New compensation limits to FSCS
to cover savers claims up to £50,000
The FSA have announced that it will be increasing the level of compensation available under the Financial Services Compensation Scheme (FSCS) to £50,000. This will be effective from Tuesday 7 October 2008. Customers with joint accounts will be eligible to claim up to £100,000 per total deposit, per authorised institution.
Bradford & Bingley’s retail savings business is owned by Abbey, part of the Santander Group.
Abbey is an authorised deposit taker under the Financial Services Authority. With the recent transfer of Bradford & Bingley’s retail savings business to Abbey, these accounts now sit under Abbey’s authorisation. Therefore, where you hold deposit accounts with both Abbey and Bradford & Bingley, for the purposes of calculating compensation entitlement under the FSCS, you would only be entitled to claim up to a total of £50,000 per person, per total deposits held with both Abbey and Bradford & Bingley.
Why should you save with us?
In addition to the increase in the FSCS compensation limit, you have the added peace of mind that Abbey’s parent company, the Santander Group, is one of the world's largest banks:
- Santander is one of the 10 largest banks in the world by market capitalisation
- Santander has an AA* credit rating and a strong retail focus
- Santander has over 65 million customers with more branches worldwide than any other international bank
All of which adds up to even more peace of mind when you save with us.
*Credit rating as per Standard and Poor’s long-term issuer rating (domestic) as at 06.10.08.
Information correct as at 06.10.08.
Abbey, Alliance & Leicester plc and Cater Allen are also part of the Santander Group, but they continue to operate under separate banking licenses.
This means that any savings you may hold separately with Abbey, Alliance & Leicester and Cater Allen will be covered up to the value of £50,000 for each separate institution.
