Should I leave my money in the Halifax ?
- 19th Sep 2008
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- Dave
It looks like 20 million savers are likely to be affected by the takeover by Lloyds of HBoS ( Halifax and Bank of Scotland ).
But what does it really mean to you and is your money safe? Who is likely to be affected ?
Well if you have less than £35,000 you will be fine HBOS is a monster bank, but if you have more than £35,000 you need to know that :
HBoS subsidiaries,
Halifax
Birmingham Midshires building societies,
Bank of Scotland,
Intelligent Finance
but what if you have savings in
Sainsbury’s
the AA
Saga.
If the sum of your wealth is great than £35,000 in the above companies you might want to spread it around a little, but should you be standing outside any of the HBoS branches, I don’t think think they are really really top big to fail, but then again I’m a Leeds United fan and I said we were too big a club to go down, if any one see Ken Bates opening a Hbos account let me know…
DaveN
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I bank with Intelligent Finance - They’re not so Intelligent now!
I keep half my money buried in the yard, the other half in the mattress. No worries here.
Today, I visited both my banks at lunch today, Halifax and HSBC (which this week assumed the crown of world’s biggest bank). Big queues at both, the difference being at the Halifax, they were all customers, at HSBC they weren’t.
I asked my finacial advisor if my money was safe in the Halifax, he is also a manager with a subsidury halifax bank. He said WE (my money not his) need to ride the storm, I then asked him would he guarantee my money is safe, he then started talking about risks banks take, Hold on a minute MATE, I am not a bank will my money be safe, He replied there are no real guarantees in life. I said OK give me my money Ill go to that bank on the telly.