is our money safe in the bank?

[vannah]

or rather will it be?
We have just had an offer on our flat and the buyers want a quick sale, but we still havent made a decision about whether to buy or rent.

My dad is insisting that we must NOT put our money from the sale of the house into the bank or we could lose it all if the bank collapses...
Im financially totally unaware and not totally cottoned on to current affairs...
so what is the situation could someone pls inform me?
and is a bank like barclays really likely to collapse? or nationwide?

what about splitting the amount into chunks and putting into several banks?

god, havent a clue but worried that we might have to pull out of sale...
thanks for any advice

you are guaranteed up to 55k - you could split it between a few banks. You can get your solicitor to do this - it's very unlikely that on the one day you pay the money into the bank it suddenly goes tits up.

yes, split it between banks - madness to haveit all in once place

article here

Have a read of this - very clear and detailed!

You could also choose Northern Rock (nationalised) or any of the NS&I accounts (government savings) and be totally safe.

oh my god thanks for this very useful replies, about to read articles in a mo

read these articles and many thanks, all clear now