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PigInShit

How Safe Is B&b And A&l?

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I have a cash ISA with B&B (I know, but I took it out before I knew about their btl enthusiasm).

I have spent best part of this morning trying to figure out how to transfer it somewhere else. I'm even tempted just to cash the thing I'm that worried.

It would be ironic if all of us 'prudent' people saving for a deposit for when the market cools loose everything in the banking crash that helps bring about affordable houses that we no longer have deposits to buy!!

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you can trf isa by filling out a form from your new provider, whoever you choose, if you cash it in you will lose the tax free status, & wont be able to reinvest those funds in an isa.

i have filled out a trf this morning as my isa is with b&b :(

they are obliged to trf to new provider within 30 days.

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Guest Shedfish
Well

Take a look at the headline figures from their 2006 accounts

Registered Number: 03273685 Sales: -

Date Incorporated: 30 October 1996 Pre-Tax Profit/Loss: £626,700,000

Date Latest Accounts: 31 December 2006 Working Capital: £ (96,922,800,000)

Employees: 5936 Net Assets: £3,210,600,000

Remember in brackets is a minus figure

Compare it with say Alliance and Leicester

Registered Number: 03263713 Sales: -

Date Incorporated: 10 October 1996 Pre-Tax Profit/Loss: £568,900,000

Date Latest Accounts: 31 December 2006 Working Capital: £28,543,600,000

Employees: 5946 Net Assets: £2,572,400,000

Northern rock looked very dodgy over a year ago they are toast now

http://www.housepricecrash.co.uk/forum/ind...st&p=765856

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The thing about the limit is only first £2000 is protected, then next £33000 is protected to 90%. To lose a few grand in this situation is still very significant so is not going to stop people taking out large sums if they are worried about the bank going bust.

I opened up an A&L Direct saver and was about to put in a fair bit of my STR fund but they took ages to send me through the application details so I have not had the chance to yet.... may be a blessing!

On another note it's strange that having moved to a supposedly safer position of STR, I am now worried about my deposit being lost!

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The thing about the limit is only first £2000 is protected, then next £33000 is protected to 90%. To lose a few grand in this situation is still very significant so is not going to stop people taking out large sums if they are worried about the bank going bust.

I opened up an A&L Direct saver and was about to put in a fair bit of my STR fund but they took ages to send me through the application details so I have not had the chance to yet.... may be a blessing!

On another note it's strange that having moved to a supposedly safer position of STR, I am now worried about my deposit being lost!

I may be being a bit too scared by today, but I have just move £21K out of my direct saver with A&L this morning, after looking at the termas an conditions... I lose this months interest (would have been about £80) ... but if i transfer it to NS&I then should get it in in time for next month... better than losing 10% if things do go belly up (and it allows a bit of time for it to travel through the ether! ) :rolleyes:

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Bradford & Bingley and Alliance & Leicester also seem to be suffering this morning.

How do you all feel about having savings invested with these two? A stupid question?

:blink:

Easy. They are as safe as houses!!!!!!!!!!!!!!!!!!!!!!!! :lol::lol::lol::lol:

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I've got all my savings in A&L, but at the beginning of the week I thought about opening a new account somewhere else as I've reached 33k (that FSA thingy level). Not worried at all - yet ;)

You must open it somewhere else , never put all your eggs in the same basket bla bla , just do a search for best rates .

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You must open it somewhere else , never put all your eggs in the same basket bla bla , just do a search for best rates .

While I agree with the first part, I completely disagree with the second part! In my opinion, looking simply at the best rates would not be the best thing to do at the moment... Looking at some of the companies recently that have hit the 7% bracket they seem to be some of the most vunerable to market problems... the last thing you want to do is put all your money somewhere even more risky... I'm going with NS&I, not the best rate, but government backed....

But hey, you have to take risks to make money... its just whether you are equally happy with the possiblity of losing it all too! ;)

(edited because I can't spell!)

Edited by IOW-here-I-come!

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My wife had 13k in an ISA with B&B so she withdrew 10k to put elsewhere,probably Britannia ISA and the rest into NS&I. Seriously thinking of pulling the last 3k aswell.

Also,sold our shares in B&B recently-a bird in the hand and all that!

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My wife had 13k in an ISA with B&B so she withdrew 10k to put elsewhere,probably Britannia ISA and the rest into NS&I. Seriously thinking of pulling the last 3k aswell.

Also,sold our shares in B&B recently-a bird in the hand and all that!

I closed my NR savings account three weeks ago and following this morning's news, I have also withdrawn ALL of my savings that were invested with B&B and A&L. I am a firm believer in not keeping more than £30K with any one institution but the time has come to try to isolate MY money from the sub-prime fiasco.

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While I agree with the first part, I completely disagree with the second part! In my opinion, looking simply at the best rates would not be the best thing to do at the moment... Looking at some of the companies recently that have hit the 7% bracket they seem to be some of the most vunerable to market problems... the last thing you want to do is put all your money somewhere even more risky... I'm going with NS&I, not the best rate, but government backed....

But hey, you have to take risks to make money... its just whether you are equally happy with the possiblity of losing it all too! ;)

(edited because I can't spell!)

Errrrr , thanx for the advice , but i've got enough stashed in NSI index linked bonds to buy a house outright , although i agree some of those offering around 7% are small fry , you might like to consider Birmingham Midshires { part of HBOS } they are doing a fixed internet bond of 11 months at 6.95% , Standard Life doing a 6 month bond at 7% , Nationwide a 1 year bond at 6.7 % , there are plenty more so check on the best savings rates if you ain't heard of the company don't invest with it and always read the small print ...........OK :) .

Edited by grey shark

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I've now heard 2 opposing views on Alliance and Leicester. One saying mostly prime and one rolling it up in "this subprime mess".

Does anyone know any more as I've just opened a Direct Saver with them too and was about to deposit 35k with them.

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I've now heard 2 opposing views on Alliance and Leicester. One saying mostly prime and one rolling it up in "this subprime mess".

Does anyone know any more as I've just opened a Direct Saver with them too and was about to deposit 35k with them.

Yes I'm keen to find out more about this too, I have £32k in a Direct Saver.

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I've now heard 2 opposing views on Alliance and Leicester. One saying mostly prime and one rolling it up in "this subprime mess".

Does anyone know any more as I've just opened a Direct Saver with them too and was about to deposit 35k with them.

Why have their shares dropped significantly this morning in line with B&B? They must have an involvement in the 'sub-prime' fiasco but I suspect the full story has yet to unfold. If anyone knows better, I'm open to correction.

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Errrrr , thanx for the advice , but i've got enough stashed in NSI index linked bonds to buy a house outright , although i agree some of those offering around 7% are small fry , you might like to consider Birmingham Midshires { part of HBOS } they are doing a fixed internet bond of 11 months at 6.95% , Standard Life doing a 6 month bond at 7% , Nationwide a 1 year bond at 6.7 % , there are plenty more so check on the best savings rates if you ain't heard of the company don't invest with it and always read the small print ...........OK :) .

The above was not meant to offend, just a quick warning not to "take the best rate"... I dont know how much the OP has to invest....

NS&I would be my first choice, but like you say... you already have pretty much filled you limit... so you agree? ;)

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