Bank Ratings – How safe are my savings?

Its a new year 2009 to be precise but will it be a better year for banks and their customers? The end of 2008 saw both the United Kingdom and the American Governments make available huge financial rescue packages to bank that needed it For example this was taken up in the UK by the RBS group. But is our money any safer? 

Well the good news is all amounts up to £50,000 in any one institution is protected, so the best thing to do would be to spread, if you are lucky enough to have large amounts your cash around in various accounts. Interest rates are so low both in the UK and the US that only minimum interest  can be earned at present so it seems sensible to more consider how safe your money is over how much interest you can earn.

Bank strength ratings are are difficult to judge but information can be found on the net.

If you are looking for free bank ratings information you should definitely check out the internet. There are lots of helpful sites giving bank ratings for free and there are sites that you can pay that give you a more detailed report – this is probably a good idea if you have a lot of investments etc

It is true to say however that no government wants to see a bank fail most of the economies in the Western World are built on a banking system but it is true to say that many feel legislation is needed to ensure the situation we were in at the latter end of 2008 does not happen again. They must and should not be allowed to take such massive and risks purely to line the bankers own pockets and at the expense of their customers