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Abbey and Alliance and Leicester now both Santander- what about the FSA 50K limit?

(7 Posts)
Thandeka Wed 14-Oct-09 09:23:27

Hello,

Erm say hypothethically I had 50k with Abbey and 50k with Alliance and leicester. Now they are both Santander am I only covered up to 50K or are they still being recognised as separate financial institutions? I think I am googling the wrong thing as can't seem to find the answer!

Just want to make sure my hypothethical money is safe if a bank went bust.
Ta.

Ponders Wed 14-Oct-09 09:24:39

I think they will be counting as 1 institution but not yet. Will see if I can find out.

Ponders Wed 14-Oct-09 09:25:38

"Santander is currently operating under two separate banking licences – one for Abbey, B&B and Cahoot, the other for A&L – meaning your savings are protected up to £50,000 under each licence.

However, they will likely all fall under the same licence by next summer, so anyone holding more than £50,000 under the entire group will need to have moved the necessary amount of savings by then."

That was from a June report

Thandeka Wed 14-Oct-09 09:27:51

I LOVE MUMSNET. Thankyou so much Ponders.
Hopefully we will have brought our house by then so it won't be an issue but definitely worth keeping an eye on....

Ponders Wed 14-Oct-09 09:28:05

I can't find anything more recent than June, I'm guessing they haven't announced yet when they'll combine.

So put half your hypothetical money in a different bank grin

Ponders Wed 14-Oct-09 09:30:02

Oh, you're welcome smile - good luck with the house buying!

Thandeka Wed 14-Oct-09 09:40:52

So long as I don't put it in a hypothethical bank- I imagine they are less secure than real banks

Then again as its hypothethical money it doesn't matter too much!

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