Are your savings safe? article discussion

opinions4u

John_Pierpoint wrote: »

I have two "executor" or "will trust" or "personal representative" accounts with building societies. (pick your preferred terminology)

I also have a personal account with these building societies.

Would I be right in thinking that if one of these institutions went bust, the first 50K would first be set against the trustee account and only if there was something left over would it be set against my personal savings?

The dead person retains their own identity in these circumstances - so not linked to your own £50k.

"Trustees
If a claimant’s claim also includes a claim as a trustee, his or her claim as trustee will be treated as being
separate from the claim in his or her own right. If the same person claims as trustee for different trusts,
these will be treated as claims of different claimants. If a group of people claim as trustees their claim will be
treated as that of a single person. If the claimant has a claim as a bare trustee for one or more beneficiaries,
the beneficiary or beneficiaries will be treated as having the claim. There are further rules relating to
trustees.

Personal Representatives
Where a person numbers among his or her claims a claim as a personal representative of someone who has
died, the claimant"

murphydavid

Martin has Nat West as a top bank to transfer an ISA to. Is this also a safe haven?

JimmyTheWig

murphydavid wrote: »

Martin has Nat West as a top bank to transfer an ISA to. Is this also a safe haven?

If you mean safe from going under, Nat West has the same guarantees as other banks registered in the UK - the first £50k per person is guaranteed by the treasury.

I-LOV-MONEY

JimmyTheWig wrote: »

If you mean safe from going under, Nat West has the same guarantees as other banks registered in the UK - the first £50k per person is guaranteed by the treasury.

But also check who they are "connected" with in case you have savings elsewhere.

sandspider2000

Natwest are owned by Royal Bank of Scotland.

Stickems

Coventry Building Society is not on this list.

Stompa

Stickems wrote: »

Coventry Building Society is not on this list.

Not on what list?

It's here:

http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=77928

Stickems

Stompa wrote: »

Not on what list?

It's here:

http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=77928

Thanks for that. The list that I was referring to was the one on the FSA web site for which a link was given on this site.
http://www.fsa.gov.uk/Pages/Library/Other_publications/Banks/index.shtml

Baldur

Stickems wrote: »

Thanks for that. The list that I was referring to was the one on the FSA web site for which a link was given on this site.
http://www.fsa.gov.uk/Pages/Library/Other_publications/Banks/index.shtml

As it says, it's a list of banks - even the largest building society, Nationwide, doesn't appear on it.

parkemitch

Hi,

I know that your savings are protected upto £50,000.
Say that I have £50,000 with Abbey and £50,000 with Alliance and Leicester will I only be covered for £50,000 or will both amounts be protected...

As I know both banks are now Santander.

Thanks alot!