MSE News: Protection shake-up hits Northern Rock and Santander savers

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"Northern Rock and Santander customers will see major changes to the way their savings are protected this week ..."

Read the full story:


Protection shake-up hits Northern Rock and Santander savers

wizk1

Doesn't really fill me with confidence. The fact the Government is reducing the compensation limit indicates to me that the collapse of another financial institution is inevitable in the near future.

mr_fishbulb

wizk1 wrote: »

Doesn't really fill me with confidence. The fact the Government is reducing the compensation limit indicates to me that the collapse of another financial institution is inevitable in the near future.

They are not reducing them though, they are just applying the same rules to Northern Rock & Santander that apply to other institutions.

They actually put up the limits as a result of the banking crisis.

Stavros_3

Misleading headline. I was expecting to read that the level had been reduced from 50 to 25k or something like that. What Santander has done is line with other banking institutions where one bank owns a load of others

bunple

Nearly unloaded my lunch, thought this was going to be connected to the Spanish building societies, panic over.

StevieJ

No news here.

mervyn67

I'm sorry, but is there that many people in this country who can even call on one savings account with a spare £50,000 in it, or have I,at 64 years old wasted all the money that I have earned in my life?
I find it quite surprising that this seems to be that usual, that you have to post an alert so we don't get caught by yet another catastophe.

RayWolfe

You no doubt, like the rest of us, had to spend 99% of it on wine, women and fags. But, in fairness, you probably did waste the rest.