Re: Bloody Fool Labour bail out Northern Rock

On 18 Sep, 01:41, LJM <subtextwh...@xxxxxxxxx> wrote:
John Rowland wrote:
Col wrote:
Prior to the Government's announcement that *all* assets would
be covered I think it was something like 100% compensation up to
2 grand and 90% up to 33K or so.

So would it be a good idea to have multiple bank accounts and put no more
than 30k in any one? That way even if several banks went pearshaped at the
same time you'd still get 90% of your money back.

Yep. My grandfather had tens of thousands of pounds spread across
several accounts for years before his death and now we're wondering if a
bank collapse is what he feared. Never carry all your eggs in the same
basket and all that.

That's the lesson that I've learnt from this. Even if you're money is
safe (as the NR investors money always appears to have been) it's not
much good if you can't get at it which is what happened to the NR
online customers. The other point is that the banks these days seem to
hold very little importance on loyalty so having several accounts,
administered online makes it easy to take advantage of short term high
interest rates that may be offered by one of them.

Think how many bank accounts a millionaire would need. It must be awful
for them. :D

I wish I had their problems!


.

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