Just a wonder....

[WhiteBear]

morning guys.. maybe not the subject to talk about at this time but i just wanted to know about something and hopefully some intelligent ppl can answer it. :)

well its about this credit crunch thing:

if your savings are saved for upto �50,000, i take it its per diff bank. so if u have savings of �50k in LloydsTSB, but if u have another �50k in HBOS ... and because they are now joined together... that �50k would need to be moved to another bank such as.... Barclays or something??? am i right??

so does this only applies to Pesonal accounts?? what happens to Business saving accounts savings? are these saved?

and what about the Celebs, sport players??? they earn at least �50k a week... what are they gonna do???

JK Rowling earns Millions of pounds a year... i was told she earns �5 every seconds.... will she loose her money if the banks did go bust???

im confused here... im expecting some sensibe answer please :-) TIA (<-- not used that b4 lol)

i will b bk in a few hrs xx tarrahhhhhh xxxxxxx

[mischief121]

You are safe to deposit however much in a govournment backed backed bank such as the post office or northern rock

[logic]

I'm not an expert in finances, as Iv'e never really had a lot of cash in the bank, or any where else for that matter,
I do have modest savings and could not afford to lose them,as a total loss to me would be just as serious as a toal loss to someone with several thousands invested,
I think mischeif is right with his answer,
at the moment some of my savings are with the post office, which i would assume to be safe,I have some in premium bonds, which I would also expect to be safe,
i have also a small amount with halifax, wich i may convert to premium bonds, I know they do not gain interest but the peace of mind is priceless,
and you never know, ernie might smile on you, :-)

[tigerlily11]

I was in MK Shopping centre yesterday and to be honest I was thinking 'what credit crunch.'
The place was absolutly packed to the rafters. My daughter who works in The Entertainers toy store sold �200 worth of toys to just one customer. Mind you she did say that the one area people never cut back on spending on is kids toys.
Sorry Logic I don't understand it much myself but I think it is mostly for small savers rather than big timers like JK.
She will go on earning her money credit crunch or not.

[tigerlily11]

I Just noticed I mentioned one particular store. Sorry if thats not allowed. I didn't think about it before I posted.

[STEPHJ17]

Perhaps this question would be better asked in Business and Finance?? Bet there a few over there who have loadsa dosh :.) and answers

[annie0000]

The 50k applies per individual per registered entity, so when organisations hold only one registration with the FSA, they are deemed to be the same organisation, you need to be very careful because some companies manitain their own identity on the high street but are part of another registered entity so you would only be covered once. That is suppsing that you have in excess of 50k in bank accounts. The guarantee would also apply to life companies so if you hold Bonds for instance.

The super rich probably dont hold that much in the UK - a lot will consist of offshore accounts etc which will come under different legislation depending on where it is held.

[terambulan]

Each bank/building society guarantee your first �50k only.

Super-rich buy properties and invest abroad but they do donate to the current Gov for gongs.

JKR has donated �1m to Gov, look out for her gong in the NY.

[WhiteBear]

thanks for your responds :)

well i dont have �50k not even half of that in savings!! i was just wondering what happends to Business accounts etc.. i take it these arent effected???

but what about the celebs etc? do they have accounts abroad?

i dont understand why we get punished for having savings whether its �50k or �5k. why do we still have to pay tax on our savings (apart from ISA's), when we've already paid tax thru work?? scanless !! > <
**angry bear**
steph i totally agree should have post it in the Finance section :P x

[joggerjayne]

You don't pay tax on you savings, Whitey.

If you put them in a sock under your matress, there is no tax.

If you put it in a Bank and earn interest, you pay tax on the interest ... not on the savings.

x

[WhiteBear]

ohh thanks Jayne..... i got taxed a couple pence on my savings!! shouldnt really get taxed on the interest we earn! grrrr

[dotovaposted]

I am saving in my grandson's NSI account, he is 9 and pays no tax and gets 6% interest, it is building up nicely. I just hope he doesnlt run off with it when he is 16 lol