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"Should I withdraw my savings and bury it in the garden?"

Seriously, it's awful seeing all these banks collapsing. If your money isnt safe in a bank then where can we keep our savings? Maybe we should invest it in gold bars and bury them in the garden?

This is all Garins fault. I told him that an economy dependant on debt is just not going to work. If I give the bank £1, how the hell can they magically turn that into £9 and give as a loan or a morgage. What if everyone stopped borrowing money and started saving? Is that not what the banks want us to do?

Seriously, it's awful seeing all these banks collapsing. If your money isnt safe in a bank then where can we keep our savings? Maybe we should invest it in gold bars and bury them in the garden?

This is all Garins fault. I told him that an economy dependant on debt is just not going to work. If I give the bank £1, how the hell can they magically turn that into £9 and give as a loan or a morgage. What if everyone stopped borrowing money and started saving? Is that not what the banks want us to do?

apparently going to smaller banks might be a good idea. I use to have a massive piggy bank to hold my money when i was a kid as i didn't trust them.

I'll probably fall back to old ways but not quite yet.

So what happens if a bank holding your money collapses? Do you lose everything?

Alfonse In Velour wrote:
> So what happens if a bank holding your money collapses? Do you
> lose everything?

No,your covered up to 35K per single account and 70K per joint account.

pete_21 wrote:
> Alfonse In Velour wrote:
> So what happens if a bank holding your money collapses? Do you
> lose everything?
>
> No,your covered up to 35K per single account and 70K per joint
> account.

Basically 35k per person per financial institution - not by account.

Yeah,thats what I meant.Didn't word that very clearly did I ?.

Although NS&I and Northern rock (which has been effectively nationalised) offer extra protection as they are backed by HM treasury.Irish banks now also have unlimited cover but I think this is only for a period of the next two years ? (Post Office savings is Bank Of Ireland).

Right,now I know the safest places to store any huge piles of cash which I haven't got !.

Hmm, maybe we need to go and invest our money in ping pong balls or something like that???

Or we could draw on Machie's initial idea and invest in shovels. What a deliciously evil way to benefit from these economically uncertain times.

If only they watched Ducktales when they were a kid.

*gulp* My mum saw a news camera team outside our HSBC bank earlier today. I don't think they were there to report about the flooding, as there isn't any at the moment. :/