useful Q & A re you savings

  sunny staines 09:03 19 Mar 2008

click here

savings in some foriegn banks are not protected up to £35000 like british banks [eg ING, ICESAVE etc]

read the article a lot of useful info re savings and and where you stand in the banking crisis.

  User-1235809 09:31 19 Mar 2008

I noticed a big ad from Icesave in the paper this morning, so that's a useful tip

  oresome 20:42 19 Mar 2008

The following copied from Ing Directs web site.

Are ING Direct regulated?

ING Direct is regulated by the Financial Services Authority for the conduct of UK business and as a Dutch bank, is authorised by De Nederlandsche Bank.

We also subscribe to the UK Banking Code and copies of the code are available on request, or from click here. We are also members of both the Dutch Investors Compensation Scheme and the UK Financial Services Compensation Scheme click here.

Our customers receive at least the same level of protection as customers of any other UK bank to which only the UK scheme applies.

  realist 20:45 19 Mar 2008

Typical government sleight of hand, i.e for "£35,000" read "£31,700" and only then when you've been through some kind of administrative paper-chase nightmare to get (what's left of) your money back.

  sunny staines 21:03 19 Mar 2008

the protected £35k is not true as it sounds should be the full 100% not 90%.

  Al94 22:08 19 Mar 2008

Very interesting article here in Moneyweek click here I always beleived that "the higher the rate, the higher the risk" and rarely has it held true more than today. Remember BCCI? A lot of people lost a lot of money including local councils, greedy for a return above the rest of the market.

  sunny staines 22:30 19 Mar 2008

thanks for the link. My worry is how many banks can BofE bail out before they say enough is enough. I think they will go to the very limit to save the banks as GB is all about finance and a world center for it. I retiring at end of the month and looking somewhere to put my savings with a good return but safe too, was looking at cahoot but bank of santander appears on your link might just have to risk one.

  realist 22:52 19 Mar 2008

I'm planning to diversify with a heavy reliance on NS&I Income Bonds.
The returns are less good but at least the capital sum is 100% safe.

  oresome 20:48 20 Mar 2008

The maximum levels of compensation are:

Deposits: £35,000 per person (for claims against firms declared in default from 1 October 2007).

100% of the first £35,000.*

Note: for deposit claims against firms declared in default before 1 October 2007, the maximum level of compensation is £31,700 (100% of £2,000 and 90% of the next £33,000).

  TopCat® 21:04 20 Mar 2008

It's been said that the savers' guarantee on funds held by all our banks will be raised to £60,000 soon. Anyone with over that amount is advised to open another account with another different bank to achieve the same safeguard on that surplus amount. TC.

  interzone55 09:34 21 Mar 2008

A chap on TV yesterday that you need to spread savings about, but make sure all the banks have separate owners - ie not in Nat West and Royal Bank of Scotland as they're part of the same group so you only get a single £35k limit...

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