santander

dasone

Hi, new here, if this is in the wrong section please move.

All my money is in santander, current account mostly. I understand it is guaranteed by the government but the question is if the worst happens how long would I have to wait till the government gave me all my money back?

Thanks

Alisha2008

Why would anything happen to Santander?????

Sauveur

I believe it is very likely Santander UK will go bankrupt. I have withdrawn all my savings, closed my current account and set my mortgage transfer in progress. I've also cancelled my contents insurance with them as they wouldn't be able to pay out if I claimed. I'm even looking at new jobs for my friend who works at the Santander call centre.

dasone

I agree Sauveur it's looking bad for them. That's why I'd like to know how long it takes to get the money back, anyone know?

oldtoolie

A matter of days if the example of a few small banks collapsing in the past year is to go by. But not much chance of Santander UK failing.
http://www.thisismoney.co.uk/money/saving/article-2146333/How-measure-strength-Santander-UK.html

dmoyes

I believe this is wrong - it is because everyone is panicing and trying to get all the money out of the bank that they would go bankrupt.

Keep calm and carry on

dasone

Thanks for the replies, I've managed to find the answer from the FSCS.

penrhyn

dzug1

dasone wrote: »

Thanks for the replies, I've managed to find the answer from the FSCS.

And what was the answer?

sabretoothtigger

The main fallacy would be that Santander is a spanish bank. They are global, to fell a company that large they'd need massive failed debt in every country, UK, the americas worldwide.
Thats possible but we not there yet, Spain is just one obviously bad market they are in.

I dont get why you'd close a mortgage, the contract would remain anyway ?

scott_lithgows

You are covered up to 85k on savings, isa,s and current accounts,this is the standard answer everyone will give you-you wont lose a penny (up to 85k)

However,the answer to the question,"if my bank ceases to exist,what happens to the day to day running of my current account eg wages,direct debits etc" has never really been answered here.

Must be hell for ex Bradford & Bingley customers who were in that position 3 years ago and must be worrying again.