i have a very large bond,,over � 35.000 with abbey.....i do understand i am only insured for 35,000 .......anything over that amount im not........i also know abbey is part of santander/spanish system....is my money safe in the present climate ? just seen bush on tele this morning urging people not to panick....once he says that,,,WE PANICK ~~!!! thanks
Santander is considered one of the stronger european banks, so if your going to have over �35k in a single bank Santander is not a bad one to have it in.
Your money is actually guaranteed by the FSCS - not the FSA. And it's only guaranteed up to the limit of �35,000 - as you stated in your post. I personally won't have more than �35,000 with any one organisation, as I feel it's far risky. If HBoS can be exposed then just about anyone could be affected by this.
Remember too that its not �35 000 per bank account, nor indeed is it �35 000 per bank. But rather �35 000 per trading license. Some banks whilst appearing to be separate entities do in fact operate under the same license as another bank. Egg for example are part of Citibank (?) so if you had accounts with both and they went under you would only get 1 lot of �35 000
Northstar although EGG is part of the Citigroup if you look at the savings 'arms' they actually have separate authorisations from the FSCS. This means they are separately guaranteed so you could in fact have �35,000 in a Citibank FlexiSaver plus �35000 in an Egg account and be covered for them both. See Question 2 at: http://www.fscs.org.uk/consumer/FAQs/Deposit_c laims_FAQs/
For example the Citibank FlexiSaver Issue 4 is authorised on the FSA register as 204598 (CitiFinancial Europe plc).
In contrast the Egg Internet Easy Access account is authorised on the FSA register as 122342 (Citibank International plc).
Maypole, I accept your points above without question. I wished to point out that if you have say �20,000 in Bank A and another �20,000 in Bank B then if Banks A and B trade using the same license then you would only be entitled to �35,000 compensation. It would be worth checking as some bank relationships are quite incestuous.
National Australia Group is another institution that has many different banks under it's main 'umbrella'.Yorkshire Bank (not Yorkshire Building Society)and Clydesdale Bank being a couple of them.