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Should I take ds's savings out of the Coop Bank?

(12 Posts)
Ginformation Fri 10-May-13 22:53:31

Disclaimer: I know shit all about banking and finance. Please advise me!

I would not want to make things worse if there is going to be a run on the bank or something (my knowledge of this comes from It's A Wonderful Life), but it is more angst making as ds is only a toddler and he knows even less than I do about these matters. He has almost £3000 from various sources/gifts/inheritance (lucky sod) and I don't want to jeopardise it. So, WIBU to move it out of the Coop Bank now the status has been downgraded to 'junk'?

Euphemia Fri 10-May-13 22:55:27

The status of what has been downgraded? confused

<worried as banks with Smile>

workhell Fri 10-May-13 22:55:47

YWBU. I think.

If everyone withdrew their money it would come crashing down. Your son's money might be what's keeping it going! wink

I know jack about finance but three grand would be protected by gov anyway.

gordyslovesheep Fri 10-May-13 22:56:30

you money is protected ...stay calm!

Sirzy Fri 10-May-13 22:57:02

According to the expect on the news before there is no need to worry.

A certain amount is "safe" no matter what isn't it? Something like £20,000?

GlaikitFizzog Fri 10-May-13 22:57:30

No reason to, savings are protected up to a certain value, £50k I think.

Ginformation Fri 10-May-13 22:58:06

Moody's downgrades Coop Bank's debt rating

Euphemia Fri 10-May-13 22:59:44

A linked article on the BBC website says:

"All customers of banks with a UK banking licence have a guarantee of safety on the first £85,000 of their savings per person, per institution if a bank, building society or credit union collapses.

This means that, for example, up to £85,000 saved in a Co-op and up to £85,000 saved by the same person with Lloyds would all be safe."

Phew!

5318008 Fri 10-May-13 23:01:24

no need to pull your money out at ALL, it's perfectly safe where it is smile

Ginformation Fri 10-May-13 23:02:33

Thanks, not really panicking, just musing I suppose. We don't have savings (just a money pit house) so it is not a dilemma I have had before.

Ginformation Fri 10-May-13 23:04:18

Euphemia phew! A little more saving to go before we get to that point! grin

ParadiseChick Fri 10-May-13 23:08:49

Yabu, unless you have over 85k in there

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