I started this blog in June 2007 asking these questions: Are we in a massive asset bubble that will blow up in our faces ??? - ANSWERED YES ! Is western and particularly British society on the verge of social collapse??? What are the best common sense long term investment strategies to keep you rich? When will consumption/debt bubble economics end and a real savings/production economy begin ???

Thursday 2 October 2008

Panicked UK savers are moving billions of pounds from high street banks into accounts that guarantee their deposits

The few banks that guarantee 100 per cent of their customers' savings have seen a significant surge in the number of people opening accounts in recent days.
In the wake of the enforced nationalisation of Bradford & Bingley and Northern Rock, the emergency takeover of HBOS and a series of banking failures in Europe and America, consumers are seeking security for their money.


Currently, only the first £35,000 of a saver's deposits are protected. Gordon Brown has promised to increase this to £50,000, but this new limit is unlikely to come in for several weeks.

The Irish government meanwhile, has moved to guarantee, for the next two years, all customers' money deposited into one of the six big Irish banks – including those with branches in Britain.

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