ANSWERS: 1
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Simply answer NO - however it doe depend on the amount of savings and where they are currently kept. Simply the first £35000 of your savings are safe (by the FSCS)- that is the first £35000 per banking institution. That means if you have more than £35000 in savings and you currently have a HBOS and LLoyds savings account holding those funds then you might want to think of moving some. As long as you have less than £35K of savings with each banking institution then its all safe. So split all the saings into £35k and have them in different institutions (not just different accounts). The other thing to note that even if the merger goes ahead the two companies can still retain a seperate authorisations with the FSA like with Natwest and RBS, and hence they will still be classed as different institutions. So simply answer after all that waffle is NO unless you are lucky enough to have more than £35k spare where if so split it and keep it safe.
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