I Would Only Be In Titled To £15,000 Of Protection

[ThaiLife]

After seeing all the current banking problems both in the USA and in the UK where the British Government has taken over Northern Rock and Bradford & Bingley , I have started to wonder just what would happen to my savings should the bank I save with go under, I have an online eSaver account with Alliance & Leicester offshore in Isle of Man. On checking it seems as if the following should apply if any UK bank Fails...

All UK deposits in bank or building society savings products are covered by the Financial Services Compensation Scheme (FSCS). This is an independent fund set up by UK financial bodies and regulated by the Financial Services Authority (FSA) which promises that, in the event of a bank collapsing, you'd get some of your money back. This applies to everyone, no matter their age, including children.

The first £35,000 you have saved per financial institution is protected.

So my first thoughts were to may be split my savings into Two different online accounts , with Two different Banks thus halving the risk , so I was looking to move some funds from my current online eSaver account with Alliance & Leicester offshore in Isle of Man to a new online offshore bank account with a second offshore bank .

On checking further I have found this .... it seems that ... The FSCS and its - The first £35,000 you have saved per financial institution is protected.

Does not apply to offshore accounts

So as my eSaver account with Alliance & Leicester offshore is based in Isle of Man , the following would apply ...

The Isle of Man has a depositors’ compensation scheme ("DCS"). The DCS partially compensates you if a bank in which you have deposited money fails. To pay compensation, a DCS fund is created (when needed) from contributions made by other banks in the Isle of Man.

A summary of the cover provided by the DCS is as follows:

The DCS compensates people who have money in current and deposit accounts in the Isle of Man with 75% of up to £20,000 of net deposits* per depositor per bank, if the bank fails.

This means maximum compensation payable is £15,000 per depositor – this amount would be paid to someone with £20,000 or more.

So I would only be in titled to £15,000 of protection ,

The Isle of Man has a depositors’ compensation scheme .... http://www.gov.im/FSC/investor/dep_comp.xml

So now I am wondering what to do next , or am I just over reacting to this whole current banking problem

What's you thoughts on this whole Banking situation at the moment , are you trying to protect your savings in any way

[midas]

After seeing all the current banking problems both in the USA and in the UK where the British Government has taken over Northern Rock and Bradford & Bingley , I have started to wonder just what would happen to my savings should the bank I save with go under, I have an online eSaver account with Alliance & Leicester offshore in Isle of Man. On checking it seems as if the following should apply if any UK bank Fails...

All UK deposits in bank or building society savings products are covered by the Financial Services Compensation Scheme (FSCS). This is an independent fund set up by UK financial bodies and regulated by the Financial Services Authority (FSA) which promises that, in the event of a bank collapsing, you'd get some of your money back. This applies to everyone, no matter their age, including children.

The first £35,000 you have saved per financial institution is protected.

So my first thoughts were to may be split my savings into Two different online accounts , with Two different Banks thus halving the risk , so I was looking to move some funds from my current online eSaver account with Alliance & Leicester offshore in Isle of Man to a new online offshore bank account with a second offshore bank .

On checking further I have found this .... it seems that ... The FSCS and its - The first £35,000 you have saved per financial institution is protected.

Does not apply to offshore accounts

So as my eSaver account with Alliance & Leicester offshore is based in Isle of Man , the following would apply ...

The Isle of Man has a depositors’ compensation scheme ("DCS"). The DCS partially compensates you if a bank in which you have deposited money fails. To pay compensation, a DCS fund is created (when needed) from contributions made by other banks in the Isle of Man.

A summary of the cover provided by the DCS is as follows:

The DCS compensates people who have money in current and deposit accounts in the Isle of Man with 75% of up to £20,000 of net deposits* per depositor per bank, if the bank fails.

This means maximum compensation payable is £15,000 per depositor – this amount would be paid to someone with £20,000 or more.

So I would only be in titled to £15,000 of protection ,

The Isle of Man has a depositors’ compensation scheme .... http://www.gov.im/FSC/investor/dep_comp.xml

So now I am wondering what to do next , or am I just over reacting to this whole current banking problem

What's you thoughts on this whole Banking situation at the moment , are you trying to protect your savings in any way

Many of us never had to question the security of our money in a bank before. I have found some interesting facts

regarding a deposit I have with Citibank Australia!

Firstly Australia doesn't even have any form of Financial Services Compensation Scheme which came as a

complete surprise! They are currently discussing it with the aim of providing a $20,000 limit.

But the federal rules regarding Australian banks are pretty tough.

The biggest Australian banks as such in particular those such as ANZ and Commonwealth bank claim they have

almost no exposure to the sub prime debacle.

I'm still trying to find out about the status of Citibank in Australia because it is not classed as being

Australian but instead is a Foreign subsidiary. I am still waiting to hear from the authorities if Citibank Australia could in any way

potentially be exposed if the parent company ran into any trouble? Terrible times

[chiang mai]

After seeing all the current banking problems both in the USA and in the UK where the British Government has taken over Northern Rock and Bradford & Bingley , I have started to wonder just what would happen to my savings should the bank I save with go under, I have an online eSaver account with Alliance & Leicester offshore in Isle of Man. On checking it seems as if the following should apply if any UK bank Fails...

All UK deposits in bank or building society savings products are covered by the Financial Services Compensation Scheme (FSCS). This is an independent fund set up by UK financial bodies and regulated by the Financial Services Authority (FSA) which promises that, in the event of a bank collapsing, you'd get some of your money back. This applies to everyone, no matter their age, including children.

The first £35,000 you have saved per financial institution is protected.

So my first thoughts were to may be split my savings into Two different online accounts , with Two different Banks thus halving the risk , so I was looking to move some funds from my current online eSaver account with Alliance & Leicester offshore in Isle of Man to a new online offshore bank account with a second offshore bank .

On checking further I have found this .... it seems that ... The FSCS and its - The first £35,000 you have saved per financial institution is protected.

Does not apply to offshore accounts

So as my eSaver account with Alliance & Leicester offshore is based in Isle of Man , the following would apply ...

The Isle of Man has a depositors’ compensation scheme ("DCS"). The DCS partially compensates you if a bank in which you have deposited money fails. To pay compensation, a DCS fund is created (when needed) from contributions made by other banks in the Isle of Man.

A summary of the cover provided by the DCS is as follows:

The DCS compensates people who have money in current and deposit accounts in the Isle of Man with 75% of up to £20,000 of net deposits* per depositor per bank, if the bank fails.

This means maximum compensation payable is £15,000 per depositor – this amount would be paid to someone with £20,000 or more.

So I would only be in titled to £15,000 of protection ,

The Isle of Man has a depositors’ compensation scheme .... http://www.gov.im/FSC/investor/dep_comp.xml

So now I am wondering what to do next , or am I just over reacting to this whole current banking problem

What's you thoughts on this whole Banking situation at the moment , are you trying to protect your savings in any way

It certainly does make for scary times, but - many of us have the same concerns, however, if you read the small print from the major offshore (UK) banks they state that their parent companies will honor their debt obligations. Virtually all my money is offshore UK with the likes of HBOS, Nationwide and Northern Rock. HBOS was recently a bit of a scare but now that it has been taken over I am more relaxed although it may well be that version two of the scare is waiting in the wings. As for Nationwide, well, I have substantial amounts in their offshore operation in IOM but I am relaxed because they are indemnified by their onshore parent. As for NR: currently this is one of the safest places to hold money since it unlimited amounts are insured by the BOE. I take the view with the major banks (offshore) that their onshore parents are so big and important to the UK that they will not be allowed to fail, regardless. I may be wrong in my risk assessment and only time will tell. But frankly if the alternative is cash under the mattress or government savings bond, I'll take the risk.