3 ms·

Especially since the cost of panic is small for the individual but the risk of not doing it is huge

• capableweb 4y ago
  Unless you're in the top 1% of the country when it comes to savings and income, the risk is not that high, you have guaranteed access to up to £85,000 or even £170,000 for joint accounts. It seems that even those above 55, only have on average £20K saved.
  • tpoacher 4y ago
    That's for "haircuts". Bankruptcies means money gone. Poof.
    • adhesive_wombat 4y ago
      From the FSCS: > If you hold money with a UK-authorised bank, building society or credit union that fails, we’ll automatically compensate you. > up to £85,000 per eligible person, per bank, building society or credit union. > up to £170,000 for joint accounts.
    • capableweb 4y ago
      Not sure what you're talking about. This is from TFA: > The Bank of England, absent any meaningful further information, intends to apply to the Court to place Silicon Valley Bank UK Limited (‘SVBUK’) into a Bank Insolvency Procedure. A Bank Insolvency Procedure would mean that eligible depositors are paid out by the FSCS as quickly as possible up to the protected limit of £85,000 or up to £170,000 for joint accounts.
  • victorbjorklund 4y ago
    Yea, im obviously talking about business accounts with over 250k. If less then yea the risk is smaller (you still risk loosing temporary access to your money).