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Deposit guarantee scheme
- Thread starter MatBin
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- Not an addick!
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They know that the pound is stronger against the euro than 5 years ago.
This is an EU initiative that requires €100k to be protected. To stop the figure changing every second, the non-euro rate is set every 5 years.
This was on BBC news almost a month ago!
This is an EU initiative that requires €100k to be protected. To stop the figure changing every second, the non-euro rate is set every 5 years.
This was on BBC news almost a month ago!
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- The real Chris
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I heard that recently too, in fact it was an email from my bank.
I should have known that the EU would have been behind it
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Surely the deposit guarantee scheme is a good thing?I should have known that the EU would have been behind it
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- The real Chris
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Indeed it is, but I meant the 10 k reduction
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That's only because the UK government have lowered it to the minimum required - which infers that without the EU it would be nil. Not a lot the EU can do about the FX rate - that's up toIndeed it is, but I meant the 10 k reduction
Nothing to stop Osborne raising it. George? George? George?
Nope, he's not listening.
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I still blame the EU for having a "weak" currency
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I wish it were weaker - I'm going on holiday later in the year. [/selfish]I still blame the EU for having a "weak" currency
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- Matthew
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How many people have £75,000 deposited with a single institution...not that many is my guess, and if you do then probably the prudent thing to do is to deposit no more than the max protected with any one institution, if your in a situation where you've run out of institutions then your probably going to be past the point by where if one fails with excess than protected is deposited you can stand the loss...
That said if your that cash rich your probably going to also have great financial advisors so will probably be suggesting investments that will also move cash away from banks to stocks and commodities
That said if your that cash rich your probably going to also have great financial advisors so will probably be suggesting investments that will also move cash away from banks to stocks and commodities
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- Heather
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Having sorted everything out for a friend, which involved opening three(!) new accounts, (not easy with someone with no driving licence or passport) two years ago, I now have to try and open another account with a different financial institution (and it is surprising how many are linked...) to move the excess £50,000 generated by this new legislation. 
...if only it was mine...
...if only it was mine...
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- Matthew
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Having sorted everything out for a friend, which involved opening three(!) new accounts, (not easy with someone with no driving licence or passport) two years ago, I now have to try and open another account with a different financial institution (and it is surprising how many are linked...) to move the excess £50,000 generated by this new legislation.
...if only it was mine...
Lucky friend
mike_6480
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- Mike
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Having sorted everything out for a friend, which involved opening three(!) new accounts, (not easy with someone with no driving licence or passport) two years ago, I now have to try and open another account with a different financial institution (and it is surprising how many are linked...) to move the excess £50,000 generated by this new legislation.
...if only it was mine...
It might be worth opening more than one in case it's lower further when it's next re-calibrated?