Not for me, I hasten to add, it's for PIL. He has a Lloyds account and it's mostly in instant access account so he could go and TT it tomorrow. I said I thought he probably ought to move it to Lloyds, what should I advise him?
I've said I think it unlikely that anything will be allowed to happen to HBOS but all and any advice most welcome.
I've said I'll call him back tomorrow, poor thing, he's worried. TIA for any words of wisdom.
if he has less than 35000 he is fine as it's all backed by a government guarantee. If he has over 35000 then he could lose anything over that amount but IMHO it is unlikely the the govt would let HBOS go under - see northern rock as an example
Yes advise PIL to move their money asap and then keep watching the news fro everyone else doing the same and watch HBOS fold!! It's always better to spread it around I suppose some high riska dn some low. Some may even argue it's a good time to invest as what is down right now may climb back up and always make a profit. Have a look at Martn Lewis's website, there's bound to be a chat about it!!
Northern Rock is a pretty safe bet, since it's government owned it can't really go bust any more. 35k in different institutions is fine for about £150k-£200k but not really practical if he has a much larger sum of money.
If it were me, I would probably go £35k in a few big names (HBOS, Lloyds, Barclays, Nationwide, ING etc) and the rest in Northern Rock. But taking proper financial advice is a good idea. Although I don't think there are any guaranteed safe places at the moment.
Can I also say 'I AM NOT AUTHORISED TO GIVE INVESTMENT ADVICE' Don't come back and sue me/MN if it all goes wrong!!!!!!!
No no no i don't for one minute think you were boasting!! I was more smirking at my duire finances where i was chuffed to actually have change in my purse today to pay for parking rather than risk legging it to the bnank and back without ticket!! I take my cap off and salute anyone that has a little financial comfort in current climes, but sorry its from a crap reason of your mum passing away
Gosh thank you all for this advice everyone. Penona, it is more than £150k. I am going to tell him to a) get some proper advice and b) move it to Northern Rock as an interim measure but leave £35k . It's not a joint account so not up to £70k.