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Failing banks

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windowlene | 12:49 Fri 29th Aug 2008 | News
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If a bank fails, how much of your investment do they have to pay back?
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Avatar Image R1Geezer
None.
13:42 Fri 29th Aug 2008
Avatar Image Abdulmajid
I believe if regulated by the FSA (which they will be) you can get at least 30K.
13:42 Fri 29th Aug 2008
Avatar Image abstract
all of it if your wearing a balaclava and have a sawn off shotgun!
13:43 Fri 29th Aug 2008
Avatar Image another-view
At least 30k !!!

Cool. I only had a tenner in the account.
13:44 Fri 29th Aug 2008
Avatar Image R1Geezer
if there's bu66ger all left after the tax man etc and other creditors then that's what you get! However no governement will let a high st bank go bust, the implications are too horrific to comprehend.
14:20 Fri 29th Aug 2008
Avatar Image Ethel
None at all - if they haven't got money, it can't be paid.

However, if it is a UK bank regulated by the FSA, or a foreign bank subscribed and regulated by the FSA, you are guaranteed to get �35k back.
14:23 Fri 29th Aug 2008
Avatar Image BertiWooster
Ethel is correct

However there is one other important thing to bear in mind -and that is the compensation of 35k FSA compensation is per INSTITUTION .

So for example the HBOS GROUP includes -

Halifax
Bank Of Scotalnd
Birmingham & Midshires
Intellegent Finance
Capital Bank
St James Place bank

If for example you had 10k in each of the above and the GROUP went bust - you would only receive 35k - NOT 60K
16:36 Fri 29th Aug 2008

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