Brits preparing for a doomsday scenario should also safeguard their bank accounts, according to finance expert Noyan Nihat, who outlines four simple steps to keep money safe during an emergency.
The advice follows the UK Government's 'Be Ready' campaign and warnings about hackers targeting supermarket fridges. Sales of hand sanitiser soared by 83% in the 10 days after the emergency checklist went live on October 22, with bottled water up 67% and jarred goods up 37%.
Open a second account with a separate banking group
Nihat advises that having only one current account is risky and recommends opening a second one. However, he cautions against choosing a sister brand of the same banking group.
'Most people don't realise that a second account with a sister brand gives you very little protection,' he says. 'For example, Halifax, Lloyds and Bank of Scotland all sit within the same group, as do NatWest and RBS, and they often share the same systems. If one goes down, the others can go down with it.'
He advises: 'Your backup account should be with a completely separate banking group, and ideally with a card on a different network: one Visa, one Mastercard. Then a single outage can't lock you out of everything.'
There is no legal limit to how many current accounts you can hold in the UK. Most banks allow applications online, via mobile apps, or in-branch, typically requiring ID and proof of address.
Keep cash for at least a week
Nihat suggests keeping a 'sensible buffer' of cash to cover around a week of essentials like food, fuel and medicine. 'For most households, this is somewhere between £100 and £300,' he says.
'Keep it in smaller notes and coins, because in an outage nobody will have change for a £50.' He warns against holding more than needed: 'Cash at home isn't protected like money in the bank, and many home insurance policies cap cash cover at a few hundred pounds.'
He also recommends writing down bank details: 'Keep a paper note of your banks' phone numbers and your account details. If your phone or the internet is down, the app won't help you.'
Check FSCS protection and direct debit cover
Nihat warns savers to 'check that your savings at any one banking licence stay within the £120,000 FSCS protection limit.' The Financial Services Compensation Scheme (FSCS) pays up to £120,000 per bank if a firm goes out of business.
He also advises ensuring each account has enough to cover regular outgoings, so that if one account is down, the other can pay. 'Missed direct debits during an outage are usually sorted out afterwards, but it's far less stressful if you're not cutting it fine.'
Beware of scammers during outages
'Fraudsters thrive on disruption,' Nihat cautions. 'When a bank has an outage, criminals start calling customers pretending to help.'
He reminds customers: 'Your bank will never ask you to move money to a "safe account". If anyone does, hang up and call the number on the back of your card.'
