Re: Looking for feedback on new site to check savings against FSA guarantee

On 23 Apr, 09:19, Rachel <rwill...@xxxxxxxxx> wrote:
I've recently developed a website which lets you quickly check whether
your savings across various banks are covered by the FSA's £35k
guarantee, and would like to get some feedback on it (constructive
criticism preferably!)

http://www.howsafeisyourmoney.co.uk

I'm looking for answers to questions like:

a) is it useful? if not, can you suggest any improvements?

b) is it easy to use? if not, what's the problem?

c) is it fast enough?

If you take the time to take a look - thanks! Please send me any
comments via email, rather than clogging up this list, or use the
comment page on the site.

Rachel

Congratulations, for even approaching this problem. It's one that I'm
sure many punters aren't even aware of. I recently tried to check on
all my current and intended saving providers connections using the FSA
online register and, whilst it is all there, it's a bit indirect and
rather sensitive to needing one particular form of the provider's
name, as well as responding with some rather lengthy lists of
associated providers with many small variations in name.
It's also important in the current climate that savers are aware of
the limits of this scheme, not just per account/borrower, but overall,
and that it can only meet defaults on deposits up to £1.84bn per year,
or if that isn't enough, its total levy on all providers would cover
defaults of £4.03bn per year. No doubt this is adequate where one
instution might fail but still have considerable reserves, but in the
present climate, and where market loans might have preferential call
on assets (which I believe may be the case), one wonders where that
might leave the ordinary depositor if there were major defaults over
several institutions, (and which would leave fewer to pay the levy).

In the case of NR with £100bn in total loans, and £20+bn of that in
retail deposits, it has been said that those who panicked and took
their money out may have been acting wisely.

I'll try out your site when I have time.

Toom
.

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