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TheSlump

Local Small Building Society Savings As Vulnerable As A Bank?

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Or more as the case might be?

I have had savings for a deposit for a house sitting around in a small local building society. For some time I've been troubled by the idea that it won't be there anymore by the time house prices crash, this idea has grown significantly recently. Don't know much about the fnancial system, could anyone enlighten me? Could a small building society have been behaving in the ridiculous way that has been current and is it likely that they would be caught up in the mess even if they hadn't?

Another question. If you saved with the Coop Bank or Tesco say, would the banking part of the company if it went under be seperate from the rest of the company or would it have to bail out the banking part?

Anyway if anyone with sufficient financial knowledge could help me out I'd be significantly relieved.

Thanks in advance.

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Or more as the case might be?

I have had savings for a deposit for a house sitting around in a small local building society. For some time I've been troubled by the idea that it won't be there anymore by the time house prices crash, this idea has grown significantly recently. Don't know much about the fnancial system, could anyone enlighten me? Could a small building society have been behaving in the ridiculous way that has been current and is it likely that they would be caught up in the mess even if they hadn't?

Another question. If you saved with the Coop Bank or Tesco say, would the banking part of the company if it went under be seperate from the rest of the company or would it have to bail out the banking part?

Anyway if anyone with sufficient financial knowledge could help me out I'd be significantly relieved.

Thanks in advance.

Deposits are protected up to summit like 30k, basically the other banks would stump up the cash, assuming they didn't crash as well.

You could split up your savings across a few banks if you wanted to.

But frankly, the chances of enough of the banks going down to void the deposit being protected is probably much less, say than if you took out the cash and kept it at home and then lost it all by virtue of your house burning down! (Even gold melts!)

Edited by goonboy

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