Nationwide, are my savings safe?

Baldur

Ted_Bloke wrote: »

Does that mean you're now guaranteed only up to 35K in Nationwide and Derby combined?

Yes, and the Cheshire, according to this article:

"What if I've got money with these societies that takes me over the £35,000 compensation cover. Should I reduce my savings? If you want the maximum protection under current regulations, then moving some savings elsewhere is a must. When these three societies merge, they will be covered by only one licence, meaning the maximum £35,000 protection will apply to the total of all deposits held within the new business."

roddydogs

Im always amused by the stock "up to £35,000 bit is safe" --in the event of several banks going under, where exactly would the Government find all these Billions?

mystic_trev

roddydogs wrote: »

Im always amused by the stock "up to £35,000 bit is safe" --in the event of several banks going under, where exactly would the Government find all these Billions?

Yes - I totally agree. If one Bank or Building Society went bust, and the Government didn't 'Bail them out' they'd be a run on the others and the whole Banking system would become Insolvent and collapse. I don't think refunding people their money would be top of their list of things to do in that situation!

iltisman

I don't think they would have paid 35k if Hbos had gone, the money would have been paid in stages over several years.