Is your money safe?

[badger7579]

Anybody know the legal position for business bank accounts? I know the government guarantees the first 35£k for personal accounts but what protection do you get on a business bank account. If my business bank goes tits up what happens to cash in the account??

[DimPrawn]

Yep, mines still under the mattress. Thanks for asking.

[SandyDown]

oh - that reminds me I have and a Halifax IF ISA, may be I should withdraw the money?

[Moscow Mule]

oh - that reminds me I have and a Halifax IF ISA, may be I should withdraw the money?

No, you should not. Under £35k it's protected.

[SandyDown]

No, you should not. Under £35k it's protected.

yeh protected - but will I be able to get it out when I need it?

[Moscow Mule]

yeh protected - but will I be able to get it out when I need it?

Well, you haven't needed until now - what's the rush? And yes, that's the general idea of your money being protected, you can get it when you want it.

It's folk like you that brought down NR the last time.

[DimPrawn]

No, you should not. Under £35k it's protected.

No one even knows if this £35K protection would actually pay out in reality if 10,000,000 savers all demand £35,000 in hard cash tomorrow, and how many years down the line you would receive your compensation. My guess it would take 50 yrs to get the payout.

[SandyDown]

Well, you haven't needed until now - what's the rush? And yes, that's the general idea of your money being protected, you can get it when you want it.

It's folk like you that brought down NR the last time.

Actually my accountant told me many of his clients were not able to get their ISAs money out and suffered - at the time I didn't ask hiem about which ISAs/companies he is talking about cuz I didn't feel the Halifax was in any danger.

[ContractIn]

No one even knows if this £35K protection would actually pay out in reality if 10,000,000 savers all demand £35,000 in hard cash tomorrow, and how many years down the line you would receive your compensation. My guess it would take 50 yrs to get the payout.

Where are people who have large 6 figures savings, even 7 figure sums keeping their money? I would be papping myself with the current crisis and only being protected for 35k.

[bobhope]

national savings

make sure all accounts < 35k

gold + silver (of course)