Skipton to take over Capital One's savings book

Wolf_Man

The unfairness extends to the fact that if someone has placed 50k each with Capitol One and Skipton to make the money 'safe' as per the FSA limit, the Capitol One account being taken over by Skipton no longer has any 'protection' via the FSCS.

In the unlikely event of Skipton going down, and the Government not stepping in... then you would be 50k plus the lost interest poorer.

Sorry to be so pedestrian with the explanation but maybe not everyone has grasped the situation.

Toastie

Wolf_Man wrote: »

The unfairness extends to the fact that if someone has placed 50k each with Capitol One and Skipton to make the money 'safe' as per the FSA limit, the Capitol One account being taken over by Skipton no longer has any 'protection' via the FSCS.

In the unlikely event of Skipton going down, and the Government not stepping in... then you would be 50k plus the lost interest poorer.

Sorry to be so pedestrian with the explanation but maybe not everyone has grasped the situation.

I believe that until 2010 you will be protected on merging financial institutions up to £100,00.

This is with £50,00 in each, enabling people plenty of time to transfer it out. I'm sure this was in the telegraph, however there is a link on the forum to the website detailing how there will be a length of time to enable people to remove money from accounts in order for them to be under the £50,00 rule

Baldur

Toastie wrote: »

I believe that until 2010 you will be protected on merging financial institutions up to £100,00.

Details of the protection for specific mergers/takeovers are shown on the main site HERE, scroll down to the section headed "What about HBOS/Lloyds and the other bank takeovers?"

soulsaver

Toastie wrote: »

I believe that until 2010 you will be protected on merging financial institutions up to £100,00.

This is with £50,00 in each, enabling people plenty of time to transfer it out. I'm sure this was in the telegraph, however there is a link on the forum to the website detailing how there will be a length of time to enable people to remove money from accounts in order for them to be under the £50,00 rule

Only if they maintain the brand difference which is NOT happening with Cap One.
You will be given 60 days (from 27July effective date)to bring aggregate balances down to £50k by withdrawal penalty free any a/c held with the Skipton including former CapOne. After that period aggregate balances over £50k (£100k joint) will be running the 'not covered by the FSCS' risk and subject to existing early withdrawal penalties.
This is assuming it gets approval at the court hearing 23rd July.

System

I'd not long ago opened an account with them and don't want to move across to Skipton.. Will have to open another account..

I also have a credit card with them, is this affected aswell? It's a cashback one..

agsnu

Summer01 wrote: »

I also have a credit card with them, is this affected aswell? It's a cashback one..

CapitalOne are withdrawing from the savings market. Your credit card is not a savings account.

System

Thank you agsnu, so I can carry on using this - that's good news! Now need to find a good savings account to put my savings in from Capital One..