MSE News: Santander savers' FSCS protection could be halved

edited 19 March 2010 at 5:47PM in Savings & Investments
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MSE_GuyMSE_Guy MSE Staff
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edited 19 March 2010 at 5:47PM in Savings & Investments
This is the discussion thread for the following MSE News Story:

"Savers with more than £50,000 spread between Santander and its Alliance & Leicester arm will see their protection level halved at the end of May..."

Read the full story:


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Replies

  • carlwcarlw Forumite
    201 Posts
    I dont have over £50k savings so i think im safe. What does effect me is whether when they rebrand all the banks as santander will they remove the current accounts offered by abbey and alliance and leicester and just offer one or two accounts from santander. Moving people from their current alliance and leicester account where they pay a max £5 per month overdraft fee onto an account that charges an interest rate on their overdraft and costs much more?

    Carl
  • cloud_dogcloud_dog Forumite
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    I'm not a Santander fan but I think this article title is misleading and bordering on irresponsible - is it from the Daily Mail :D

    Santander have bought up a number of individual financial institutions and are now re-branding and amalgamating them under a single financial institution umbrella. The FSCS only stipulates the guarantee on a per institution basis.

    This is nothing new and something people who have more than £50k of savings have had to consider before.

    So boo to MSE for propagating the story. :p

    A simple advisory message would have been more responsible.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • edited 18 March 2010 at 2:43PM
    Old_WrinklyOld_Wrinkly Forumite
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    edited 18 March 2010 at 2:43PM
    No real surprise to anyone who has followed the news about rebranding etc.
    Could someone please explain what the High Court's involvement is?

    Edit
    My draft post originally had a line indicating that I felt the article title was a bit too 'tabloid', but I then removed it before posting.
    Seems I wasn't the only one thinking that.
  • dunstonhdunstonh Forumite
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    This is nothing new and something people who have more than £50k of savings have had to consider before.

    So boo to MSE for propagating the story. :p

    When I saw the thread title I initially thought they cant do that. The providers dont set the FSCS limits. However, its clear the title is not worded correctly to the article.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • BaldurBaldur Forumite
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    dunstonh wrote: »
    When I saw the thread title I initially thought they cant do that. The providers dont set the FSCS limits. However, its clear the title is not worded correctly to the article.
    You clearly hadn't got your 'Sun Headline' head on..... ;)
  • Old_WrinklyOld_Wrinkly Forumite
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    The altered title is a bit better ...
    but it still has the old one against the Comment/Discuss link, at the bottom of the article. ;)
  • tradetimetradetime Forumite
    3.2K Posts
    LOL I was thinking, "Burn the Spaniards" when I read that headline, they can't just mosey in here and tell the FSCS not to pay full compensation. Definitely a headline to grab attention and sensationalize imho

    Why not something "FSCS compensation Risk as Santander Merges it's Banks"
    Hope for the best.....Plan for the worst!

    "Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown
  • AsheronAsheron Forumite
    1.2K Posts
    planning for the big crash :) the double dipper
    As an investor, you know that any kind of investment opportunity has its risks, and investing in Stocks or Precious Metals is highly speculative. All of the content I post is for informational purposes only.
  • ErrataErrata Forumite
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    A Santander spokesman says: "Santander is one of the strongest banking groups in the world so it is unlikely we will be unable to repay savers but we understand people want their money fully protected."

    Well he would say that, wouldn't he :D
    .................:)....I'm smiling because I have no idea what's going on ...:)
  • scott_lithgowsscott_lithgows Forumite
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    It should be the Spanish government who should foot the bill if satander crash
    I have a deep burning indifference
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