Alliance and Leicester - is this now part of the same group as Abbey?

emmsas

Hi

I have savings in Cahoot and Alliance and Leicester. And I am aware that your savings are only safe up to £35k in 1 institution. With Santander taking over A&L, does this mean I will need to move money out of A&L or Cahoot to ensure my money is safe?

Thanks
Em

emmsas

Hi

Can anyone advise on this?

Thanks

baby_boomer

Not yet it isn't.

But it will be if the FSA & Spanish regulatory authorities approve and if 75% Alliance & Leicester shareholders give their backing to the A&L board who want to be taken over by Santander - which also owns Abbey.

Keep an eye on the news for this.

At which point you may be wise to move some of your savings if you are over the £35K limit.

But watch out for possible changes to this limit in Gordon's Autumn "revival"