MSE News: Santander safety Q&A: your questions answered

slimmillipede

My wife is clerk for a council which has an RBS account. Which raises 2 questions.

1. As I understand it Santander is taking over RBS branches in England and Wales (and NatWest branches in Scotland). Are these still under RBS or are they now part of Santander?
2. Council funds won't be covered by the government guarantee, is there any scheme covering them?

VT82

slimmillipede wrote: »

Council funds won't be covered by the government guarantee, is there any scheme covering them?

Corporate investors such as councils, charities, universities etc. are supposed to do their own research. If they don't want to take any credit risk, they need to use one of several ways to invest their money with the Bank of England, or other government guaranteed debt.

stphnstevey

I have a Business Bank Account with Santander (or technically Abbey) - would I still get the £85K protection?

opinions4u

stphnstevey wrote: »

I have a Business Bank Account with Santander (or technically Abbey) - would I still get the £85K protection?

It depends.

Start with the link below and read on.


http://www.fscs.org.uk/can-we-help/#

gadgetmind

Of course, the missing questions are what happens to holders of Santander shares, preference shares, bonds and PIBs.

I'm sure many people (particularly older people) hold such instruments due to Santander mopping up many of our old building societies. Such people come from an age where companies and countries serviced their debt rather than playing fast and loose with seniority.

pierrelejohn

Hi

Ive read all about the £85k single & £170k joint limits and Im a bit confused so hopefully someone can help.
Myself and my husband have a few accounts with Santander

1st we have a JOINT savings account that has £88k in it,

2nd - we both have an ISA each with £32k

3rd - we have our Ltd companys bank account with £17k in it.

How does this work.

The Esaver is protected as its in joint names
but what about the individual Isa accounts are they counted part of the joint amount, or are the seperate....

how does it work ..... its not clear

Thanks Peter

opinions4u

pierrelejohn wrote: »

Hi

Ive read all about the £85k single & £170k joint limits and Im a bit confused so hopefully someone can help.
Myself and my husband have a few accounts with Santander

1st we have a JOINT savings account that has £88k in it,

2nd - we both have an ISA each with £32k

3rd - we have our Ltd companys bank account with £17k in it.

How does this work.

The Esaver is protected as its in joint names
but what about the individual Isa accounts are they counted part of the joint amount, or are the seperate....

how does it work ..... its not clear

Thanks Peter

Half the balance of the joint account is yours. The other half is your husband's.

The limited company is an entity of its own.

simonearly

Having lived in Spain for 4 years, running a business out there, I would get my money out of anything remotely associated with Spain right now - property/savings - anything that they can grab, they will. Forget the law- just look at LRAU. Town councils grab MASSIVE amounts of money for urbanisation that you never knew about, builders build on non-urbano land, then get it made legal at the town council for a back-hander, only to have it over turned by the district council etc, The banks were dishing out mortgages to anyone for anything - didnt even bother to turn up to do a drive-by inspection to make sure the property existed. No-one pays their taxes. Enforcement is unheard of. I could go on - the corruption has to be seen to be believed. Get.Out.Now.

MoneySaverLog

Already being discussed in another thread so why so many Santander threads about the same? May be a BG could merge them all.

oldtractor

oh dear what a mess