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Ah. Have just transferred all of our money into bradford and bingley and then read a post...

(24 Posts)
fishnet Thu 18-Sep-08 21:21:29

by soemone saying they reckon it will go under by the end of the week.

Are they in trouble too? Does anyone know whare I can find info telling me which are the most secure before I lose all the equity from our house sale. At the moment I feel like withdrawing it all and stashing it under the bed.

MaloryDontDiveItsShallow Thu 18-Sep-08 21:22:03

Message withdrawn at poster's request.

Ewe Thu 18-Sep-08 21:23:00

Northern Rock is safest place to put your money as I understand it.

SoupDragon Thu 18-Sep-08 21:23:18

Surely Lloyds TSB are a safe bet.

morocco Thu 18-Sep-08 21:24:02

ns and i

or northern rock

are safe

who knows about the rest? world is mad!
i reckon nationwide is ok but only cos its impossible to get anything out of them - they're so careful

fishnet Thu 18-Sep-08 21:24:39

Northern rock is the safest I agree but their rate isn't fantsatic and we need the interest to pay the rent on the house we're staying in.

God I hate all this uncertainty

LIZS Thu 18-Sep-08 21:26:45

Haven't B and B have been shaky for a while ?

fishnet Thu 18-Sep-08 21:26:53

The main problem is that we have a large amount of equity (I never thought I'd be saying that's a problem!) and we have to split it between a number of accounts to ensure we don't have more than 70 in any one institution. I'm struggling to keep track of where everything is.

I've just this evening authorised the DD to put 70k in B&B. Should I stop it?

Oliveoil Thu 18-Sep-08 21:27:05

if you bank £35K or less you are covered iirc

I have to research this for our equity

and if you have a joint account it is 70K

BUT check that the banks you use are not linked to any others as you only get covered for one registered company, not every one covered by the umbrella company

Oliveoil Thu 18-Sep-08 21:28:02

oh x posts

mine didn't make any sense anyway grin

LIZS Thu 18-Sep-08 21:28:20

Have you each got an account otherwise you're only guaranteed up to 35k in any one place.

fishnet Thu 18-Sep-08 21:30:12

Thet are all joint accounts which I thought meant we're covered to 70k? Is that not right?

AAAggggggggggggghhhhhhhhhh!!!!!!

Lubyloo Thu 18-Sep-08 21:30:28

You are covered for up to £70k if a joint account. Doesn't need to be two single accounts.

Evelynsmum Thu 18-Sep-08 21:30:58

Try splitting up your money if you have no more than £35k in any bank / building society then its guranteed by the Financial Services Compensation Scheme.

FWIW there are so many rumours out there that I would hesitate to believe any of them...all banks and building societies are vulnerable and vultures circling can bring down a perfectly well reasonably safe institution.

LadyMuck Thu 18-Sep-08 21:31:09

If you have up to £70k in a joint accoutn at the B&B then you should be covered by the FSCS. I don't think that they would share a banking licence with anyone (until such time as they are taken over of coursewink)

LIZS Thu 18-Sep-08 21:32:11

dh reckons B and B have already been bailed out by other financial institutions.

fishnet Thu 18-Sep-08 21:33:36

Maybe its time to buy a bargain house!

noddyholder Thu 18-Sep-08 21:35:42

I think money is safer in a house than a bank atm.Have heard rumours about b and b too.Have mine in the nationwide but still nervous

seb1 Thu 18-Sep-08 21:35:42

Protect your savings HTH

fishnet Thu 18-Sep-08 21:45:18

Fitch report very useful thanks seb1. Having read that I'm off to transfer everything into northern rock e-saver!

PurpleFrog Fri 19-Sep-08 12:06:49

Pain - why didn't I get organised earlier. I have an ISA with B&B that is no longer paying a fantastic rate and have been dithering about where to transfer it to. If B&B do go bust I know I will get my money back, but what about the tax-free status of the interest ? Will I just get a cheque for a lump sum ? Or what ?

seb1 Fri 19-Sep-08 13:59:29

Transfer it into another ISA that accepts transfers in.

PrincessPeaHead Fri 19-Sep-08 14:04:49

put it in northern rock

don't know what is going to happen after the great goldmans bailout today, but city sentiment in the last few days is that B&B is close to going

you may get the 70K back, but why have the hassle and the delay? Northern rock is safe as houses now

PurpleFrog Fri 19-Sep-08 14:36:19

Thanks seb1 - I know I can transfer it to another ISA, but not instantaneously - every time I have moved to a new ISA it takes some weeks to set up.

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