Merging Building Societies - compensation limits

Primrose

The Telegraph reports today that savers with accounts at two merging byuilding societies will retain the statutory £50,000 protection for both sets of deposits under new rules introduced by the FSA. This will affect savers with Yorkshire BS & Barnsley BS who are merging, as well as Nationwide.Cheshire & Derbyshire.
However, I'm puzzled by the mention that this concession will only remain in place until next September, so savers in these institutions should perhaps bear this in mind if new putting money now into Fixed Term Accounts which may expire after the September deadline.

Baldur

Primrose wrote: »

The Telegraph reports today that savers with accounts at two merging byuilding societies will retain the statutory £50,000 protection for both sets of deposits under new rules introduced by the FSA. This will affect savers with Yorkshire BS & Barnsley BS who are merging, as well as Nationwide.Cheshire & Derbyshire.
However, I'm puzzled by the mention that this concession will only remain in place until next September, so savers in these institutions should perhaps bear this in mind if new putting money now into Fixed Term Accounts which may expire after the September deadline.

http://forums.moneysavingexpert.com/showthread.html?t=1318203