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How Safe is Your Cash?
What's the best thing to do with your hard-earned savings and how safe is your money in the bank? A financial expert from Leicester says it's vital not to panic, but it is a good idea to deposit your money in different places. Find out more...
The financial market has recently been on a massive roller coaster with recent news about bank buyouts and falling share prices.
So what's the best thing to do with your hard-earned savings, and how safe is your money in the bank?
Do we need to move our money or should we wait it out and hope for things to improve?
Listen: How Safe is Your Money?
BBC Leicester's Chris Highton spoke to financial experts and people affected by the credit crunch...
Gordon Brown pledged to do everything to protect depositors in Britain who need to have confidence in the banking system. But are people really convinced?
Nick Olsen, is a wealth manager from Leicester. His message is simple:
"Do not panic. Make sure you know what you've got, where it is, and if necessary if you have got an adviser keep in touch with them, but don't do anything in a hurry.
"The ruling prevailing theme is that the government is not going to let any banks or financial institutions fail in this country.
"The old saying of too many eggs in one basket still rings true. If you do have a compensation scheme, it will cover the first quarter of your money, but don't keep it all together."
A Time to Sell?
He says the key thing is to keep your money is different places:
"For efficient management spread your money out in three four different deposit takers.
"I would keep hold of any shares for the time being and don't sell if you don't have to."
Angela Knight is the chief executive of the British Bankers' Association. She doesn't think High Street banks are at risk:
"We are well regulated and we are trying to ensure stability. Customers are in a safe system."
But despite all the reassurances some shoppers in Leicester still aren't convinced.
One woman says it just seems to get harder:
"It's just everything seems to be going up. It's just gets more and more difficult."
Another said: "Should I take my money out? I don't know what I should do."
last updated: 19/09/2008 at 12:46