Question re Sainsbury and HBOS/Lloyds

Lulu58

Hello

I thought I'd posted this question, but can't find it so my apologies if it's already out there ...

I am thinking of opening a Sainsbury saving account which currently has a rate of 3.2%. This website suggests that it is not owned by anyone else so I should be covered to the full £50k under the FSCS in the event of problems.

However, another site (moneyfacts) suggests that it is 50% owned by Bank of Scotland/Lloyds, yet goes on to say that it is not linked for compensation purposes.

Anybody know what the situation is with this bank?

rb10

Sainsbury's Bank is jointly owned by HBOS and Sainsbury's.

However, it's not the ownership that matters with regards to whether they are covered under the FSCS. It's the way in which they are registered.

Sainsbury's Bank has a separate registration to the HBOS group, and to Lloyds.

This means that up to £50k in HBOS-owned banks is covered, in addition to a further £50k in Sainsbury's Bank.