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

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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 ..."

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  • wizk1
    wizk1 Posts: 911 Forumite
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    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
    mr_fishbulb Posts: 5,224 Forumite
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    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
    Stavros_3 Posts: 1,288 Forumite
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    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
    Liquidity is when you look at your investment portfolio and **** your pants
  • bunple
    bunple Posts: 22 Forumite
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    Nearly unloaded my lunch, thought this was going to be connected to the Spanish building societies, panic over.
  • StevieJ
    StevieJ Posts: 20,174 Forumite
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    No news here.
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • mervyn67
    mervyn67 Posts: 70 Forumite
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    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
    RayWolfe Posts: 3,045 Forumite
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    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. :p
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