Sometimes the news just seems so insane we just ignore it, but if you’re lucky enough to have more than £85,000 in savings, then remember you need to put it with different banks to have any chance of protecting it if there is a sovereign default. In the event of a country like Greece collapsing, it’s pretty likely to take out a few banks, and there’s no guarantee that the European governments will protect them.
In the event of a banking collapse - ALL DEPOSITS OVER THE £85k (100,000 Euro’s) WOULD BE AT RISK as per government guarantee limits.
Check out the recent downgrades were for the UK big banks:
Ratings agencies aren’t exactly famous for getting it right, e.g. Lehmans was A2 only a few days before it disappeared.
