Technology1 min ago
£50k bank guarantees
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Does that mean it's folly to put more into one bank ?
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For more on marking an answer as the "Best Answer", please visit our FAQ.Yes, if you are seriously rich and have say £20 million and it is all with one bank, should that bank go bust, you now have £50k.
I recall at the time of the Northern Rock debacle, a couple had sold their house and the money (circa £200k) had been paid into Northern Rock and was due to be paid out to purchase the house they were buying. At the time the bank guarantee was only £30k, and so they were looking at loosing over £150K due to bad timing of their house move (and incompetent management at Northern Rock).
I recall at the time of the Northern Rock debacle, a couple had sold their house and the money (circa £200k) had been paid into Northern Rock and was due to be paid out to purchase the house they were buying. At the time the bank guarantee was only £30k, and so they were looking at loosing over £150K due to bad timing of their house move (and incompetent management at Northern Rock).
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