With the recent banks-go-bust fiasco in the UK there is a lot of worry amongst consumers about whether their money is safe. The £50,000 limit on your money being safe is not quite as straight forward as it first seems, as some banks are banded together, meaning that if you have over £50,000 within the linked banks then you are not safe.
This brings about the question, who owns my bank? Moneysupermarket have recently done some investigation and produced a table of which banks are linked to which others. Click here to take a look.
Some of them are obvious, such as First Direct and HSBC, but a lot of them are not, and an awful lot of people will now be in a position where they think they are safe from losing their money (should the worst happen) when in fact they need to be re-investing their money elsewhere.
There are other factors to consider, such as the timescale before you can get your money if the bank goes bust and you need to wait for compensation. This is covered in detail in the article above.
If you have in excess of £50,000 in the banking system, now is the time to double check it is safe!
December 24th, 2009 at 12:10 pm
Hello, probably our post may be off topic but anyhow, Having gone surfing around your weblog and it appears seriously great. It is obvious that you know the subject and you seem passionate about it. We are building a fresh blog and I am attempting to make it look good, and also provide the best content. I’ve acquired much at your site and also I anticipate a great deal more quality content and will be coming back soon. Many thanks.
December 24th, 2009 at 12:15 pm
Hi John,
Thank for the comment. I set this blog up a long time ago and then cot caught up with other things. I have recently revived it and am looking to build it up in the new year. I had a look at your blog, looks like you have the foundations in place, hopefully you’ll get some great info on there.
Jim