BOS/Scottish Independence

jayjay21

This is probably a silly question but I have three Classic Vantage accounts set up all with considerable sums sitting in them, as BOS are registered in Scotland, if they become independent, is this going to effect my accounts? Or am I okay to leave the money in them?

Thrugelmir

You'll have time to make decisions.

Steve_xx

There would be no immediate affect. Plenty of time for you to move your money if things don't look good. Independence will not happen on the vote day. It may be a year or two after vote day before separation.

jayjay21

Thanks guys, I'm assuming my money will remain safe until I'm notified by BOS?

Thrugelmir

jayjay21 wrote: »

Thanks guys, I'm assuming my money will remain safe until I'm notified by BOS?

In what regard? BOS is a Scottish bank so will continue to trade normally.

colsten

There would be plenty of time, and a huge amount of information in the Press about this. I would not rely on any bank telling me what to do though.

System

I would deem it to be relatively safe up to the £85,000 deposit scheme protection limit.

Bank of Scotland's Halifax brand is one of the largest suppliers of savings and mortgages in Britain and therefore systematically important regardless of the UK constitutional setup.

Additionally, it also operates in Germany and the Netherlands so would be able to call on the support of the European Central Bank in addition to the Bank of England if required.

anoncol

Heng_Leng wrote: »

I would deem it to be relatively safe up to the £85,000 deposit scheme protection limit.

Bank of Scotland's Halifax brand is one of the largest suppliers of savings and mortgages in Britain and therefore systematically important regardless of the UK constitutional setup.

Additionally, it also operates in Germany and the Netherlands so would be able to call on the support of the European Central Bank in addition to the Bank of England if required.

You can't know it will stay under fscs though or backed by BoE.

colsten

anoncol wrote: »

You can't know it will stay under fscs though or backed by BoE.

You can know. It will be FSCS/BoE backed as long as it is authorised and regulated by the UK FCA/PRA.

It would be BoS' decision (well, Lloyds Group, probably) whether they would want to afford a UK licence, or just operate under a (new) Scottish licence.

System

Until actual independence, I can say with some certainty that it will.

Remember, should the vote next week be 'Yes', it would just set events in motion and the formal event is expected to be circa 18 months later.

anoncol wrote: »

You can't know it will stay under fscs though or backed by BoE.