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mochyn

Joined: 21 Dec 2004
Posts: 24585
Location: mid-Wales

Posted: Mon May 21, 12 1:14 pm Post subject: Santander
Are people closing Santander accounts? Just wondering because we have a couple and can't afford to loose the money!

sean
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 42207
Location: North Devon

Posted: Mon May 21, 12 1:15 pm Post subject:
You're covered for up to £85k. So unless you're richer than I thought...

mochyn

Joined: 21 Dec 2004
Posts: 24585
Location: mid-Wales

Posted: Mon May 21, 12 1:16 pm Post subject:
Ah. Then I shall stop worrying. It's a touch less than that.

Went

Joined: 19 Mar 2006
Posts: 6968

Posted: Mon May 21, 12 1:18 pm Post subject:
You should be fine it is covered by the UK regulation and compensation scheme: https://www.moneysavingexpert.com/savings/safe-savings (point 2)

Bebo

Joined: 21 May 2007
Posts: 12590
Location: East Sussex

Posted: Mon May 21, 12 1:20 pm Post subject:

It's also a completely separate operation from the spanish Banco Santander and has to comply with the FSA requirements, which means if the parent company goes down it can't asset strip the UK company. Also 90% of its financial interests are UK based, with the only European exposure in Switzerland. Santander UK has actually got as good (or better) score than the other big UK banks and much less Euopean exposure than Barclays or Lloyds for example.

mochyn

Joined: 21 Dec 2004
Posts: 24585
Location: mid-Wales

Posted: Mon May 21, 12 1:22 pm Post subject:
Phew. I'm seeing Tweets from people who are closing accounts. Won't dash into town, then.

sean
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 42207
Location: North Devon

Posted: Mon May 21, 12 1:23 pm Post subject:
That says more about Twitter than about Santander.

mochyn

Joined: 21 Dec 2004
Posts: 24585
Location: mid-Wales

Posted: Mon May 21, 12 1:26 pm Post subject:
Quite possibly!

Went

Joined: 19 Mar 2006
Posts: 6968

Posted: Mon May 21, 12 1:33 pm Post subject:

mochyn wrote:

Quite possibly!

It could be Chinese whispers as there are banks here that are seeing large numbers of people withdrawing money and with Santander having its origins here.....it doesn't take much to get people twittering.

Stonehead

Joined: 24 Aug 2006
Posts: 674
Location: Aberdeenshire

Posted: Mon May 21, 12 3:37 pm Post subject:
There's nothing like rumours of a run on a bank to prompt a run on a bank. And Kent Council didn't help when it decided to drop Santander UK from its list of approved banks and stopped putting millions of pounds into overnight accounts with them. There's also a certain amount of irony in people jumping from a bank downgraded to A2 to other banks when most of them are A2 or A3.

lettucewoman

Joined: 26 Sep 2006
Posts: 7834
Location: Tiptoe in the Forest!!

Posted: Mon May 21, 12 3:40 pm Post subject:
I have all our accounts with Santander and after reading about it all I'm not worried...except about foolish people closing accounts and causing a problem!

Bebo

Joined: 21 May 2007
Posts: 12590
Location: East Sussex

Posted: Mon May 21, 12 4:09 pm Post subject:

lettucewoman wrote:

except about foolish people closing accounts and causing a problem!

My only fear.

Rob R

Joined: 28 Oct 2004
Posts: 31902
Location: York

Posted: Mon May 21, 12 6:22 pm Post subject:
If I were you I'd close the account, not beaches of twitter, just that they're rubbish.

mochyn

Joined: 21 Dec 2004
Posts: 24585
Location: mid-Wales

Posted: Mon May 21, 12 6:24 pm Post subject:
I agree: I've had the account since I was a girl when it was Abbey National. When I can find something I like better I'll change.

Marionb

Joined: 27 Aug 2006
Posts: 5267
Location: Mid-Wales

Posted: Mon May 21, 12 6:38 pm Post subject:

mochyn wrote:

I agree: I've had the account since I was a girl when it was Abbey National. When I can find something I like better I'll change.

I can remember when it was the Burnley BS, then became National & Provincial... its had a few name changes

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