Bradford & Bingley savings?

FraudBuster

The FSA announcement can be found here:

http://www.moneymadeclear.fsa.gov.uk/news/firm/bradford_bingley.html

xer

Correction to earlier post by Juicyjude - Bradford + Bingley is NOT 100 % protected under any scheme as the bank is part of Santander, not government backed as is Northern Rock and the Irish banks. B + B is still only covered upto 35k. Having said that, due to the size of Santander I would be surprised if santander come under any financial pressure regarding funding, but as always DYOR.

anthony7777777

It would be as well to note that the business of B&B and Abbey is all being conducted on the same FSA licence If like me you had maximum amounts in fixed term bonds in each, you have been stuffed by our brilliant Prime Minister who has his own unique way of protecting your savings And you now have £35000 which has no guarantee and nothing you can do about it As for Abbey being safe,consider the one million unsold houses in Spain and their exposure to the developers of these ,as well as our own housing market Better hope Asia and South America hold up ,if not there will be a very large crash

reginald_2

We to have a Bradford & Bingley Bond maxed out not due till next year so I have had to close my Cahoot savings to get below the limit so transferring to the AA . Thanks Gordon.

juicyjude

Yes well in another previous post well back it was stated that if you had savings in the B & B then the first £35K was guaranteed by the FSCS then the government would guarantee the rest but now that appears to have changed. Yes Mr Brown, you really are excelling yourself by all this chaos. Do the decent thing and protect our savings otherwise all our money will go to Ireland!!!!!!

anthony7777777

Don't bother phoning the FSA it's staffed by daleks reading from scripts, all signs of intelligent life end at the switchboard

jamesd

juicyjude, it hasn't changed. The Treasury spent four billion Pounds paying for accounts with balances above the former 35k FSCS limit when B&B was transferred to Abbey. And the FSCS itself paid out fourteen billion.

juicyjude

Oh sorry to be so thick but I am so confused about this issue. Does that mean then that if they were to go belly up then my B & B bond would be 100% protected ie £50K from FSCS and the rest from the treasury????????

Masomnia

juicyjude wrote: »

Oh sorry to be so thick but I am so confused about this issue. Does that mean then that if they were to go belly up then my B & B bond would be 100% protected ie £50K from FSCS and the rest from the treasury????????

It won't go belly up. One of the biggest banks in the world owns it now.

jamesd

The money over the FSCS limit isn't legally guaranteed but the Prime Minister has said that UK retail (consumer) depositors will be 100% protected. So yes, your money should be safe. It remains prudent to stay within the FSCS limit.