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In the UK (and across the EU), there is currently a protection on up to £85,000 of your deposits in a Bank, if it goes under, you are supposed to get all your money back. Well the European Central Banks think it is not right that they should honour the money you have in them (savings, current accounts etc etc) "It is the 'opinion of the European Central Bank' that the deposit protection scheme is no longer necessary:" (see attached, it is all legalise and Bank speak, but you can get an idea of its content here) They may let you access an amount they deem necessary for daily living expenses, but other than that "all your monies are belong to us" When you put your money in a bank, you may think it is yours, but it is not, you "Loaned" it to the Bank and you are now a Creditor, and a very lowly one at that. If a Bank goes under, you will be just one of a long line of Creditors, many of whom will have a prior claim to yours. It is my opinion (and practice) to keep only what is needed day-to-day in a Bank. They are not giving you anything in return for your handing them your money, but they will keep it by whatever "legal" means (terms and conditions) they can. Most here probably have very little in savings, maybe a few £1,000. The question I ask you is; "Can you afford to lose it?" Yours, RS End of deposit protection.pdf
