Santander !!!

[hifi_dave]

Is it now time to get your money out of Santander ?

I have read that some large companies are now taking out their funds fom santander in the wake of the bank being downgraded.

Is this a wise move ?

[Karl]

Is it now time to get your money out of Santander ?

I have read that some large companies are now taking out their funds fom santander in the wake of the bank being downgraded.

Is this a wise move ?

I doubt it.

You are protected up to £85,000. If you have this much please help me get a deck. ;)

Santander U.K. is a subsidiary.

[Wakefield Turntables]

Is it now time to get your money out of Santander ?

I have read that some large companies are now taking out their funds fom santander in the wake of the bank being downgraded.

Is this a wise move ?

Do you really think a company as big as this will fail. Put simply, when banks fail, countries fail, Greece as a country has failed but the banks still exist (just) :eek:

[Roy S]

With the return you get on your savings these days you may as well withdraw it all & blow it on luxuries.

'Martin Lewis of MoneySavingExpert.com told Mail Online that Santander 'getting into trouble' was an 'unlikely event'.
He said: 'In practical terms Santander UK is a British bank, fully UK regulated and thus in the unlikely event it were to get in serious trouble, the government via the Financial Services Compensation Scheme guarantees the first £85,000 per person in it.'

(Daily Mail website)

[The Grand Wazoo]

I don't think this situation is a good enough reason to panic.
However, there has always been a very good reason to take your business elsewhere....they're an absolutely awful bank with barely a thought for the quality of the service they allegedly provide to their customers.

[Reid Malenfant]

You are protected up to £85,000.

Santander U.K. is a subsidiary.
I'm not sure what amount the governbent promise that they'll pay you back if you lose it in a run on a bank. I thought it was about £50k per account as long as each account was in a different bank. But where do you think that money would come from in the first place? :eek:

Yes, you & me via more bloody tax!

Effectively they are promising to pay you back with money that they actually don't have :rolleyes:


I'm just glad my money is in a UK based building society at the end of the day...

[Karl]

I'm not sure what amount the governbent promise that they'll pay you back if you lose it in a run on a bank. I thought it was about £50k per account as long as each account was in a different bank. But where do you think that money would come from in the first place? :eek:

Yes, you & me via more bloody tax!

Effectively they are promising to pay you back with money that they actually don't have :rolleyes:


I'm just glad my money is in a UK based building society at the end of the day...

That is the amount. They upped it. It's all regulation that came in when they were told to increase their capital held.

So £85k in each bank, not in my lifetime. I can't imagine retiring yet it'll be 80 by the time I am there. :eek:

[Reid Malenfant]

Ok, so I'll take it that it's £85K...


Do you really think a company as big as this will fail. Put simply, when banks fail, countries fail, Greece as a country has failed but the banks still exist (just) :eek:
Andrew, do you really understand how every bank works?

They only have a very small fraction of the money that is left with them for safekeeping, the rest is lent out to borrowers & they agree to pay it back with interest.

It's known as fractional reserve banking. It's how they all work.

Now if more than about 10 - 20% of the money that people deposited as cash with Santander is pulled out by the very same people then the bank will go bust - simple! They haven't got the reserves as it's been lent out :lol:

Watch this video & open your eyes :D

UHXcz-X-1ic

[Wakefield Turntables]

Ok, so I'll take it that it's £85K...


Andrew, do you really understand how every bank works?

They only have a very small fraction of the money that is left with them for safekeeping, the rest is lent out to borrowers & they agree to pay it back with interest.

It's known as fractional reserve banking. It's how they all work.

Now if more than about 10 - 20% of the money that people deposited as cash with Santander is pulled out by the very same people then the bank will go bust - simple! They haven't got the reserves as it's been lent out :lol:

Watch this video & open your eyes :D

UHXcz-X-1ic

Yes I understand how banks work, I'd rather not have a 47 minute lecture, but thanks anyway Mark! ;)

[Reid Malenfant]

Yes I understand how banks work, I'd rather not have a 47 minute lecture, but thanks anyway Mark! ;)
Sorry Andrew, but if you do then you should know that it wouldn't be hard for Santander to fold. It just takes enough people taking out enough cash at the same time & blammo :violin:

So assume the vid for those that don't understand about fractional reserve banking :eyebrows:


Have a good weekend... Oh, by the way, no need for those ABR measurements now. The ones I was watching on ebay sold, no biggy :cool:

[Canetoad]

I don't think this situation is a good enough reason to panic.
However, there has always been a very good reason to take your business elsewhere....they're an absolutely awful bank with barely a thought for the quality of the service they allegedly provide to their customers.

... and they're different to other banks how? :scratch:

[hifinutt]

well hope they don`t fail , i have my mortgage with them and unbelievably cheap rate at that !!!!