The 'What counts as a bank?' table - B&B - A&L ?

jessmjc

According to Martins table both B&B and A&L have seperate FSCS status and would be covered individually for each £50K.

Howevermin today's Sunday Times article it states
http://timesbusiness.typepad.com/money_weblog/2008/09/the-six-safest.html

"Savers with Alliance & Leicester and Abbey do not need to worry about the implications for their deposits after the Santander takeover of A&L, since A&L is becoming a subsidiary of Santander, which means it is retaining its separate banking license. Deposits of up to £50,000 with A&L and £50,000 with Abbey remain protected. This is not the case for savers with Bradford & Bingley, which is also being partly bought out by Santander, since B&B is not retaining its own license."

Which savings providers count as one financial institution?

AA (1)

Alliance & Leicester

Abbey (2)

AK Bank

Allied Irish

Anglo Irish

Asda (2)

Bank of Cyprus

Bank of Ireland (4)

Bank of Scotland(1)

Barclays (10)

Barnsley BS (B)

Birmingham Midshires (1)

BMW Savings (5)

Bradford & Bingley (2)

Britannia BS

Buckinghamshire BS

Cheltenham & Gloucester (6)

Cahoot (2)

Cambridge BS

Capital One

Cater Allen

Chelsea BS

Chesham BS

Cheshire BS (A)

Citibank

Clydesdale Bank (7)

Coutts

Coventry BS

Credit Unions (all are separate)

Cumberland BS

Derbyshire BS (A)

Direct Line (8)

Dunbar Bank

Dunfermline BS

Ecology BS

Egg

First Direct (9)

First Trust

Firstsave

Furness BS

Halifax(1)

Hanley BS

Harpenden BS

Heritable Bank (11)

Hinkley and Rugby BS

HSBC (9)

Icesave

ICICI

ING Direct (11)

Intelligent Finance (1)

Investec

Ipswich BS

Julian Hodge Bank

Kaupthing Edge (11)

Kent Reliance BS

Leeds BS

Leek BS

Liverpool Victoria

Lloyds TSB (6)

London Scottish Bank

Loughborough BS

Marks and Spencer

Manchester BS

Mansfield BS

Market Harborough BS

Marsden BS

Melton Mowbray BS

Monmouthshire BS

Norwich & Peterborough BS

National Counties BS

Nationwide (A)

Natwest (separate to RBS)

Newbury BS

Newcastle BS (5)

Northern Bank

Nottingham BS

Post Office (4)

Principality BS

Progressive BS

Raphael Bank

Royal Bank of Scotland (8)

Ruffler Bank

Saffron BS

Saga (1)

Sainsburys

Scarborough BS

Scottish BS

Scottish Widows

Skipton BS

Smile (3)

Standard Life

Stroud & Swindon BS

Teachers BS

Tesco

The Co-op (3)

Tridos

Ulster Bank

United Trust

Virgin Money (8)

West Bromwich

Whiteaway Laidlaw

Woolwich (10)

Yorkshire Bank (7)

Yorkshire BS (B)

Last Fully Updated: Sept 08. This table was compiled by checking the FSA registration number of each bank on their websites, and is based on the FSCS definition that each independently registered institution receives the £50,000 protection. If an insititution is not listed it does not mean it is not protected. (A) In Dec 2008, Nationwide, Cheshire BS and Derbyshire BS plan to become one FSA registered institution. (B) On 31 Dec 2008, Yorkshire BS and Barnsley BS plan to become one FSA registered institution.
Is B&B to be treated as a seperate institution ?

[Deleted User]

Which thread are we using? This or http://forums.moneysavingexpert.com/showthread.html?t=1390355

meanmachine_2

jessmjc wrote: »

Is B&B to be treated as a seperate institution ?

No. It's part of Santander, as explained in Martin's table and in the Sunday Times article.

B&B is marked with a (2) to show it is part of the same group licence - Santander.

A&L has its own licence and is therefore not marked with a (2).

Seems clear to me.

jessmjc

Sunday Times article states

"This is not the case for savers with Bradford & Bingley, which is also being partly bought out by Santander, since B&B is not retaining its own license."

If B&B are not retaining their license does this not mean that they are not covered individually ?

YorkshireBoy

You're making this far more complicated than it actually is. If you (carefully) read what you posted you've answered your own question!

Both Martin's table and the Times article are saying exactly the same thing.

Namely; B&B and Abbey share the same FSA registration, so a max of £50K per customer protection, shared between both.

A&L, despite being acquired by Santander (ie Abbey), is retaining it's own FSA registration, so a max of £100K per customer protection, shared equally between Abbey/B&B (together) and A&L.

The best place, as always, to get your information from is the horses mouth...

http://www.abbey.com/csgs/Satellite?c=GSAgrupAsset&cid=1210613274047&pagename=Abbey/GSAgrupAsset/GS_HerramientasGestion

meanmachine_2

jessmjc wrote: »

Sunday Times article states

"This is not the case for savers with Bradford & Bingley, which is also being partly bought out by Santander, since B&B is not retaining its own license."

If B&B are not retaining their license does this not mean that they are not covered individually ?

Man, this is hard work.

A&L is separately covered up to 50K.

B&B is also covered, but that 50K is shared across all of Santander's brands - including Abbey and B&B - but excluding A&L.

So if you have 25K in Abbey and 25K in B&B you're fine. If you have 26K in Abbey and 25K in B&B that extra 1K isn't covered.

Hope that makes sense.