Agreeing to terms and conditions?

jenz

I have decided to put some money with B & B as its a good offer, but have just read their terms terms and conditions which I have to accept before joining. They have not updated these to include the recent changes which guarantees that the first £35,000 of savings are safe. But are still showing that savings are limited to 100% of the first £2,000 of a depositor’s total deposits with the bank and 90% of the next £33,000, resulting in a maximum payment of £31,700 in case .

Any problems in agreeing to the terms and conditions?

Steve_xx

I would say that there would be no problem in you agreeing. They will update it in time. Remember it is not the bank that guarantee it anyway, it's the Financial Services Compensation Scheme who cover the cash. This is provided by statute and statutory law always overrides any local law.

MarkyMarkD

I'm surprised that the FSCS forms part of the terms & conditions of an account. As Steve says the terms of the scheme are a matter of fact and not something an individual contract with a savings institution can vary. Either they are covered, or they are not - and if they are a UK licensed deposit taker, they have to be.

dunstonh

I have just looked at the B&B website and can see no reference to the FSCS in the T&C. Are you sure it was in the T&C and not just part of the general small print for information?

Not that it matters as the values and rules apply at the time of any claim.