Savings in both Halifax and LloydsTSB group

RayandKathy

I recently moved savings from Halifax to Cheltenham&Gloucester (LloydsTSB) to ensure I had no more than £35K with any 1 institution. If these 2 merge would I then only be protected for £35K in total, or does some other rule keep me covered up to £70K.

rattla

It depends completely on how the merger goes ahead. If they keep them seperately registered then you could in theory still get a £35K from both, but if they re-register as 1 organisation it would then be limited to £35K. No-one can be sure at this stage, but I wouldn't worry to much about it.

Milarky

rattla wrote: »

It depends completely on how the merger goes ahead. If they keep them seperately registered then you could in theory still get a £35K from both, but if they re-register as 1 organisation it would then be limited to £35K. No-one can be sure at this stage, but I wouldn't worry to much about it.

Echo that. The merger has to be legally completed even before a re-registration of HBOS into LTSB for depositor protection purposes can take place. This eventuality is many months down the road....

Moggles_2

It's a little too early to say. Banks sometimes retain separate authorisations with the FSA following a merger, as in the case of the Royal Bank of Scotland and NatWest.