The Banking Crisis - Your questions answered
Your questions about the banking crisis and how it is going to affect your finances have been flooding in.
Here Rachel Lacey, editor of Moneywise, along with Andy Pitts, editor of our sister magazine Money Observer and Steve McDowell, editor in chief of Interactive Investor, tackle your biggest concerns. You can also read the answers to some more of your questions here.
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Comments
I manage the finances of a medical practice. We have a NatWest current account with a substabntial balance, and a Business Reserve account with just over £50k in it. My question is:
"As the accounts are in the joint names of the individual partners, are these accounts classed as business accounts for the purposes of investor protection ? Does the scheme only cover the privtae investor, or is a GP practice classed as a business ? Are businesses not covered ? The monies are, technicaly, partly undrawn remuneration and partly for tax liabilities on previous drawings"
Thanks
Alan Coombes
I have a £105k mortgage with Virgin One/Royal Bank of Scotland - this is the account where your mortgage and current account are all rolled in to one. We recently deposited a large sum (my husbands retirement lump sum) into the account meaning our mortgage is now only £10k. Are we protected??????????????????
I TOOK OUT AN OICH FOR £25,000 AND CANCELLED IT WITHIN THE COOLING OFF PERIOD OF 30 DAYS, I CANCELLED IT WITH 18 DAYS STILL TO GO AND LOST £1,620 i BELIEVE THE BANK SHOULD HAVE SOLD THE SHARES AT THE BEST POSSIBLE PRICE WITHIN THE 30 DAYS AND NOT JUST ON THE DAY THE LETTER ARRIVED WITH THEM CONSIDERING THE VOLITILE MARKET, I was fully aware that I could lose money but dont feel the bank have acted in my best interest what is your opinion please
How can I find out what Banks are under the same umberella to ensure my money is covered by the Governments £50,000 guarantee?
Hi Pam, technically you should be able to find out how your bank is authorised (and therefore covered by the compensation scheme) on the FSA's website - however, this is actually not that easy to use and is very confusing especially as some banks offer savings through another firm!
We've compiled a list of the UK's saving banks and how they are authorised - you can look up your bank here: http://www.moneywise.co.uk/everyday-money/banking-borrowing/article/2008...
I hope this helps!
I have three isa's with Icesave, do I keep my tax free status and have the opportunity to put my money into another Isa account?
When the compensation comes in from an Isave ISA, will interest be added up to the collapse of ISAVE?
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