Follyfoot Posted October 10, 2023 VT Supporter Share Posted October 10, 2023 1 minute ago, Genie said: I was wondering the other day if you can get insurance for this sort of thing? Have £2m in the bank, bank goes bump, you only £80k or whatever it is back… insurance? see above Link to comment Share on other sites More sharing options...
Xela Posted October 10, 2023 Share Posted October 10, 2023 On 14/04/2023 at 19:31, MakemineVanilla said: Question: How do rich people or businesses with large cash deposits, protect themselves from the risk of loss, in the event of a run on the banks? Big Banks won't go bust. The Government won't allow it, as has been proved before. 1 Link to comment Share on other sites More sharing options...
Xela Posted October 10, 2023 Share Posted October 10, 2023 4 minutes ago, Genie said: I was wondering the other day if you can get insurance for this sort of thing? Have £2m in the bank, bank goes bump, you only £80k or whatever it is back… insurance? What if the insurers go bust because all their money was in the bank that went bust 1 Link to comment Share on other sites More sharing options...
Genie Posted October 10, 2023 Share Posted October 10, 2023 Just now, Xela said: What if the insurers go bust because all their money was in the bank that went bust They have an insurance policy with a better insurer 1 Link to comment Share on other sites More sharing options...
Davkaus Posted October 10, 2023 Share Posted October 10, 2023 The nationwide account is up to £200 deposits per month for 12 months, so the most you can make from it is about £104 over the year. Better than a kick in the teeth, especially if you're eligible and combine it with their switch offer for an extra £200 https://www.nationwide.co.uk/current-accounts/switch/ 1 Link to comment Share on other sites More sharing options...
Xela Posted October 10, 2023 Share Posted October 10, 2023 5 minutes ago, ender4 said: Any strings attached? Its one of those monthly ones where you pay £200 in a month for 12 months only. Its not as though you can hoy £100k in on day one and get 8% 1 Link to comment Share on other sites More sharing options...
Xela Posted October 10, 2023 Share Posted October 10, 2023 2 minutes ago, Genie said: They have an insurance policy with a better insurer Reinsurance? 1 1 Link to comment Share on other sites More sharing options...
Genie Posted October 10, 2023 Share Posted October 10, 2023 51 minutes ago, Davkaus said: The nationwide account is up to £200 deposits per month for 12 months, so the most you can make from it is about £104 over the year. Better than a kick in the teeth, especially if you're eligible and combine it with their switch offer for an extra £200 https://www.nationwide.co.uk/current-accounts/switch/ Yeah, I was disappointed when I looked into it more. I have a couple of savings pots for my children I was thinking about moving but the £200 thing killed that idea. I’m getting 4.1% a month at Chase with no strings attached so i’ll leave it there for now. Link to comment Share on other sites More sharing options...
cheltenham_villa Posted October 10, 2023 Share Posted October 10, 2023 (edited) 3 hours ago, Genie said: Edit. Answered by many others 2 hours ago, ender4 said: Edited October 10, 2023 by cheltenham_villa Answered by others Link to comment Share on other sites More sharing options...
Rds1983 Posted October 11, 2023 VT Supporter Share Posted October 11, 2023 13 hours ago, Xela said: Big Banks won't go bust. The Government won't allow it, as has been proved before. Banks (in the UK at least) are also better protected to withstand economic uncertainty nowadays compared to 15 years ago. Higher retained capital requirements, ring fencing etc. Even challenger Banks have been able to withstand financial difficulties (e.g. Metro) and come out the other side. Only way the big banks get in trouble is if a.major paradigm shift occurs and banking fundamentally changes (Amazon Bank etc). 1 Link to comment Share on other sites More sharing options...
StefanAVFC Posted October 11, 2023 Share Posted October 11, 2023 I keep getting to a position where I think I can invest and then something comes up Link to comment Share on other sites More sharing options...
Popular Post Rds1983 Posted October 11, 2023 VT Supporter Popular Post Share Posted October 11, 2023 28 minutes ago, StefanAVFC said: I keep getting to a position where I think I can invest and then something comes up Keep your chin up. I'm sure there's new roads and opportunities in your future. 1 5 Link to comment Share on other sites More sharing options...
cheltenham_villa Posted October 11, 2023 Share Posted October 11, 2023 1 hour ago, StefanAVFC said: I keep getting to a position where I think I can invest and then something comes up the positive way to look at this is that you had got yourself into a position where you were protected if things came up. Thats a good thing and something very many people in the UK fail to achieve. 1 Link to comment Share on other sites More sharing options...
StefanAVFC Posted October 11, 2023 Share Posted October 11, 2023 14 minutes ago, cheltenham_villa said: the positive way to look at this is that you had got yourself into a position where you were protected if things came up. Thats a good thing and something very many people in the UK fail to achieve. Yeah that's true. For example, over here the all in one (6 in 1) baby vaccines are not covered by the government. It's 40 quid a pop, at 3 doses. For me, I can cover 120 quid without thinking, but I take it for granted that people don't have such income and they will either have to go without or subject their child to 6 vaccines x 3. Link to comment Share on other sites More sharing options...
Rds1983 Posted March 16 VT Supporter Share Posted March 16 Anyone banked with Starling? If so, would you recommend? They offer a free kid's banking account and app. Tempted to get something like that for my son. Link to comment Share on other sites More sharing options...
GeorgeVilla82 Posted March 17 VT Supporter Share Posted March 17 17 hours ago, Rds1983 said: Anyone banked with Starling? If so, would you recommend? They offer a free kid's banking account and app. Tempted to get something like that for my son. Yes, we do. Really recommend it - easy to set up an account, and the chat feature works well if you do need to speak to someone 1 Link to comment Share on other sites More sharing options...
Anthony Posted March 18 VT Supporter Share Posted March 18 I echo what @GeorgeVilla82says. Great for travelling too - no need to bugger about moving cash around, just use starling and get the best rates and no commission. Additionally I had my debit card cloned and used. I got in touch with Starling immediately. They cancelled the card and refunded the cash immediately. 1 Link to comment Share on other sites More sharing options...
Genie Posted March 18 Share Posted March 18 Starling sounds a lot like Chase, another option to consider. Great to use when travelling without incurring any fees. Link to comment Share on other sites More sharing options...
Rds1983 Posted March 18 VT Supporter Share Posted March 18 27 minutes ago, Genie said: Starling sounds a lot like Chase, another option to consider. Great to use when travelling without incurring any fees. Its the free kid's account/app that I'm most interested in. Teach him the basics of saving, banking, send him pocket money, etc 1 Link to comment Share on other sites More sharing options...
Genie Posted March 18 Share Posted March 18 5 minutes ago, Rds1983 said: Its the free kid's account/app that I'm most interested in. Teach him the basics of saving, banking, send him pocket money, etc Cool, I might look into that myself Link to comment Share on other sites More sharing options...
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