Protected during transfer period to new bank?

venusinfurs_3

Hi there,

About 2 weeks ago I moved my ISA to Natwest, partly because they have an excellent 2% bonus if you move it (giving me 7.18% interest on my first year), and partly because I wanted to make sure I was under the £50000 threshold over at HBOS.

However, it takes around 30 days to complete the transfer. Therefore I was wondering whether during this period, my £50K+ savings are still classified as being in HBOS (making me vulnerable if something happened) or whether I'm now under the threshold and safe?

Any thoughts?

Thanks in advance

Reaper

I would say only when the money has moved, as shown on both sides. I say this because money moved out of Icesave before it got into trouble ended up back with them when the accounts got frozen, even though it had supposedly set off into the BACS system 2 days before.

That's the practicality, though the legalities are another matter.