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Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000 - guarantee up to £35K

(2 Posts)
RubyRioja Tue 16-Sep-08 11:55:03

I have just looked to see whether Nationwide Building Society operates this scheme - and they do.

BUT are buildings societies as vulnerable as banks to the pressures so many seem to be experiencing? Are they different in any way?

Are there other building societies or banks that any one would recommend - is Northern ROck supposed to be safest these days?

Sorry for mad questioning, but cannot see IFA for a few days, and I am stewing over these questions.

Many thanks if anyone knows anythign!

hopefully Tue 16-Sep-08 12:18:47

As a rule of thumb, building societies are less vulnerable than banks, partly because they have a good track record, and if one gets into trouble, the building societies professional body (I forget what it's called) will help arrange a takeover by a stronger building society. They are v keen to hold onto their track record of not failing if there is any possible alternative.

However, in current climate, nothing is certain!

Also worth noting that the £35k limit only applies per institution, so for example if you had £35k with halifax and £35k with bank of scotland, only the first £35k is protected, as they are all under one company umbrella.

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