Are your savings safe? article discussion

Optimist

parkemitch wrote: »

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!

Currently both have separate licences so you would be protected for the full £100k however that could change at short notice if Samtander decided to bring them both under one umbrella licence

murphydavid

parkemitch wrote: »

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!

Martin has a table here; at the top it says it's up-dated monthly. In the small print under the table it says up-dated Sept 08. Know your busy but it would nice to have it up-dated again now.
http://www.moneysavingexpert.com/savings/safe-savings#whatcounts

scarlet_macaw

How do the limits affect accounts operated under a power of attorney?

I have recently taken over the operation of an elderly relative's financial affairs under the terms of a power of attorney and need to know if I have funds with the same institution both on my own account and under the p.o.a. will we be seen as separate persons for the purpose of the compensation limits or will there only be a single £50,000 compensation limit?

christhedon

nowa wrote: »

Interesting as this is what I've been asking myself as well...

How "safe" is that 100% guarantee that the Irish government give you on your savings in Irish banks.

interestingly anglo irish appear in the article, so that means they are backed up by the UK Government and Irish Government? Presumably Irish Government first and if they default then the UK Goverment? (Maybe I should open a separate thread with this question?

Baldur

christhedon wrote: »

interestingly anglo irish appear in the article, so that means they are backed up by the UK Government and Irish Government? Presumably Irish Government first and if they default then the UK Goverment? (Maybe I should open a separate thread with this question?

See http://forums.moneysavingexpert.com/showthread.html?p=16530385#post16530385

yogee

Does anyone know whether the £50K compensation applies separately to Tesco (Internet Saver) and NatWest. NatWest is part of RBS and Tesco's banking services are undertaken by RBS. Tesco said they were separate, but do I believe them?

The Tesco Internet Saver and the NatWest ISA have been the best (safe?) performers listed at the beginning of this year on Martin's site.

It's easy to have more than £50K between them.

I bet I'm not the only person wondering this.

Thanks to whoever can answer the question.

I-LOV-MONEY

yogee wrote: »

Does anyone know whether the £50K compensation applies separately to Tesco (Internet Saver) and NatWest. NatWest is part of RBS and Tesco's banking services are undertaken by RBS. Tesco said they were separate, but do I believe them?

They told me the same thing that they were independent. Now you have cast doubt. Maybe contact FSA or FS... (the other one!).

Optimist

yogee wrote: »

Does anyone know whether the £50K compensation applies separately to Tesco (Internet Saver) and NatWest. NatWest is part of RBS and Tesco's banking services are undertaken by RBS. Tesco said they were separate, but do I believe them?

The Tesco Internet Saver and the NatWest ISA have been the best (safe?) performers listed at the beginning of this year on Martin's site.

It's easy to have more than £50K between them.

I bet I'm not the only person wondering this.

Thanks to whoever can answer the question.

The licence for Tesco finance is held by Tesco PLC
Natwest as far as I am aware although owned by RBS have a separate licence to RBS

alanq

Tesco bought out RBS's stake in Tesco Personal Finance.

http://www.finextra.com/fullstory.asp?id=19466

mrsmilky

I have a business account with Abbey and so do my parents & brother. We are all directors of one of the companies, but only two of us are share holders...

Hows does the £50K cover relate to our savings... are business accounts covered in the same way as personal accounts? and I'm presumming only the actual share holders get the allowance as they actually own the company....

sorry if this has been asked before...