Santander - Next bank in line for mass withdrawals of savings?
Discussion
LaurasOtherHalf said:
What are the implications of transferring my isa's away from Santander & into another bank?
According to this Santander ought to be OK."Not all UK savings are UK regulated.
Most banks including foreign-owned ones like Spain's Santander are UK regulated. Yet a few EU-owned banks opt for a 'passport scheme' where you rely on protection primarily from their HOME government.
This includes ING Direct, Anglo-Irish, Triodos & more. See foreign banks list for full details."
TeamD said:
Not much on the beeb website relating to this issue (I suspect they're all down the pub though and with their heads shoved up each others arses!)
That's because it's a non-issue. Kent County Council famously lost a fortune investing in Icelandic banks so they aren't exactly financial experts 
Mermaid said:
According to this Santander ought to be OK.
"Not all UK savings are UK regulated.
Most banks including foreign-owned ones like Spain's Santander are UK regulated. Yet a few EU-owned banks opt for a 'passport scheme' where you rely on protection primarily from their HOME government.
This includes ING Direct, Anglo-Irish, Triodos & more. See foreign banks list for full details."
But if I have to be bailed out to see my savings come back-I've lost out on however long it takes interest."Not all UK savings are UK regulated.
Most banks including foreign-owned ones like Spain's Santander are UK regulated. Yet a few EU-owned banks opt for a 'passport scheme' where you rely on protection primarily from their HOME government.
This includes ING Direct, Anglo-Irish, Triodos & more. See foreign banks list for full details."
There's no point in me pulling all my money out for a lesser deal if it's all just scaremongering.
TeamD said:
Not much on the beeb website relating to this issue (I suspect they're all down the pub though and with their heads shoved up each others arses!)
If you search Santander on the BBC website you'll find the story. It boils down to Kent Council has suspended overnight deposits to Santander UK. Until Santander confirms UK deposits are 'ring fenced' from the Spanish Bank.
AFAIK Santander isn't anymore vulnerable than any other Bank other than their parent company is Spanish. Santander UK is a UK Bank with a Spanish parent company and a separate entity to Santander Group.
Kent Council could have saved themselves all the hassle by doing a few mins research, but hey they lost £50m when Iceland went under, so you can probably excuse some knee-jerk reaction.
whoami said:
Much muppetry being spouted on this thread.
I wouldn't go that far, folks are trying to be cautious due to the current EURO fiasco and added concern going into a branch and talking to any experts most would feel safer getting cash to where they feel more safe.Although it doesn't take much for people to get over excited at the moment where savings are concerned.
As a great quote from Armageddon.
" it's happened once, it will happen again "
Edited by cal216610 on Tuesday 15th May 17:37
Mermaid said:
So please summarise the facts as you know them.
I can remember when there were just as many experts on here telling us all that Icesave couldn't go bang as there were telling us it could.
When it did go bang everyone then said they knew it would, so much for PH banking experts
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