £ under our beds ?

IceBoy

[GilbertGrape]

Interesting times we live in aren't they.

But to answer your question..If the banks all fold, I think the money might be worthless anyway?

[briSk]

if you're that worried you can put it in national savings and premium bonds...

or if you don't like the default risk of the government - buy some tesco bonds at 6%...!

[kambites]

A bit of common sense goes a long way. I've never kept all my savings in one bank - a business that owes you something can always go bankrupt and leave you without it, banks are no different.

[Einion Yrth]

I don't think that causing a run on the banks would be the most responsible of actions in respect of the current economic problems. You might well end up with just a lumpy mattress.

[cs02rm0]

Stick it under your bed and watch inflation evaporate it. Just spread it between banks that seem safer, stick to NSandI or Northern Rock if you're really paranoid.

[Hub]

Burglary, house fire etc... not very safe to literally put it under the bed! But with inflation too it is better off in the bank than out - but spread the risk if you have massive savings?

[Jem0911]

Savings! I wish.

[Shodan]

The reason banks pay interest on savings is to compensate you for risk... like credit risk. So no, your savings are not safe, assuming you have savings over £35K

[Beyond Rational]

Just get gold.

[briSk]

we get back to this table basically:

jaymajik said:

there is a table here which shows which banks count as a single instituion for the purposes of the 35k guarantee: http://www.moneysavingexpert.com/savings/safe-savi...

ETA: note that it was last updated in March. It may be out of date

Edited by jaymajik on Monday 15th September 15:40

just spread it around.

and look at hsbc, ltsb and then risk a Nordic one...

[Fetchez la vache]

Luckily all my savings are in my house.

Oh, hang on...

[Jinx]

Jem0911 said:

Savings! I wish.

Yep, my sentiments exactly.

[BoRED S2upid]

Mine are safe. All in premium bonds just sit back and relax.

[Fidgits]

cs02rm0 said:

Stick it under your bed and watch inflation evaporate it. Just spread it between banks that seem safer, stick to NSandI or Northern Rock if you're really paranoid.

NSandI - are those the Post office savings things?

Can anyone explain these to me please?

[ln1234]

The government guarantees up to £30,000 of your savings, so spread them out between banks and you should be ok.

[B16JUS]

i would say premium bonds, 35k in various bank accounts investment in property and just enjoy your life

J

[bigTee]

what if you had savings well over £35k?

i'm talking a couple of mil. what would you do then?

you would need a hell of a lot of accounts to be safe..

[topless_mx5]

Buy a Ferrari. Much safer.

ETA: Seriously though, I thought that you are covered for the first £30k of your savings? So just spread it around if you have more than that.

Edited by topless_mx5 on Tuesday 16th September 11:19

[Maxf]

bigTee said:

what if you had savings well over £35k?

i'm talking a couple of mil. what would you do then?

you would need a hell of a lot of accounts to be safe..

Buy stuff. Gold, Silver, Platinum, Land, Art. Safety deposit boxes for cash. Lots of government bonds (different governments to spread risk).