Natwest and Halifax - Scottish 'Yes' Vote

Forever

Apologies for bringing this topic up. I know it is an emotive topic at the moment.

However, I am seeking some reassurance.

I am reasonably confident that my Natwest bank accounts are safe, because RBS has confirmed they will move their HQs to London in the event of a 'yes' vote. UK has also bailed out Natwest too. So it should be OK.

I am less sure about my Halifax bank accounts. They are owned by the Lloyds Group. I am sure they have said they will move their HQs to London, but I can't find where I read this?

Can anyone confirm that my savings will be safe in these banks if the Scots vote for independence?

Andyt1981

I wouldn't worry until after Thursday, and even if it's yes then independence wouldn't be until March 2016.

colsten

FSCS up to £85K per financial institution will apply for some time to come.No need to worry now.

What sort of Halifax accounts do you have? They don't have many that can't be beaten by other banks in terms of interest rate. I have a few Halifax Reward accounts, for the monthly fivers. But there is never much money in any of them for any length of time.

Forever

Thanks for the feedback.

I have ISAs with the Halifax, and I have built up a reasonable nest egg there.

I also have an online savings account with a fair amount in it. Perhaps it's worth me looking around for a better interest rate anyway. Thanks very much for the heads up Colsten.

I am still a bit jittery. It's the thought that once Scotland is gone, it won't be part of the UK anymore. Hence, they won't be covered by our laws or bodies like the FSCS.

Does anyone know if Lloyds has confirmed that they will move their headquarters down south in the event of a 'yes' vote?

stclair

I'm not sure how accurate this article is:

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11088643/RBS-and-Lloyds-will-leave-Scotland-if-it-votes-for-independence.html

NatWest will not exist in Scotland anyway once the sale of the branches have been completed.

Forever

Thank you very much. That has put my mind at ease.

However, you have made a good point in that it's only a newspaper article. So, I think I might get in contact with them - just in case.

stclair

Forever wrote: »

Thank you very much. That has put my mind at ease.

However, you have made a good point in that it's only a newspaper article. So, I think I might get in contact with them - just in case.

I would be doubtful any branch or contact centre staff would be able to give you a definitive answer.

Just wait till Thursday to find out the outcome then worry about if necessary.

colsten

Forever wrote: »

Thanks for the feedback.

I have ISAs with the Halifax, and I have built up a reasonable nest egg there.

I wouldn't worry, I am sure you would get fair treatment under UK legislation, for as long as you live in a country that is subject to UK legislation.In the case of Scotland, that will be for at least 18 months, although in some cases, scottish laws apply.

Forever wrote: »

I also have an online savings account with a fair amount in it.

Leaving the scottish independence debate aside for a minute, there are many high interest paying current account about. Start with http://www.moneysavingexpert.com/savings/savings-loophole, and look at many other forums posts .

chambta

Absolutely nothing to worry about in terms of the security of your cash.

Forever

From what I can tell, there is a strong possibility that the Scottish Nationalists will win the vote.

I noticed that someone earlier said that I have until May 2016 to sort my finances out. Can anyone advise why? Please excuse me if I am being stupid here.

The reason why I am worried is that I am aware that if Scotland is no longer under UK/EU laws, I don't know how safe my money is.

shortcrust

Forever wrote: »

From what I can tell, there is a strong possibility that the Scottish Nationalists will win the vote.

I noticed that someone earlier said that I have until May 2016 to sort my finances out. Can anyone advise why? Please excuse me if I am being stupid here.

The reason why I am worried is that I am aware that if Scotland is no longer under UK/EU laws, I don't know how safe my money is.

Scotland wouldn't become independent immediately after a no vote. It would remain part of the UK until negotiations were completed. May 2016 has been mentioned as when the official 'change' could happen. I've heard people saying it could be longer.