Monday, 18 March 2013

Good news for the pig

The Cyprus fallout...piggies are cheering.

I've been trying to persuade my 9 year old to open a bank account for pocket money and gifts.

Where it'll be safe, I say.

But she says she prefers to keep her cash in her piggy bank, in her room, where she can see it.

Where she knows it's safe, she says.

It's harder to argue against that now.

According to the  Financial Services Compensation Scheme (FSCS), people keep £280 in cash lying around the house, on average.

OK, so what's happening in Cyprus is unlikely to happen here.

But deposit protection needs to be clear and unequivocal to work.

And the Cyprus "tax" muddies the waters.

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