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Fscs Compensation And Banks That Are The Same But Different

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Okay, so the FSCS compensation scheme has become common knowledge this week (though we on the forum knew about it all along)

Now a thought occurs to me.

I have savings in Birmingham Midshires. On the website I find that this is a subsidiary of HBOS.

I have savings at Sainsbury's Bank. I hear a rumour (can't confirm it from the website) that this is a subsidiary of HBOS.

Does anyone know if these will be treated as "one bank" if I ever had to apply for compensation under the FSCS? IE if I had 20k in each would I stand to lose almost 10k?

A pretty vital question, and it potentially raises alarming issues of transparency.

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Okay, so the FSCS compensation scheme has become common knowledge this week (though we on the forum knew about it all along)

Now a thought occurs to me.

I have savings in Birmingham Midshires. On the website I find that this is a subsidiary of HBOS.

I have savings at Sainsbury's Bank. I hear a rumour (can't confirm it from the website) that this is a subsidiary of HBOS.

Does anyone know if these will be treated as "one bank" if I ever had to apply for compensation under the FSCS? IE if I had 20k in each would I stand to lose almost 10k?

A pretty vital question, and it potentially raises alarming issues of transparency.

Yes they will be classed as one bank , but think to yourself if HBOS goes bust this country will be in DEEPPPPPPPP SH1T anyway , and the FSA guarantee would be very unlikely to be honoured .

Edited by grey shark

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Yes they will be classed as one bank , but think to yourself if HBOS goes bust this country will be in DEEPPPPPPPP SH1T anyway , and the FSA guarantee would be very unlikely to be honoured .

Okay so in practice it is pretty irrelevant.

Still, it makes me very cross in principle that the FSCS scheme is being publicised, and the advice to spread your savings is possibly filtering into the public domain...

Yet having made the effort to spread my savings it turns out I've achieved nothing. AND I CAN'T EVEN FIND any hint on the Sainsbury's bank website to suggest they're related to HBOS!!!!!

I consider myself unusually financially adept! How many people could potentially be screwed by this?

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I think with all the scr£w up in recent times about who's guaranteed what to whom and for how much, it's all flippin' muddy now. Before this date , after that date, same institution, all banks, no banks, same as before, solvent banks .... Oh god knows. :huh:

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How many people could potentially be screwed by this?

Everyone could get screwwwwed , Sainsburys must have sent you some paperwork when you openend the account , look at the bottom of the page , or give em a bell .#

The guarantee is worthless imo if there was armageddon .

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