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Santander. Spanish economy in trouble?
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# 1
verntern
Old 25-05-2010, 4:45 PM
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Default Santander. Spanish economy in trouble?

Alarming to read BBC reports:

'The concerns about eurozone debt follow Monday's strongly-worded comments from the International Monetary Fund that the Spanish economy needs comprehensive and far-reaching reform.
That added to investors' worries over the weekend rescue of Spanish bank Cajasur by the Bank of Spain, only the second time the central bank has saved a regional lender.
Amid concerns over solvency in the sector, and in the wake of the Cajasur rescue, four Spanish savings banks then announced plans to merge.
Cajastur, Caja de Ahorros del Mediterraneo, Caja Extremadura and Caja Cantabria said they had reached agreement to form a group th
at would "strengthen solvency and assets of the participating banks".'

Santander may be bigger than these minor banks and our Government protect our savings. Do I sense a small whiff of Icesave all over again?

I am choosing to transfer my Santander ISA. A Spanish bank too risky at the moment.
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# 2
MoneySavingUser
Old 25-05-2010, 7:39 PM
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Default

I think the most important thing is the FSA protection - 50k for Santander/Abbey - and 50k for A+L (though this will end when it is fully merged into Santander soon)
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# 3
barak
Old 26-05-2010, 12:41 AM
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Default Alliance & Leicester no separate protection from Friday

Quote:
Originally Posted by MoneySavingUser View Post
I think the most important thing is the FSA protection - 50k for Santander/Abbey - and 50k for A+L (though this will end when it is fully merged into Santander soon)
According to my diary "soon" = this Friday 28th May 2010.

I've just checked and found the following -
[1]
"However, if the Proposal becomes effective, from the
Effective Date the money you have in your Alliance & Leicester
account(s) will be aggregated with that which you hold in your
Santander account(s). As a consequence, you would only be
entitled to recover up to a maximum of 50,000 (or 100,000
in the case of joint accounts) from the FSCS."

[2]
"
Alliance & Leicester has been part of the Santander Group since 2008. On 13 May 2010 the High Court of Justice granted a Court Order approving the transfer of Alliance & Leicester's business into Santander UK plc (the "Transfer"). Under the terms of the Court Order the Transfer will become effective at 00.01 hours on 28 May 2010."

The MSE guide has already been updated.
http://www.moneysavingexpert.com/sav...afe-savings?dd
".....where it is corrupt, purge it....."
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# 4
juicyjude
Old 26-05-2010, 10:32 AM
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How do others feel about the safety of Santander atm. I would be interest to hear other peoples comments thanks
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# 5
Bob the Saver
Old 26-05-2010, 10:39 AM
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Any company with their standard of customer service would worry me!
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# 6
juicyjude
Old 26-05-2010, 10:57 AM
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What customer service? Dont think they have any do you?
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# 7
armour
Old 26-05-2010, 5:50 PM
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I've got a flexible mortgage with Santander atm & I was thinking of putting significantly moore than 50K in the savings pot - should I think again?
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# 8
MoneySavingUser
Old 27-05-2010, 12:19 AM
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I doubt they will go bust or if they did that you wouldn't get everything back

But if the tiny risk that things go awry happened and people lose out do you really want to take that chance?
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# 9
MiserlyMartin
Old 27-05-2010, 12:47 AM
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Quote:
Originally Posted by Bob the Saver View Post
Any company with their standard of customer service would worry me!
I recommend everyone withdraws their money from them due to their extremely poor branch service and non -existant unmanned complaints line. Plus they might go bust...
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# 10
verntern
Old 27-05-2010, 3:06 PM
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I agree with all the negative comments about Santander. Pathetic customer service with unanswered phone calls and, if you do get through, no precise or knowledgable information about your query or concern.
Reality. After Greece, the Spanish and Portuguese economies are tottering. Maybe your Santander savings are protected by FSA guarantees. Nevertheless, if Santander fail then it will be a long and arduous process to get your money back. Once again, the return from the higher interest rates from the Santander ISA are negligible when related to security and peace of mind. My choice is to request an ISA transfer pack from Nationwide.
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# 11
juicyjude
Old 28-05-2010, 10:36 AM
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If you get a transfer pack from Nationwide though, just a slight bit of information which may help you. I am still trying to transfer my Bradford and Bingley(Santander) ISA to Nationwide after nearly 8 weeks!
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# 12
yee_har
Old 28-05-2010, 7:07 PM
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Default

(checking facts)

Last edited by yee_har; 28-05-2010 at 7:11 PM.
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# 13
Stompa
Old 28-05-2010, 7:28 PM
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Fitch downgrades Spain:

http://www.bloomberg.com/apps/news?p...d=a0UIRsn2GPGw
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# 14
jamesd
Old 31-05-2010, 12:07 PM
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Quote:
Originally Posted by armour View Post
I've got a flexible mortgage with Santander atm & I was thinking of putting significantly moore than 50K in the savings pot - should I think again?
You should think again about putting more than 50k with any bank, regardless of its nationality. While Icesave was a success for UK savers there is more risk with institutions using the passport scheme instead of the UK's native FSCS protection, so you might want to stick to those with FSCS protection.
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# 15
bryanb
Old 31-05-2010, 12:14 PM
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Quote:
Originally Posted by juicyjude View Post
If you get a transfer pack from Nationwide though, just a slight bit of information which may help you. I am still trying to transfer my Bradford and Bingley(Santander) ISA to Nationwide after nearly 8 weeks!

Me too! only 4 weeks so far though.
I was a Icesave customer when they went down. FSCS was brilliant eventually, but they took a while to get anything moving. I lost control of my accounts for some months. Plus the stress of not knowing how things would pan out.
This is an open forum, anyone can post and I just did !
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# 16
juicyjude
Old 31-05-2010, 4:03 PM
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Oh its very early days for you then bryanb!!!! It would have helped though if Nationwide had sent the forms to the correct address and indeed sent them off when I completed the application form. They actually left it three weeks before sending the forms (one with cheshire, one with B n B) off to the old providers. This may be the case with your application as well. Dont assume that when you completed the form it would be sent straight away!!! It could be sitting in the "Put it off until the customer starts getting really fed up" pile! Just a warning, but you may be one of the lucky ones. Good luck
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# 17
bryanb
Old 31-05-2010, 7:48 PM
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Thanks, I'll call in and check tomorrow.
This is an open forum, anyone can post and I just did !
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# 18
paulpa66
Old 19-08-2011, 9:18 AM
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Default santander

i thought 85k was guaranteed.
If my girlfriend has an account with them am i best only having 50k in each account, hers and mine then open an account with ANOTHER for the rest.
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# 19
grumbler
Old 19-08-2011, 1:36 PM
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Yes, it's 85K: http://www.moneysavingexpert.com/savings/safe-savings

Why would you be best having 50K?
We are born naked, wet and hungry...Then things get worse.

.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of
.....guaranteed, NOT guarenteed

Last edited by grumbler; 22-08-2011 at 7:26 PM.
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# 20
10_66
Old 19-08-2011, 4:11 PM
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Quote:
Originally Posted by paulpa66 View Post
i thought 85k was guaranteed.
If my girlfriend has an account with them am i best only having 50k in each account, hers and mine then open an account with ANOTHER for the rest.
The FSCS protect up to 85K (used to be 50K) for deposits. If it's investments, then it's 50K. HERE'S the link for the FSCS website.
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