Here's regular Joe working 60 hours a week as a high flying qualified professional in a big local company, he's married with one kid, his wife also works. You could say they live a comfortable life. They can go on holidays three times a year if they want. They are happy.
There's nothing to worry about for retirement either. They have wads of cash waiting in their bank accounts, they are quite tight with money as well, spending only what's necessary with occasional treats to themselves once in a while. Everything seemed fine and dandy. Until one day...
Oh well. its only one bank, I have loads of accounts everywhere, so the man thought, but...
Okay, we have a bit of a problem. But then again our accounts are protected by the government through the Financial Services Compensation innit? Well, lucky you. Let's see how much they are willing to pay you after you have amassed hundreds of thousands, if not millions, in your bank accounts.
drum roll please...
So.. after all the work he's put in stashing all that dough, say £300,000, in his bank for 'the future', but when things go wrong because these same bankers mess up the economy, the Government is only giving you £75,000? Interesting.
So here be the plan. Limit your deposit to what the government is willing to cover for for each bank/building society. So when things go wrong, you know you'll get at least most of your money backed.
[ information in this writing is subject to verification].
There's nothing to worry about for retirement either. They have wads of cash waiting in their bank accounts, they are quite tight with money as well, spending only what's necessary with occasional treats to themselves once in a while. Everything seemed fine and dandy. Until one day...
Oh well. its only one bank, I have loads of accounts everywhere, so the man thought, but...
Okay, we have a bit of a problem. But then again our accounts are protected by the government through the Financial Services Compensation innit? Well, lucky you. Let's see how much they are willing to pay you after you have amassed hundreds of thousands, if not millions, in your bank accounts.
drum roll please...
So.. after all the work he's put in stashing all that dough, say £300,000, in his bank for 'the future', but when things go wrong because these same bankers mess up the economy, the Government is only giving you £75,000? Interesting.
So here be the plan. Limit your deposit to what the government is willing to cover for for each bank/building society. So when things go wrong, you know you'll get at least most of your money backed.
[ information in this writing is subject to verification].
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