Hi everybody
Years ago I had all my accounts (personal, business, joint) really nicely spread out over several banks, but because some of them went bust and were bought by one group I now have all with one.
Somehow that worries me, but not sure I'm just paranoid?
L
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All accounts with one bank?
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Hi, Yes, be paranoid!
After the financial collapse in 2009, the Financial Services Compensation Scheme will only cover £50,000 worth of deposits with one institution. So, if you have more than this much cash across multiple accounts with the same bank, then you should move it.
Remember that after the banks collapsed, the market consolidated and companies like Santander bought Alliance & Leicester, so make sure your cash isn't all in the same group of companies.
Always hedge your position and keep your cash in different pots. The other week the Link cash machine system went down and I nearly had a breakdown at the thought of not being able to access my own money. Protect yourself.
After the financial collapse in 2009, the Financial Services Compensation Scheme will only cover £50,000 worth of deposits with one institution. So, if you have more than this much cash across multiple accounts with the same bank, then you should move it.
Remember that after the banks collapsed, the market consolidated and companies like Santander bought Alliance & Leicester, so make sure your cash isn't all in the same group of companies.
Always hedge your position and keep your cash in different pots. The other week the Link cash machine system went down and I nearly had a breakdown at the thought of not being able to access my own money. Protect yourself.
you can always find me here: www.allmenaredogs.co.uk
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