Safest bank

[Marijn]

Which bank is the safest?

[factor-fiction]

All the UK ones, especially if you have < �50000 with them

[Marijn]

I thought people were only guaranteed to get their money back if the bank goes bust, if they have under 35 thousand in savings.
Which banks are the most stable?

[Marijn]

Sorry, Factor30, I forgot to say thank you for your answer.

[CrAcKaClOwN]

Safest bank
Which bank is the safest?

FORT KNOX?

[factor-fiction]

Hi notafish- the figure was increased to �50000 in August 2008.
http://www.guardian.co.uk/business/2008/oct/04 /bankofenglandgovernor.banking1

[Marijn]

Thank you for that info. Do you really think all the UK banks are equally stable. You don't think one has the edge over the others?

[factor-fiction]

I'm sure some are more stable than others but the govenment or other banks will always step in to bail them out if needed. From a saver's point of view money is equally safe in all banks. However from a shareholder's point of view or an employee's point of view there will be differences in stability. Have a look at these Standard & Poor ratings from last October.
http://www.dailymail.co.uk/money/article-10776 85/How-does-bank-rate--Bank-ratings-explained. html

[craft1948]

notafish the government guarantee is now �50,000.........define safe..........my money is mostly with Santander 'cos if they go bust we're all doomed....

[dance2trance]

Barclays are mega rich as are Nationwide who NEVER deal in dodgy shares or hedge funds. HMG will not let any other banks fail though. Just won't

[Marijn]

Thank you all for answering. I know what you're saying; that you will get your money back if the bank goes bust. But I'd prefer to have my savings in a bank that is less likely to go bust in the first place. Thanks again.

[buildersmate]

What does it really matter if HM Government (aka UK taxpayers) is going to refund you anyway.
Just pick the one which gives you the best in terms of interest rate and convenience to deal with.

[Marijn]

Thank you for answering.

[tell-me-more]

Like you, I'd rather not have the worry of having my money refunded, I want it not to be lost in the first place. The Government that's paying it back will be funded by taxpayers anyway.

I feel the safest bank is The Co-operative Bank, but building societies are safe too I feel. Maybe I'm naive, but I prefer to deal with organisations that are owned by their members, rather than ones that are just out to make money for greedy shareholders. I don't care if I get the best interest rate or not.

[Marijn]

Thanks for your answer tell-me-more. I think the co-op bank are good and seem ethical too.