Get Your Savings Out The Bank Before Your Money Is Gone

[PAL 07]

http://www.dailymail.co.uk/news/article-2042291/I-bed-night-dream-recession-Trader-reveals-City-PROFIT-economic-disaster.html

[Balait_da_Sher]

Each bank account in UK is protected for the first 50,000 GBP. I think this applies to account in various banks. So two accounts at HSBC and Barclays would be protected for 100k (50k each).

[HSD1]

Hopefully if the EU breaks up it will strengthen the pound and British banks as long as something is done about all the debt they EU owes. Be wary of people like him, they sometimes say controversial things for the kicks. Shock jocks like him make a lot of headway into the world of finance. Notice how he doesnt give advice on what to do with your savings.

[JasSinghKhalsa]

Any opinion on Property market? Will it crash?

[HSD1]

Any opinion on Property market? Will it crash?

Let's hope so. Property is way too expensive.

[VanHelsingh]

Any opinion on Property market? Will it crash?

I'd say it crashed in 2008.

[hsinghGB]

Vaheguru Ji Ka Khalsa, Vaheguru Ji Ke Fateh

The Financial Services Compensation Scheme (FSCS) provides a £85,000 deposit compensation limit which is the British equivalent of the €100,000 limit that came into force in all European Economic Area (EEA) member states from Jan 2011 (previous UK limit was £50,000).

However:

1. The bank and type of deposit has to be covered by the scheme. Your bank should be able to provide you with a leaflet stating what is covered. Definitely check (never assume) if you have large deposits – especially for non-EU (e.g. Indian) banks. Don't just take their word – ask for written evidence.
   
2. This limit is for an individual person's total deposits per banking firm.
   For example, Lloyds Banking Group owns LloydsTSB, Halifax, Bank of Scotland and Cheltenham & Gloucester. Hence, the total deposits of all an individual person's accounts across all these banks will only be covered up to the £85,000 limit.
   Note that all the UK high street banks are now owned by just a few firms due to takeovers and mergers, especially during this banking crisis. Your bank's website will state which firm it belongs to – go to that firm's website to find out which other banks they own.
   
3. The limit is per individual person. So for joint accounts, each person has a £85,000 limit (within the limits of point 2 above).
   

So just make sure your deposits meet the three points above and your cash will be guaranteed safe by the EU.

Don't withdraw cash and keep at home – safest in a bank covered by the scheme.

More info: http://www.fscs.org....ns-and-answers/

[osingh]

How can the government, who has most debt of all guarantee our debt?

We are living in strange times, greed has effected poor to the rich.

Unless we come in to the sharan (protection) of Satguru ji we cannot escape the panj chor (5 thieves).

[HSD1]

How can the government, who has most debt of all guarantee our debt?

We are living in strange times, greed has effected poor to the rich.

Unless we come in to the sharan (protection) of Satguru ji we cannot escape the panj chor (5 thieves).

If the banks went bust, they would just print so much money and let inflation deal with their debt and the problems of having printed so much money. They would then increase interest rates to bring inflation down or switch to another currency.