companys losing your money

[insurance]

we hear about companys not having enough money to pay out employees who have paid in to a pension for donkeys years,customers who have paid into xmas hampers and have lost the lot.Could it ever happen that one of the big banks could lose all your savings.and what could we do about it ? have we any come back ?

[buildersmate]

Yes it could happen. Remember the BCCI fiasco not so long ago? Not a mainstream bank but certainly with many private individuals as depositors.

[Sammy Snake]

If it is a UK bank, you may not use all your savings. This is from the FSA website:

If a bank or building society collapses, you may be at least partially protected by the Financial Services Compensation Scheme. The maximum compensation payment is �31,700 (100% of the first �2,000 and 90% of the next �33,000).

So basically if you are loaded and worried, don't put more than 35K into one financial institution!

[Sammy Snake]

*lose not use!!

[insurance]

thanks for your replys,could you also help with this one please? i have a cash mini isa if i dont put any more money into it can i open another one with another bank ?

[jennyp]

I think you are only allowed one Cash ISA a year. April to march

[dzug]

Yes, jennyp is right.
You can have as many cash isas as you want with as many different banks as you want.
The limit is that in any one tax year you can only put new money into one. You can keep any old ones (and receive interest on them), but only open one new one.