Bradbord+Bingley savings question

Chippy99

I have £35k in B+B and another £35k in Alliance & Leicester. Being a risk averse person, I like to keen my money in chunks of £35k or less for full FSA protection.

Does this sell off of B+B to Santander (who now own A+L) mean I will only have £35k total protection for my £70k? Or do A+L and B+B still "enjoy" £35k protection each?

This is very important to me because if its the former, I will need to move my dosh pronto.

(Incidentally, it is extremely unlikely imho that the government would let a UK savings bank go under. Its much more debatably imho whether they would let a Spanish banking group go under.)

freddysmith

You say you are a risk averse person, then you go on to say Its much more debatably imho whether they would let a Spanish banking group go under.

If I were you, move all your saving back to British owned Banks/BS in 35K chunks and feel safe.
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Chippy99

Thanks for your comments. I don't mind having money outside the UK so long as its FSA protected.

bristolleedsfan

freddysmith wrote: »

If I were you, move all your saving back to British owned Banks/BS in 35K chunks and feel safe.
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Thats a good point, a lot of people will want to move their savings back to British owned Banks/BS, whilst 22 Billion of deposits looks good on paper much of it has been built up over the last 12 months on the back of loss leading 6/12 month fixed rate/term accounts much of which will move to the highest rate fixes available on maturity.

freddysmith

Have a read of this article

http://www.thisismoney.co.uk/safe-savings

It should help to explain which banks have separately authorised 35K limits.

apywell

freddysmith wrote: »

You say you are a risk averse person, then you go on to say Its much more debatably imho whether they would let a Spanish banking group go under.

If I were you, move all your saving back to British owned Banks/BS in 35K chunks and feel safe.
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Until they get taken over by a non-British bank. :rolleyes:

thumshie

Chippy99 wrote: »

...Being a risk averse person, I like to keen my money in chunks of £35k or less for full FSA protection.

So before 1st Oct 2007 you only kept a maximum of 2,000 in each account as this was the limit for 100% reimbursement back then?

Chippy99 wrote: »

(Incidentally, it is extremely unlikely imho that the government would let a UK savings bank go under. Its much more debatably imho whether they would let a Spanish banking group go under.)

Er....That would probably be the job of the Spanish Government..After all I don't see the UK treasury buying WaMo,Bears Stern or any of the other foreign banks in trouble...

I believe the A+L purchase is still going through, and they have not merged yet, so 'currently' it's two separate cover with the fscs..
edit:
http://www.alliance-leicester-group.co.uk/archive/santander/16-09-08.pdf
According to this the buyout will be completed on 10th Oct 2008

MarkyMarkD

Lots of irrelevant non-responses to the original question there. :rolleyes:

The answer is that B&B savings have been purchased by Abbey. And A&L is not being merged with Abbey for the time being.

So Abbey & B&B accounts will share one £35k limit (per account holder). But A&L accounts will have their own £35k limit (per account holder).

Just_landed

Lots of irrelevant non-responses to the original question there. :rolleyes:

The answer is that B&B savings have been purchased by Abbey. And A&L is not being merged with Abbey for the time being.

So Abbey & B&B accounts will share one £35k limit (per account holder). But A&L accounts will have their own £35k limit (per account holder).

Thank you for that answer I have asked a couple of times up until now I could not get an answer.

Taking this further say you have a fixed term bond with B & B and also one with Abbey both together adding up to more than £35000 and you cannot get at the money until it matures. how do you stand when it was not your own fault they ended up together and Santander went pop.

Talk about not putting all you eggs in one basket, it does not make any difference anymore they will all end up in the one basket in the end.

Grumpy_Old_Duffer

I opened a B&B High Interest Savings account on-line on Wednesday with £10 ..... should I continue to investment other funds?:rolleyes: :rolleyes: :rolleyes: :rolleyes: :rolleyes:

Need to withdraw this deposit ASAP .... please help!!!:D :rotfl: :rotfl:

thumshie

Just_landed wrote: »

Taking this further say you have a fixed term bond with B & B and also one with Abbey both together adding up to more than £35000 and you cannot get at the money until it matures. how do you stand when it was not your own fault they ended up together and Santander went pop.

You have the options:
1)Sit tight and close your eyes until it matures.
2)See if either of the accounts CAN be closed - with loss of interest - and spread around, again hoping it doesn't get bought by a bank your already with.

Edit: looks like i missed a 3rd option:

debbie_cliff wrote: »

I have just phoned B&B and their solution is to add another name on to the fixed rate bond and then both would be covered for £35,000 with Abbey.
- very good solution
- This addition of an extra name on the account after the bond has been opened has only been allowed as of 2day.

Now I'm just upset about my B&B shares : which are now worthless