What Happens To My Money If My Bank Closes Down?

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3 Answers

Jennifer Bone Profile
Jennifer Bone answered
According to themoneysavingexpert.com (a great website to check out) this will answer your question if you bank in the UK - and I'm guessing you do, based on your username and avatar.

I've copied this directly from Martin's Money Tips weekly mailout:

The £35,000 protection golden rule.
For all bank &
building society deposit accounts, eg savings, cash ISAs, fixed
savings, in the unlikely event a bank goes bust, £35,000 per person,
per institution (either an individual bank or a banking group) is
guaranteed. While the PM plans to raise it to £50,000, that ISN’T law
yet. So if you’ve over £35,000, spreading savings helps mitigate any
risk. 
thanked the writer.
Jonathan Ives
Jonathan Ives commented
Thats a great answer, thank you so much!
Jennifer Bone
Jennifer Bone commented
Update-
British savers are now protected up to £50,000 if a British bank fails and this guarantee could be increased further still, the financial watchdog has announced today.
See full article here:
Http://www.moneywise.co.uk/news-views/2008/10/03/savers-protection-increased-to-%C2%A350000?utm_source=Newsletter2008-10-03&utm_medium=Email&utm_campaign=ContentPromotion
Anonymous Profile
Anonymous answered
Most Banks are FDIC Insured.  SO you wont lose your money..however, that is a question that I would be confirming with my bank.  Good- Luck

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