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Are Your Savings/Investments Safe

 
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Mark Mayhew



Joined: 11 Dec 2006
Posts: 2897

PostPosted: Tue Oct 07, 2008 7:35 pm    Post subject: Are Your Savings/Investments Safe Reply with quote

Is it better to put your money under the mattress in view of the current problems!

I am worried about my own investments-are you?

Any good suggestions.
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John W



Joined: 07 Dec 2006
Posts: 3367
Location: Warwickshire, UK

PostPosted: Tue Oct 07, 2008 8:13 pm    Post subject: Reply with quote

I do feel a bit worried as most of our money (pension and remainder of redundancy) is in one Building Society, which got taken over by another a little while ago, but presumably (with two of us) is guaranteed, and money associated with our business is in one bank.

I really don't want to be moving money around Confused

Our house is worth 30k less than it was two years ago Sad

On the bright side we should be a grandparents in two weeks Very Happy
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gfloyd



Joined: 07 Dec 2006
Posts: 4861
Location: Here, There, Everywhere.

PostPosted: Tue Oct 07, 2008 8:13 pm    Post subject: Re: Are Your Savings/Investments Safe Reply with quote

Mark Mayhew wrote:
Any good suggestions.


Spread it around so that if one bank goes down you dont lose everything.
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Mark Mayhew



Joined: 11 Dec 2006
Posts: 2897

PostPosted: Tue Oct 07, 2008 8:21 pm    Post subject: Reply with quote

Could not agree more-very sensible advice Ernie.
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Helen May



Joined: 10 Dec 2006
Posts: 19372
Location: Cheshire

PostPosted: Tue Oct 07, 2008 9:59 pm    Post subject: Reply with quote

If you do spread your savings around make sure that wherever you put them they are not backed by the same institution.

Martin Lewis's website has a list and can be found here http://www.moneysavingexpert.com/savings/safe-savings

H
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RockitRon



Joined: 07 Dec 2006
Posts: 7646

PostPosted: Wed Oct 08, 2008 2:35 am    Post subject: Reply with quote

It is generally accepted that governments, including our own, and notwithstanding the nominal £50,000 limit, will not allow any of savers' deposits in normal retail banks and building societies to be lost, so there should be no panic to move funds out of any one institution (my spies tell me there isn't, at the moment). The BBC's Robert Peston's comment on the matter is useful - http://www.bbc.co.uk/blogs/thereporters/robertpeston/

For shareholders and those of us with a pension the outlook is rather more bleak, but there's nothing we can do about it now, other than sit tight and hope that, like similar crises in 1974 and 1987, the world keeps revolving and things right themselves eventually.
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Mark Mayhew



Joined: 11 Dec 2006
Posts: 2897

PostPosted: Thu Oct 09, 2008 8:45 pm    Post subject: Reply with quote

With Iceland's problems coming to light will you council tax bills being going up much more than previously predicated.

Where I live the answer is yes.

Perhaps its a time to consider emigrating in view of this country's woes.
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RockitRon



Joined: 07 Dec 2006
Posts: 7646

PostPosted: Thu Oct 09, 2008 10:00 pm    Post subject: Reply with quote

The problem is world-wide, emigration is like the grass on the other side - it's only greener because it's knee-deep in manure over there as well.

With the exception of Santander, which is buying up our small building society banks at bargain rates, the Spanish banks are in trouble, the main Belgian one and the second ranking German one have had to be rescued. Shares in Japan and Australia have also dropped to record lows, and the stock exchange in Russia was suspended earlier this week. The Irish government guaranteed all the bank's depositors there because all their banks are in the mire as well.

China and the Arab nations are keeping their heads down, but they're not immune. We buy their clothes, toys and oil, after all, and would you really wish to live there?
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