As the global credit crunch continues, banks all over the world are pinched hard to cope up with the situation. Consequently , you as a saver need to see out a few things in order to make sure that your money is safe. Thus, it would be avoidable to see yourself as the savers who had their money with the beleaguered banks such as Northern Rock, Bradford & Bingley and Bank of Scotland.So here is a list of few things to make sure your saved and invested money is not only safe but you also get the fruits of your investment.
1. Find out the the best savings account by surveying different institutions:
The smaller the bank the safer it is : The big four ( Royal Bank of Scotland, Barclays, HSBC and Lloyds) are on the border line of recession and could seriously affect your wealth. However there are many smaller well-known institutions who are offering higher rates of interest on savings and shall be more safe to put your money in. Even if a bank is damaged then also your money shall be compensated by the Financial Services Compensation Scheme.
The best savings rate should be found.
If there is a merger of your concerned bank then there is a cover up to 35000 pounds. Thus in case of merger a two or more banks come under the same authority, In such a case there is a cover up to the aforesaid amount and such can be retrieved irrespective of the current volume being held with the bank.
2. Find out who is owning the concerned bank.
3. Provide "plastic protection" to your credit card:
This service ensures that you get your money back on the purchases you have made through your credit card ( between 100 to 30,000 pounds)if the bank goes down irrespective of the fact whether the concerned firm is on the same land or overseas. Visa debit cards also provide the same facilities through their "chargeback" scheme, however the compensation is unlimited in this case.
4. Find out the right credit card for you which shall provide you with all legitimate coverages and claims.
1. Find out the the best savings account by surveying different institutions:
The smaller the bank the safer it is : The big four ( Royal Bank of Scotland, Barclays, HSBC and Lloyds) are on the border line of recession and could seriously affect your wealth. However there are many smaller well-known institutions who are offering higher rates of interest on savings and shall be more safe to put your money in. Even if a bank is damaged then also your money shall be compensated by the Financial Services Compensation Scheme.
The best savings rate should be found.
If there is a merger of your concerned bank then there is a cover up to 35000 pounds. Thus in case of merger a two or more banks come under the same authority, In such a case there is a cover up to the aforesaid amount and such can be retrieved irrespective of the current volume being held with the bank.
2. Find out who is owning the concerned bank.
3. Provide "plastic protection" to your credit card:
This service ensures that you get your money back on the purchases you have made through your credit card ( between 100 to 30,000 pounds)if the bank goes down irrespective of the fact whether the concerned firm is on the same land or overseas. Visa debit cards also provide the same facilities through their "chargeback" scheme, however the compensation is unlimited in this case.
4. Find out the right credit card for you which shall provide you with all legitimate coverages and claims.
