AA, is all of my money still there?

gunnaknow

Hi, I have roughly £56,000 in my Aliance and leicester esaver account. I haven't been able to login to my account to see my balance. Is all of my money still there since the takeover, or am I likely to lose £6000 of my money? I thought that AA was still operating so all of my money would still be there but I'm not sure of anything. Thanks.

oldfella

dont worry - its a takeover and its still in process - no default has happened

if I were you I would not have more than 50K in one bank. Remember you loose interest in the calendar month you make a withdrawal

gunnaknow

Sorry, I meant A&L not AA. If the takeover is still in process, do I need to withdraw the excess £6000 of my £56,000 before the takeover comes into effect? Will I even be able to or are the accounts frozen until finalisation? If I left the excess £6000 in my account would it be lost when the takeover is finalised, or would it only be lost if Santander failed aswel? Thanks.

Baldur

gunnaknow wrote: »

Sorry, I meant A&L not AA. If the takeover is still in process, do I need to withdraw the excess £6000 of my £56,000 before the takeover comes into effect? Will I even be able to or are the accounts frozen until finalisation? If I left the excess £6000 in my account would it be lost when the takeover is finalised, or would it only be lost if Santander failed aswel?

A & L is currently registered with the FSA in its own right, so up to £50,000 deposited is protected by the FSCS.

Banco Santander is EEA registered (covered by the Spanish equivalent of the FSCS, whatever that may be).

It may be that A&L will continue to be separately authorised or possibly included with Abbey under a single authorisation or any other possible scenario, In any case, for safety, it is not advisable to have deposits in excess of £50,000 in any single institution - click for table.