Life savings with Santander - Erm should I be worried?

[Wherethehellissummer]

We have the bulk of our life savings with Santander in an instant access account.

Should I be panicking and thinking of moving it?

Am worried. Sky news is saying Santander has been sown graded but BBC news is saying that Santander is a subsiduary of a Spanish downgraded bank and making the situation sound alot less serious (than it is).

No indication of what other Santander savers are thinking - are they all moving money today?? If I do move the money I am not sure where to move it too as the other sizable chunck of our savings is with part if the Halifax group and I am aware I should be keeping my savings under a certain amount within anyone group - incase they all go bust at some point and I need to claim my money back - but cannot remember what that amount is.

Really not sure what to do. Thoughts very much appreciated. Am about to go on holiday in weeks time so need to make decisive action now.

I was looking at this info btw if that makes no sense!

www.thisismoney.co.uk/money/saving/article-1623147/Safe-savings-advice-Compensation-rules.html

Also make sure you don't have more than 85k with banks under one umbrella.Eg bradford and bingley alliance and leicester and santander only 85k across all 3. The absolute safest place is NS and i for sums over 85k

Santander aren't just buying RBS branches, they're buying all the RBS branded business in England and all the NatWest branded business in Scotland from RBS Group. So if you have an account at an RBS branch in England, yes that will become a Santander account.

If you have less than £85k at Santander it will ultimately be safe, although I expect if the bank (or any other) did fail there may be a short time period where it was very difficult to get cash and/or find out what was happening. I think it would be sensible to have a small "float" at a number of banks if possible, just to tide you over until you were paid out under the Financial Compensation scheme.

If the savings are in a joint account, you are covered up to £85k per person