Bank protections.

[denali2007]

Not been on here for a while but I am hoping someone can help.
As I understand it, if a UK bank goes under, your money is protected by the government to the tune of £50,000 per account. Are there the same safeguards in TRNC?

[lee666]

Each account here is protected up to €20k (euros).

Well that's what my bank manager told me.

[denali2007]

Thank you. That seems very low. May be too risky, though of course the interest is much higher.

[Keithcaley]

Thank you. That seems very low. May be too risky, though of course the interest is much higher.

You can have multiple accounts with the same or different banks, and keep each one under the 20k limit - although if the accounts were at or near the limit, you would need to shuffle your money around regularly to make sure that they did stay under...

[karmels]

As Kieth has said it is better to put only 15K in each account and when the intrest reaches the 20K point move 5K again into a fresh account.

A number of years ago we were caught when 5 banks went down within a week. I had 10K sterling in the account with 5 year intrest at 12% ( yes that was the good old days ) the Government ( central bank ) paid us all back over a 6 month period but only the inital 10K we lost 5 yrs intrest, they paid us back in TL so had to change it to sterling we lost 2,5K of the 10K so only got 7.5K back. I now keep all my accounts as close to the inital investment as possible.

[Bowman]

In the UK the money held by the bank is covered to 85,000 GBP per account holder not per account.

In the TRNC the Central Bank covers the first €20.000 (or equivalent) per account.

Regards Mike

[Hedge-fund]

If your bank on the Uk goes bust you will be covered for £85k by the govt. If your bank in the trnc goes bust I can' t see you getting anything to be honest

[kerry 6138]

If your bank on the Uk goes bust you will be covered for £85k by the govt. If your bank in the trnc goes bust I can' t see you getting anything to be honest

See karmels post above.

[Bowman]

I personally would not trust anybody that was called Hedge-fund.

[jofra]

"In God we trust, all others pay cash"....
And thus, trust no-one, especially those who judge by name or appearance alone...?

[Sallywebstersnipples]

I personally would not trust anybody that was called Hedge-fund.

Bowman: He/She might be saving for a new privet hedge?

[Hedge-fund]

I personally would not trust anybody that was called Hedge-fund.

You know it's actually not my name don't you?

[Hedge-fund]

If your bank on the Uk goes bust you will be covered for £85k by the govt. If your bank in the trnc goes bust I can' t see you getting anything to be honest

See karmels post above.

Hard to know the circumstances and what bank it was but in the current climate I would not have more than loose change in a TRNC bank. I've warned about credit controls for Turkish accounts on here recently and have seen nothing to change my mind.

[denali2007]

This has been a real eye opener. Thank you all for this invaluable help. Was thinking we would invest some more after the sale of a UK property, but maybe not!

[Cally]

A useful post after all

[Caveboy]

I had a small sum in the now defunct Continental Bank,I went to the central bank in Lefkosa to claim it back and was surprised by the efficiency of the staff handling my claim. The files relating to the bank were large and so were some of the amounts that had been repaid when I saw the ledgers...I was paid in TL at the counter on the ground floor. The manager said that all banks here deposit large amounts as security to cover events like this....