I will shortly have a large sum to invest for a several months. Is it possible to get some kind of insurance against the bank/building society I'm intent on depositing the money with going bust?
Cheers.
I will shortly have a large sum to invest for a several months. Is it possible to get some kind of insurance against the bank/building society I'm intent on depositing the money with going bust?
Cheers.
In message , Bill K writes
Not that I am aware, but if it did it would likely cost more than the interest you receive, that is what interest is - a risk premium.
If you cant take the risk then a safe in the cellar might be more appopriate,
best to split the amount across different banks and take advantage of the built-in government guarantee for amounts up to around £35,000??????
But there already is a sort of insurance, and it's free (well you don't explicitly pay for it except perhaps through interest rates being a teeny bit less than they'd otherwise be), and called the deposit protection scheme or something like that, underwritten by, erm, is it the Bank of England? Whereby you can lose at most 10% of your dosh so long as there wasn't more than about 20 or 30 k per bank, so if it's more than that and you split it, you should be OK.
But the subject asked for cover over £35k, AIUI, in one institution.
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He should know better than to put his whole egg in one basket. He could lose the white, and then the yolk would be on him.
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