Company Reserves.

[Lewis]

I just looked and the Scottish Widows 2% headline rate includes 0.5% bonus rate which you only get as a new customer for 6 months (plus you need >£50K to get that rate). So it is really only 1.25% for <£50K and 1.5% for >£50K. Assuming you see this as more than a six month thing.

[Olly]

I just looked and the Scottish Widows 2% headline rate includes 0.5% bonus rate which you only get as a new customer for 6 months (plus you need >£50K to get that rate). So it is really only 1.25% for <£50K and 1.5% for >£50K. Assuming you see this as more than a six month thing.

bugger - didn't spot it was a 6month thingy .....took me about that long to drag my lazy ass and open the account having first heard about it!!

should have just gone for that one that does the average (though not sure I trust them with my bucks, they don't look too substantial)

[Olly]

The justification is that the security of your deposit is improved. It is unlikely that your bank/lender will call in your mortgage whilst not repaying your bank deposit. I think in some cases they are obligated to "net off". From memory this depends whether the lender is a bank or building society.
PUMA

I just happened across an article related to this http://news.bbc.co.uk/1/hi/business/7482914.stm
"This only counts for a net deposit, so if you had £50,000 deposited but also had a £20,000 loan with the same bank, then only £30,000 would be compensated."

Does this weaken your standpoint somewhat?

[THEPUMA]

I just happened across an article related to this http://news.bbc.co.uk/1/hi/business/7482914.stm
"This only counts for a net deposit, so if you had £50,000 deposited but also had a £20,000 loan with the same bank, then only £30,000 would be compensated."

Does this weaken your standpoint somewhat?

Not if the loan and the deposit are automatically netted off. This being the case, the point being made is moot as no protection is necessary. If I were doing it, I would be checking the T&Cs of the mortgage contract carefully.