Is the co-bank safe to keep my money in?I have all my money in the co-op funeral pre paid. insurance, bonds, savings ex a. is it safe? Thank you. | |
Is the co-bank safe to keep my money in?I have all my money in the co-op funeral pre paid. insurance, bonds, savings ex a. is it safe? Thank you. | |
The UK government guarantees up to £85000 per person where the bank is UK based. In other words, if the co-op goes bust, your money will be paid to you by the government (that means taxpayers) instead. If it is a joint account the amount is per account holder. The scheme is to make people feel safe within the UK banking system.
Look at moneysavingexpert or thisismoney for info. You could try the gov.UK website too.
The first £85,000 of your money in any bank is protected by a government guarantee.
Pre-paid funeral schemes also have protection built in, with insurance policies to cover the loss if the undertaker were to go out of business (which is unlikely, as the Co-op funerl service seems to be the most profitable bit of the organisation).
If you can get hold of todays Daily Mail there is an article about this. The funeral plans have been taken over by an Insurance company so are safe. You could google the Mail online.
UK
Up to £85,000 is safe, but i would never have everything with one bank, because you never know what may happen.
Yes its safe now that they have sold it on to some other company.
about as safe as keeping petrol in the same room as an ignition source