Are my savings safe with santander?

Rick Schuster asked a question: Are my savings safe with santander?
Asked By: Rick Schuster
Date created: Wed, May 12, 2021 1:41 PM

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Those who are looking for an answer to the question «Are my savings safe with santander?» often ask the following questions:

🚩 Are your savings safe with santander?

Santander is still safe. Santander UK is run as an entirely separate, independent subsidiary from parent company Banco Santander. It raises its own funds in the capital markets and from UK savings deposits, as well as issuing its own UK mortgages and loans.

🚩 Reader question: are my savings with santander safe?

Is my money safe or should I move it? My response: This a popular question which I am asked regularly. Savers see newspaper headlines about the bailing out of Spanish banks and understandably worry that their savings with the likes of Santander, in the UK, are about to disappear. But firstly your savings account is with Santander UK which is ring fenced from other parts of the Santander Group.

🚩 Are my savings safe?

Following on from that, every sensible saver needs to make sure their money is safe should the worst ever happen again. Broadly speaking, savings in a bank are protected up to £85,000. Our guide tells you full info of what protection's out there, and lets you check if your bank is protected. In this guide.

10 other answers

Are my savings safe with Santander? Santander UK is authorised and regulated by the Financial Services Authority (FSA) and, as such, deposits in the bank are protected by the UK Financial Services Compensation Scheme (FSCS) if the bank were to go bust. However, this is limited to £85,000 per person, across all accounts.

Santander is still safe. Santander UK is run as an entirely separate, independent subsidiary from parent company Banco Santander. It raises its own funds in the capital markets and from UK savings deposits, as well as issuing its own UK mortgages and loans.

Santander has seen its credit rating cut. So is it still a safe home for your savings?

In which case only a total of £85,000 of savings would be protected across the whole group. In the case of Santander UK - Cahoot, Abbey, Bradford & Bingley and the Alliance & Leicester brands all come under the Santander UK licence which means just one £85,000 limit would apply to a person's total savings across all of them.

So are my savings safe? UK consumers with money in Santander are protected by the Financial Services Compensation Scheme.

The news that Santander has had its credit rating slashed by credit agency Moody's will alarm many British savers. With good reason - Santander has around 25m UK customers.

In – what experts say – the unlikely event of Santander’s UK arm going belly up, the first £85,000 (£170,000 for joint accounts) of savers’ deposits is protected by the UK savings safety ...

Still, we always recommend that savers do not put more than £85,000 in any UK bank (Santander included). That's the maximum bailout from the Financial Services Compensation Scheme. Topics

So are my savings safe? UK consumers with money in Santander are protected by the Financial Services Compensation Scheme. This covers deposits of up to £85,000 held in the bank, or £170,000 for couples, and includes money previously held in Alliance & Leicester or Abbey accounts.

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