35K in both B&B and A&L

albadross

Is all 70K still safe?

swiss69

I think I read that the Government is providing financial support to Santander as part of their deal to buy out B % B to ensure that if needed they would have enough money to pay everyone.

The fact that Santander has the money to buy B & B - £621m and the money to buy A & L shows that as banks go it is one of the financially strong ones at the moment. As far as I am aware they have stated that they are not exposed to USA sub prime problems. Their share price whilst down from its peak of 5 months ago is still holding up very well and in fact has performed much better than all of the other banks in the Uk.

They may also keep seperate banking licences for both and if they do you will be protected on both.

Santander is not one of the banks I would be unduly concerned about.

KTF

As other people have already pointed out, the government will never, ever let a bank go bust so the 35k limit is totally meaningless as it will never be needed.

Tony_Webster

As far as I know, B&B is now under Abbey's banking licence. However, even though Santander are already taking over Alliance & Leicester, they will be keeping Abbey & A&L under separate licences. That means you will have £35k cover in Abbey/B&B and a further £35k in A&L.

(gleaned from Martin's safe savings article & the info on the B&B website).

buglawton

KTF wrote: »

As other people have already pointed out, the government will never, ever let a bank go bust so the 35k limit is totally meaningless as it will never be needed.

Or, you could read how, since 1991... The Bank of England has spent more than £20m fighting claims for compensation over the collapse of the Bank of Credit and Commerce International

The_Fiddler_2

Thanks for asking that question I was about to ask it myself

stamford

KTF wrote: »

As other people have already pointed out, the government will never, ever let a bank go bust so the 35k limit is totally meaningless as it will never be needed.

Well lets just wait and see.....................

savetilibleed

Tony_Webster wrote: »

As far as I know, B&B is now under Abbey's banking licence. However, even though Santander are already taking over Alliance & Leicester, they will be keeping Abbey & A&L under separate licences. That means you will have £35k cover in Abbey/B&B and a further £35k in A&L.

(gleaned from Martin's safe savings article & the info on the B&B website).

The B&B website today says B&B deposits would be coverd by Abbey's banking licence. It also says for savers already in Abbey that this (and Cahoot) and B&B are covered by Abbey's licence thereby covering the first £35000 in all.

Just_landed

To help with the initial question I went on B & Bs web site and there is a contact them by Email section I did, they replied within a couple of hours stating the total protection is upto £35000 only I told them I had 2 fixed term bonds adding upto over £35000 that it was not my fault you were bought out, their answer was contact an IFA on 0800 606 1234. I have yet to do this, will do later today.



:EasterBunI sought of think this one is suitable.

buglawton

Post Office savings is a part of Bank of Ireland and covered up to £80,000 according to Moneysavingexpert - could be the place to head for.