Who own's which banks -

[cheekymonkey]

guys in light of the recent N-rock fiasco & max compo of £35k per lender does anyone have a table / list of who own's which banks so I can clearly make a break of my savings instead of it all sitting in one nest!

Currently most wedge is with Abbey esaver
Also have an Egg savings account but not really used.

Thanks

[smartie]

egg was recently sold to Citi Bank (previously Prudential)

[trunnie]

The ownership isn't necessarily relevant - if it is a separate Bank to its parent then each Bank may be treated separately for calculating £35k cover for the deposit protection scheme. It's only where the 2 Banks aren't separated e.g. First Direct is a trading name of HSBC Bank and not a separate bank that it's clearly an issue. See the Financial Services Compensation Scheme at www.fscs.org.uk - the relevant FAQ from that site is pasted below.

2. What is the position for people who have multiple accounts with banks that are subsidiaries of another bank?

For people who hold multiple accounts in banks that are part of a larger group such as Halifax Bank of Scotland, if each of the banks is separately authorised by the Financial Services Authority:

* FSCS would pay compensation up to the limit of £35,000 per person, per authorised institution.

If each of the banks is not separately authorised but is covered by the parent company's authorisation:

* FSCS would pay compensation up to the limit of £35,000 once, irrespective of how many different institutions a person held accounts with.

If you have a question about how a bank or building society is authorised, please contact the Financial Services Authority Consumer Contact Centre on 0845 606 1234.

[cheekymonkey]

trunnie said:

The ownership isn't necessarily relevant - if it is a separate Bank to its parent then each Bank may be treated separately for calculating £35k cover for the deposit protection scheme. It's only where the 2 Banks aren't separated e.g. First Direct is a trading name of HSBC Bank and not a separate bank that it's clearly an issue. See the Financial Services Compensation Scheme at www.fscs.org.uk - the relevant FAQ from that site is pasted below.

2. What is the position for people who have multiple accounts with banks that are subsidiaries of another bank?

For people who hold multiple accounts in banks that are part of a larger group such as Halifax Bank of Scotland, if each of the banks is separately authorised by the Financial Services Authority:

* FSCS would pay compensation up to the limit of £35,000 per person, per authorised institution.

If each of the banks is not separately authorised but is covered by the parent company's authorisation:

* FSCS would pay compensation up to the limit of £35,000 once, irrespective of how many different institutions a person held accounts with.

If you have a question about how a bank or building society is authorised, please contact the Financial Services Authority Consumer Contact Centre on 0845 606 1234.

Thanks trunnie

[digger_R]

I assume the same rules apply to NS&I ?

Can I have 30k in savings bonds AND say 20k in other products (savings accounts for example) and still be covered?

[trunnie]

Given its government ownership and implicit guarantee, if NS & I goes under then I suspect that any compensation scheme will be entirely academic as it would imply that the whole country has gone bust.

[Eric Mc]

You can include Northern Rock in that scenario now.

[cheekymonkey]

has anyone got a list of which banks are seperate then & which are just trading names? this would be a very useful resource!

i appreciate it changes but it would be a base guide.

thanks

[limpsfield]

cheekymonkey said:

has anyone got a list of which banks are seperate then & which are just trading names? this would be a very useful resource!

i appreciate it changes but it would be a base guide.

thanks

if you just google the names you are intyerested in you will find it on their home page.

e.g. Abbey National pwned by Santander

www.abbey.com

[J_S_G]

Trunnie's spot on. Only other thing to remember is that banks do shuffle around quite a bit.

Egg's a reasonable example - sold from Prudential to Citi. Barclays is currently in the process of buying Goldfish, and already owns things like First Plus. And, given the current market, there could well be a LOT more sales of card/loan/above-being-partially-funded-by-savings books.

So, if this really worries you, it's worth keeping an eye on all of them, especially if saving with the smaller lenders who're more likely to get snapped up without you noticing.