Quick banking question

Cheltenham and Gloucester Building Society and The Halifax is part of Lloyds TSB Group.

Which other banks are connected to which other banks and/or building societies?

That’s not that quick a question!

Santander is huge, as is Barclays Group. Lloyds Banking Group would be another one to Google, if you want to know what else is part of that organisation.

Did you want to know anything specifically?

Well I know that the government will protect up to £50k savings should a bank/BS fold but if you had £50k in Lloyds, Halifax and C&G and the Lloyds Group went down then you’d only get £50k protected not £150k even though you had £50k in each – so I’m trying to find out how best to protect the money.

Check out the savings section at http://www.moneysavingexpert.com There is a table in there somewhere that show what banks are linked and therefore share the £50k protection.

Aah, good thinking!

I believe that HBOS is still (currently) a separate bank, and therefore covered separately but C&G is not. I’m sure someone who knows better than I will be along to help in a bit…

edit: see, I thought someone helpful would turn up!

Have you not been paying attention for the last couple of years.

Basically they all form part of an alien conspiracy, they’re evil and sinister plot to bring the planet to its knees and subsequently enslave the entire human population.

They we’re going to do this by the traditional methods of invasion and mass killings, but instead, in a moment of inspiration, opted for convincing everyone that Chicago style globablisation was a fantastic idea with basically no draw-backs

I think we all know the rest

Give me the money, I’ll buy a classic Porsche and keep it for a year. When I sell it it will have depreciated less than your cash will have in a bank…

it’s done on banking license, not on what group you’re in

What do you mean “banking license”? (sorry)

My understanding is as follows (I’ll caveat it with the comment that I might not be right, but it’s my understanding nonetheless)

A bank needs a banking license to trade in the same we we need a TV license to watch TV legally. This banking license may well cover all banks in a Group, or there may be more than one license in a Group. My understanding is that the FSCS levy (which is the body that provides the ‘insurance’ for your balance – the £50k you’ve mentiond) is levied per banking license. So you may be covered with £50k in two different companies in the same group as long as those companies are not trading under the same license.

Okay, so if I want to find 3 “safe!” banks or BS can I assume, for example, that if £50k were deposited in Lloyds, Natwest and Barclays that £150k would be protected?

Equally, C&G, Nationwide and Standard Life?

Anyone help here? Many thanks

…..then you’d only get £50k protected not £150k even though you had £50k in each – so I’m trying to find out how best to protect the money

I wish I had that problem. 😉

I know jon1973 but my parents both passed away recently so this is from their estate.

To be honest none of the big 5 (Rbs group, Santander, hsbc, lloyds hbos and barclays) will be allowed to fold so I wouldn’t worry about it. The country would not survive without them. If you consider the amount of the ecconamy that relies on these lot for income, tax, lending and investment Britain would end up in even more s**t than it’s already in.

Try the FSCS webiste http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-deposits/

Also, this link has a ‘which banks are linked tool’, but you might want to check when it was last updated http://www.moneysavingexpert.com/savings/safe-savings

Change hands at 99, oops, you said banking, didn’t you?… My mistake.