Is my money safe with Nationwide?

  ened 17:31 07 Aug 08
Locked

I like Nationwide but do not like having all my eggs in one basket.

The government has guaranteed the first £35,000 but I have a bit more than that and am thinking about putting a little bit more.

I know this is only vaguely computer-related but I thought there might be some financial people on this forum who know about these things and can say that Nationwide is secure or not as the case may be?

Also I thought this might be of interest to other potential investors.

  Stuartli 17:58 07 Aug 08

Yes.

  Pamy 18:01 07 Aug 08

Surely you cannot expect that anyone "can say that Nationwide is secure or not as the case may be?"

  Clapton is God 18:19 07 Aug 08

"but I have a bit more than that and am thinking about putting a little bit more"

So, if you're worried, do what we sensible ones do - shop around a bit and put some of your money elsewhere, rather than all your eggs in one basket.

There are plenty of decent banks out there offering damn sight better rates than the Nationwide.

  day2strike 18:33 07 Aug 08

Banks like Nationwide are in a better position than Northern Rock were last year, mainly as they now realise the credit crunch will now slow down & lending has been reined back. Northern Rock over stretched themselves hence the goverment having to bail them out.

Nationwide as others have done are now looking closer at who they led to.
And more importantly having the reserves to use in an emergency, more so since the Portman takeover.

But yes if a bank does go bust only the first £35k is safe, if you are that worried then hedge your bets and spread they money around, but you will get less interest.

  citadel 18:34 07 Aug 08

put it in northern rock and gordon will look after it.

  ened 18:48 07 Aug 08

I would expect that someone who has more finanancial acumen than me to be able to give an informed opinion.

  Forum Editor 19:18 07 Aug 08

to tell you whether or not your money is 'safe' with a bank, or with any other financial institution for that matter.

People can have an opinion, but that's a different thing, and you should not make any financial or investment decision based on anything you read here, in the forum, without first consulting a qualified financial adviser.

  oresome 19:19 07 Aug 08

Do not put more than the guaranteed limit in any one financial institution if you are very risk averse.

Be careful that money placed in a second bank is not a subsidiary of the first. If it is, you will only be protected for the one limit.

  961 20:14 07 Aug 08

has told you how it is

£35k in one institution

easy peasy

or

all in the Rock

guaranteed by Alistair!

  Kaacee 20:22 07 Aug 08

The Nationwide is NOT a bank, it is a building society which operate under different criteria to banks.

This thread is now locked and can not be replied to.

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