Tesco Savings = RBS???

swb99

Hi All - a newbie here so be kind!
I was thinking about moving some savings i have with Intelligent Finance to a Tesco internet savings account with 6.5% interest - thing is on reading the terms - it turns out that Tesco Personal Finance is a joint venture with RBS.
So... how does that effect the £50,000 protection - particularly as i have money with IF already.
On the Bank chart in the savings part of this site it implies that Tesco is independent?
Please help!!
Thanks
Si

Reaper

I know Tesco were in the process of buying out RBS in the venture, bit I'm not sure whether it has gone through yet. Anyone else?

coolio_2

I understood that they had now split

YorkshireBoy

swb99 wrote: »

particularly as i have money with IF already.

I think you are confusing Halifax Bank of Scotland (HBOS) with the Royal Bank or Scotland (RBS)?

IF and TPF are totally separate companies.

Hazzanet

The T's and C's state that the account is held with TPF, and a quick look on the FSA register shows it has its own separate banking licence.

unhealthyman

If you look here: http://www.moneysavingexpert.com/savings/safe-savings and scroll down to 'What counts as a financial institution?' there is a section showing which banks count as the same under the FSCS and which count seperately.

Tesco and Natwest are both seperate institutions from RBS even though they are part of the same group, so £50,000 in each is covered.

swb99

Thanks very much guys & yes i think i was confusing HBOS with RBS Doh!
Told u i was a newbie!!