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ian s | Are savings safe in HBOS, or will HBOS end up like Northern Rock? |
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liverbird
|
If Sir David Lord Whatever really works in the city he must be a taxi driver rather than any job in finance.
It is highly unlikely that HBOS or any of the other big banks will end up like Northern Rock. The Financial Services Authority who regulate the banks got a good kicking for being asleep at the wheel and allowing a situation to develop where people were lining up in the street to withdraw money from Northern Rock. They are all over the banks like a rash now making sure they are safe.
The terms that HBOS are offering they can afford but they may be subsidising the rate from profits on other lines of their business. Your savings are guaranteed under the Financial Services Compensation Scheme.
The maximum amount claimable under the FSCS is £48,000 which comprises the first £30,000 in full and 90% of the next £20,000.
Perhaps Sir David Lord whatever would like to check this out next time he picks up a fare outside of the Bank of England |
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John D
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What do you mean like northern rock? Do you mean 100% gteed by the goverment. |
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Can anyone
 |
Let's put it this way
HBOS this week started offering 10% on 500 a month deposits, and 12% on a 5k deposit, which you can't touch for a year
That smacks of desperation far more than the rights issue. I think they're in a bit of a pickle, ... to their credit, idiots that they are (the management) the business model is not as bad as Northern Rocks
Please ignore the lady directly above me. She works in a high street bank, I work in the City - and I know more about it than her. HBOS's lending has been far too loose, and I personally think they will suffer more than most when the housing bubble collapses. I think, as in Japan in 1989 we're SO far over-valued, we'll drop for decades, they've lent out so much at the top, once unemployment starts rising, and the economy really hits the skids, they will be in BIG BIG BIG trouble. For now, safe enough, but I wouldn't put much more than £35k in there.
And I personally wouldn't see them giving £1000 to charity as a reason to pile your money into them!! I'm sure Enron were still giving political donations, and paying bonuses and charitable contributuions in the years that they were going under |
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Pete
 |
I'm not so sure... I don't think the BoE could cover their exposure, either way I'm worried my money will get all caught up in red tape getting it back out again.
I'm switching to NS&I, rates not great but if they go under we are all done for! |
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cyberangel77uk
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i have a halifax account and have moved all my payments to my hsbc one , halifax were dipping into my money when ever they felt like it to pay off an old credit card debt , i dont trust them one bit , i was overdrawn by £2 once and they charged me £38 , change your bank asap , your money not safe with them , nor rbos |
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Prodigal Son
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I think as HBOS are a much bigger bank they should be relatively safe, if you want to be doubly sure don't keep more than £35,000 in the bank... |
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Brad
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HBOS are fine, they operate a more secure funding system to Northern Rock and are a much larger company.
Also - providing you have less than £35,000 in savings, this will be covered under the Financial Services Compensation Scheme (FSCS), details of which are below:
Deposits: £35,000 per person (for claims against firms declared in default from 1 October 2007).
100% of the first £35,000.*
Note: for deposit claims against firms declared in default before 1 October 2007, the maximum level of compensation is £31,700 (100% of £2,000 and 90% of the next £33,000).
Hope this sets your mind at ease. |
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Cherrypicker
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I think HBOS are fine. They gave the charity I work for £1,000 this week and that is a kind act for a small charity. |
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UK Yummy Mummy
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HBOS is the most secure bank in the country. Northern Rocks problem was that they didn't have the amount of savings to equal the money they lent out in mortgages. Banks make money from interest but they need the savings to acually give the mortgages in the 1st place.
HBOS is the biggest savings account provider in the UK. Your money is totally safe. |
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