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gruffydd

Time To Get Savings Out Of British Banks

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As we all know, the UK is more exposed than most others because of the size of the banking industry. I'm just looking for the next less risky option. Perhaps even an Asian bank? Went to a dinner party on Saturday night and several of the people there (including a banker) were looking for the 'least worst' option in terms of transferring savings to foreign banks. I was just going to sit tight, but have now decided I need to transfer away from the UK.

Edited by gruffydd

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On the contrary I recently took my CHF and JPY savings out of offshore banks and into sterling in the UK, on the grounds that if a bank does collapse, I want to be covered by the government guarantee.

The possibility of the government not compensating UK depositors is fairly low down the list of possible threats.

Edit: In my personal opinion, of course. I have no real proof of this.

Edited by Selling up

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In the light of recent revelations, it's the right thing to do ;) Suggestions welcome...

6 months ago you were mocking me for suggesting people speculate on gold using credit cards.

i bet you wished you had taken my advice now.....

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Yes, hand your cash over to a third party nation of which you know little about, where you are not a citizen and have no legal rights.

So a bw anker is planning to do this and has no idea where to put his money :lol: Best of luck to him.

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On the contrary I recently took my CHF and JPY savings out of offshore banks and into sterling in the UK, on the grounds that if a bank does collapse, I want to be covered by the government guarantee.

The possibility of the government not compensating UK depositors is fairly low down the list of possible threats.

No, this is not the case. The UK banking industry is too large - if the UK had to compensate depositors after a large-scale default, it is doubtful whether even the IMF would be up to the job. Smaller countries with less developed banking sectors would be a far safer option here.

Edited by gruffydd

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6 months ago you were mocking me for suggesting people speculate on gold using credit cards.

i bet you wished you had taken my advice now.....

Praise where praise is due...

Edited by gruffydd

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As we all know, the UK is more exposed than most others because of the size of the banking industry. I'm just looking for the next less risky option. Perhaps even an Asian bank? Went to a dinner party on Saturday night and several of the people there (including a banker) were looking for the 'least worst' option in terms of transferring savings to foreign banks. I was just going to sit tight, but have now decided I need to transfer away from the UK.

I would not be supprised if exchange controlls were introduced soon to prevent such, max £1000 in out on your passport as in the 70's.

Followed by tax on ownership of gold coins or bullion.

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Yes, hand your cash over to a third party nation of which you know little about, where you are not a citizen and have no legal rights.

So a bw anker is planning to do this and has no idea where to put his money :lol: Best of luck to him.

Well, I don't know. I actually have Irish citizenship. Hmmm. And have lived in the states and Germany. It's incredible how multi-national so many of us are these days (though perhaps not in Swansea :lol: ). Perhaps France is a good option at the moment, or even India. They seem to be behind the 'recession' curve.

Edited by gruffydd

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As we all know, the UK is more exposed than most others because of the size of the banking industry. I'm just looking for the next less risky. Perhaps even an Asian bank? Went to a dinner party on Saturday night and several of the people there (including a banker) were looking for the 'less risky' option in terms of transferring savings to foreign banks. I was just going to sit tight, but have now decided I need to transfer away from the UK.

Darling and Brown would not allow UK savers to lose money from a major UK bank collapse. Money will be printed to bail out savers. Far less likely that compensation is available if there is a repeat of the Icelandic bank collapse. How lucky do you feel that the Indian government, for instance, will bail you out in the event of a bank collapse? Keep your savings in several large UK banks. Labour have far too much to lose if any of them go down.

If your banker friend is planning to move his cash out of the UK I would take that as a clear indication you should keep your cash in the UK.

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Praise where praise is due...

thanks. thats decent of you. looking back i wished i had done even more than i did.

but thats hindsight for you. but i think nothing has changed since. im staying well clear of uk pounds still.

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Darling and Brown would not allow UK savers to lose money from a major UK bank collapse. Money will be printed to bail out savers. Far less likely that compensation is available if there is a repeat of the Icelandic bank collapse. How lucky do you feel that the Indian government, for instance, will bail you out in the event of a bank collapse? Keep your savings in several large UK banks. Labour have far too much to lose if any of them go down.

If your banker friend is planning to move his cash out of the UK I would take that as a clear indication you should keep your cash in the UK.

:lol: I do know a banker or two who bought BTL flats in Liverpool - so as to benefit from the City of Culture House Price Boom. :lol::lol::lol:

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I can't think of one country I would put any savings into. Are there any tiny island nations with little exposure say in the Pacific?

I thought building societies where considered less risky?

I doesn't matter where you put it, where do they put it? A genuinely tiny Island with no HPI or exposure simply banks elsewhere which is in turn totally exposed.

I am inclined to buy small packages of foreign land assets in places where I think they won't have a revolution and string me up. Trouble is waiting for the values to all fall enough - it's not about finding the bottom, just not panicing into losing too much. I want to be able to flee this place if necessary and live a calm life in some comfort in a peaceful place.

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:lol: I do know a banker or two who bought BTL flats in Liverpool - so as to benefit from the City of Culture House Price Boom. :lol::lol::lol:

I know several banker friends who jumped on the bandwagon buying off-plan in Manchester. All must have taken massive losses on those "foolproof" investments. None of them could understand why I wasn't getting involved.

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:lol: I do know a banker or two who bought BTL flats in Liverpool - so as to benefit from the City of Culture House Price Boom. :lol::lol::lol:

you mean a clever banker got sunk into debt and loss because other people on a quango suggested adding 1 word to the city of liverpool, without changing any of the fundamentals of the city, other than a couple of pointless museum type buildings and some fireworks.

hehee

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Exchange Control Act 1966 to 1971

In this period, it became illegal for UK residents to continue to hold more than four gold coins dated after 1817, or to buy any gold coins unless they applied for and were granted a collectors licence from the Bank of England. This was implemented by a 1966 amandment to the Exchange Control Act, 1947. The Dealers, ourselves included had to obtain a dealers licence. It came at a time when interest in collecting all kinds of British coins was blooming in anticipation of decimalisation in 1971. The licensing had the effect of stifling the burgeoning market among new collectors, may of whom started collecting pennies from change. They could no longer graduate to gold coins, as they had to already have a gold coin collection in order to qualify for a licence.

History will repeat.

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you mean a clever banker got sunk into debt and loss because other people on a quango suggested adding 1 word to the city of liverpool, without changing any of the fundamentals of the city, other than a couple of pointless museum type buildings and some fireworks.

hehee

While down the M62 people were piling into new-build in a city that was having it's cultural heart ripped out in order to make way for flats no-one wanted (the conversion of the Hacienda into second-rate BTL investments anyone?). Pleased I don't live there anymore - Tony Wilson would turn in his grave.

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£10,000 of credit card debt at 0% (which was available in nov 08) put to gold would have returned 25%

hindsight eh ??

never mind gold where's the GBP/USD going ?

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I doesn't matter where you put it, where do they put it? A genuinely tiny Island with no HPI or exposure simply banks elsewhere which is in turn totally exposed.

I am inclined to buy small packages of foreign land assets in places where I think they won't have a revolution and string me up. Trouble is waiting for the values to all fall enough - it's not about finding the bottom, just not panicing into losing too much. I want to be able to flee this place if necessary and live a calm life in some comfort in a peaceful place.

GOLD

While down the M62 people were piling into new-build in a city that was having it's cultural heart ripped out in order to make way for flats no-one wanted (the conversion of the Hacienda into second-rate BTL investments anyone?). Pleased I don't live there anymore - Tony Wilson would turn in his grave.

id agree. theres no culture in manchester anymore. im glad the liverpudlians took the cash and then acted the same as before. thats one lot of people who cant be hoodwinked into bullcrap. the liverpudlians.

hindsight eh ??

never mind gold where's the GBP/USD going ?

lower than GOLD

Surely the safest place would now be bricks and mortar?

GOLD

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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