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

[Thandeka]

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.

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

"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

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....

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

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

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!