Teaching your in-law that keeping lots of cash is a bad idea......

Cosimo · 20 Jan 2011 at 11:08

Greenlizard0 said:
The 85K thing, what does that mean exactly?

http://www.fscs.org.uk/what-we-cover/eligibility-rules/when-is-fscs-cover-triggered/

But if you have more then that you must make sure that it is not held in the same group otherwise you will only get £85k back.

Greenlizard0 said:
Say during the last decade I had 70K in Northern Rock, would I still have that money now?

You’d have only got back £35k between October 2007 -2008, £50 between October 2008-Jan 2011. It was £30k before October 2007.

It would have been double that if it was held in a joint account.

The only place where all your investments are guaranteed is in National Savings & Investments (NS&I).

hood1971 · 20 Jan 2011 at 11:16

meghatronic said:
Nice to defraud the system huh?

Did not agree with her, but her point was that she worked all her life, paid Tax and NI, and saved therefore would be charged for care. If she was on the dole she would have got it free. It is a terrible system

Sp00n · 20 Jan 2011 at 11:18

Killerkebab said:
In the context of life savings, £5 isn't all that much imo

You're right, 5 quid is nothing

Was it kept "properly" in a safe or just stuffed in to the underwear drawer?

matt_fsr · 20 Jan 2011 at 12:19

It really does baffle me when this happens.

It seems as though perfectly logical, rational people lose all sense when it comes to storing money. Even before the general banking dislike of the last ~3 years, this is pretty common amongst older generations.

Yet they dont bother with *ANY* security of their money! Whats wrong with a good safe, possibly wall mounted or under a floorboard somewhere? Heck, thats how banks started off doing it!

Oh well, just gives criminals more incentive to stay on as being criminals.

markweatherill · 20 Jan 2011 at 13:06

hood1971 said:
Did not agree with her, but her point was that she worked all her life, paid Tax and NI, and saved therefore would be charged for care. If she was on the dole she would have got it free. It is a terrible system

She could always have blown all her savings and gone 'on the dole' and had the pleasure of getting her care paid for and also, well, being on the dole with all its other attractions.