How to avoid having your dough in a bank that might go belly up?

[SteveT]

An accountant friend said always die in debt.

Like Cap'nBob the bouncing czech, he owed squillions after mirror group sank.

Some people save up to die????

[macroban]

> An accountant friend said always die in debt.

If that is the plan revoke your will first.

[SteveT]

lol>:D< macroban good post

[*Bob*]

Dying comfortably in debt takes a certain amount of skill and planning.

Living your last years in poverty might be the more likely outcome.

[Moos]

The Italians are all a bit right wing????

[*Bob*]

Isn't Northern Rock currently the safest place to put your money - alongside National Savings?

A friend of mine assures me that the Bank of England would 'never let a high street UK bank/building society go under with swathes of the general public losing their savings'. Is he right?

[????]

Bleedin' hell Chav you got more than ?35k in savings?....if not your money's safe even if a bank goes belly up..........I really don't mean this personally but no wonder the banks can get away with sooo much when people's knowledge of financial matters is so poor

[ChavWivaLawDegree]

Never had any reason to swot up on financial matters before. Still don't really, but I live in hope.

[SteveT]

*Bob* wrote:

A friend of mine assures me that the Bank of England would 'never let a high street UK bank/building society go under with swathes of the general public losing their savings'. Is he right?

Each time they bail out a bank, it makes it harder for the rescue of the next one.

It is all about confidence, but there will come a time when the thirties will be repeated, and not so far off if the vast majority of the American public is to be believed.

[indiepanda]

I suppose it would depend how many got into serious trouble. In any case, with the compensation scheme they have to pay a certain amount to cover the deposits most individuals would have anyway, so it may work out cheaper to inject some capital than let it go to the wall and pick up the compensation tab.

The knock on effect of letting a big one go to the wall would be disasterous... could mean full scale deep recession, high unemployment and lower tax take to pay for it, at a time when we already aren't balancing the books.

But hey, it's ok, I read the government were voting themselves an inflation busting 9% pay rise, if they are worth that they must be able to solve a little problem like this. *rolls eyes*

[????]

I don't want to get all "Martin Lewis" on you but have you never had a creditcard, bank account, loan, mortgage, savings account, mortgage, insurance policy, etc? It's not swotting up it's spending a very small amount of time to learn about what to do with money/debt/credit etc to save yourself literrally ?1000s over time.....ignorance of money costs most people a fortune, it's not complicated, it's not even boring..... get empowered!

[SteveT]

I can see it all now -Quids money shop- for fuller investments to the populace.

You could invest it not up a nose, but on the end of a sheepskin noseband wearer's nose.

I wonder how many grams you'd have to shove up it, to get a win or place?

You'd have to use a coke shovel of course.

[????]

A sugar cube does the trick nicely Steve

[SteveT]

Quids you old sweety!

You learn something new every day.

I have always found it, an over priced, over-rated, and somewhat disappointing substance, but the coke's alright.

[ChavWivaLawDegree]

I've never had a credit card, don't have a mortgage, don't buy anything unless I can pay for it there and then but I do have about 6 different bank accounts. A high interest kids savings account (will have to spend that before my 9 yr old get much bigger!), a mini-isa and 4 current accounts that I use according to who gives me the best interest on my meagre dough.

I'm hoping in the near future to be able to save enough money to buy a wedge of land with some kind of house on, next to my brother's farm in France. I don't want a mortgage, so any money I do save needs to be somewhere secure. That's all I'm worried about. I don't give a toss about the latest flat screen TV or other useless crap other people spend their money or credit on, all I want is to buy some land so at least my family won't starve when the shit really hits the fan.

[Huguenot]

Hmmm, given the track record of Frenchmen, I'm not sure they'd give a monkeys about your landrights if the shit really hits the fan ;-)

However, it's a fun idea. So how about instead of banks, investing with these fruitcakes

[Keef]

all I want is to buy some land so at least my family won't starve when the shit really hits the fan.

This just made me think of Iron Maiden singing "Ruuuuun to the hilllllllllls, ruuuuun for your liiiiiife!"

Sorry, I'll go back to sleep :-$

[ChavWivaLawDegree]

What's wrong with permaculture?

[Rico]

Chav do you live in publicly subsidised housing now? Forgive me for not being sure, though I infer from your post you have been/still do while you've gotten on your feet to 'start earning'.

If so, are you now saying you'll save enough cash in the next few years to pay outright for a property/house in France and move there?

Wouldn't it be a better plan to invest in a property here now that you can and then sell up? Besides the facts your means may now or very soon (assuming you can plow a lot of cash into savings) mean you no longer require subsidised housing (though you'll not be means tested or challenged, sadly) it just seems good financial sense to do it.

[Huguenot]

I'd bet the maths doesn't work on that one Rico. Remember that at first most of your mortgage repayments are interest not capital.

If the interest component is higher than the subsidised rent, and the house doesn't acquire significant additional value over the next say ten years, then there'd have a better net return staying in subisidised housing.

I'm not sure whether this is CWALD's position, but I would consider this to be a crime against welfare ;-). The rent is subsidised against tax payers, so effectively it would be the tax payer paying for the property in France, not CWALD.

[ChavWivaLawDegree]

Ok i'll excercise my right to buy first then - is that ok?

[Rico]

Absolutely. I'm for right to buy. Go for it.