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Bank Failure - losing your money when the banks take it


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Hello

Those of you who are holding cash in your bank accounts ready for some bargains as we enter a depression - have you considered the possibility of the banks failing and how would you handle that?

When the banks fail, they can take the depositors money - that is, they can rob us and empty our accounts. We are covered in the UK up to £85,000 by the Financial Services Compensation Scheme (https://www.fscs.org.uk/).

But from what I've been reading from other sources, even with the FSCS our money is still at risk in the bank.

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Spread your money around a few different banks and then you'll be covered for quite a few £85,000s. There's actually 20 different institutions covered by the scheme. I know it's a bit of a pain but you could be covered for up to £1.7 million. If you've got more than that, lucky you. Life must be tough :)

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The FSCS is a fund run by the FCA and is paid into by Financial Advisors, and Mortgage Brokers. As such this money is held seperately to the banks and so should a bank go under owing you up to £85k, then this fund will reimburse you.

 

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

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