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Following on from a previous post about many UK banks being part of a bigger group - Abbey, Cahoot, Alliance & Leicester etc. Are any of the major Spanish banks linked in the same way? Second question - in these uncertain times would you feel safer banking with a BIG Spanish bank such as Santander rather than a small one based in the Canaries?
Following on from a previous post about many UK banks being part of a bigger group - Abbey, Cahoot, Alliance & Leicester etc. Are any of the major Spanish banks linked in the same way? Second question - in these uncertain times would you feel safer banking with a BIG Spanish bank such as Santander rather than a small one based in the Canaries?
I don't think they're linked in the same way here, but I'm open to correction.
Re your second question, I don't feel safe with any bank at the moment, and I think I'd feel safer with a big bank ... but I no longer feel certain even about that.
A question of my own, if anyone knows. This talk about depositos makes me feel the need to clarify: is all one's money in a bank safe, or only that which is in deposit/savings accounts? Is current account money also covered?
I don't think they're linked in the same way here, but I'm open to correction.
Re your second question, I don't feel safe with any bank at the moment, and I think I'd feel safer with a big bank ... but I no longer feel certain even about that.
A question of my own, if anyone knows. This talk about depositos makes me feel the need to clarify: is all one's money in a bank safe, or only that which is in deposit/savings accounts? Is current account money also covered?
I was speaking with First Direct Bank this morning, I asked your question Janet about all money in a bank, irrespective of what account it may be in, deposit/savings or current account, they have said that the bank's £50.000.00 liability will cover ALL monies with that particular bank, or with any other bank it may be in. but just to add..people should be aware..that the bank they are about to deposit their money with does not share a licence..if they do share a licence.. as do the First Direct Bank..they share a licence with HSBC, this would mean you would only be covered for £50.000.00. between the two banks..if you have a sizeable amount of money to be banked..let us say more than £50.000.00.you would be wiser to bank only the covered limit with one bank and the balance given that it does not exceed £50.000.00 with another bank with a single licence.
Ps. Sorry Janet, I have only just noted that you were referring to Spanish Banks.Hmmm.
Last edited by Mazoka; 16-10-08 at 12:27.
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Re: Safety of deposits held in Spanish Bank accounts
A couple of articles HERE and HERE in the BBC news page today ... thought the links would be useful to preserve, and it's comforting reading for savers anyway. The articles are UK focused, but of course these are EU rules so should apply to Spain too. There's an interesting list in the first one of the licenced banks where savers would only be covered for one account between the banks.
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Re: Safety of deposits held in Spanish Bank accounts
I was speaking to my friendly bank today, and it appears that the 100,000 euro guarantee does not apply to any one account or customer, but for each individual fund. The current account also counts as a fund. Whereas previously separate deposit accounts were shown separately, the bank now lumps them together under one 'fund', so that the 100,000 guarantee applies to the sum total of all in that 'fund'.
This means that generally, the current account is secured to 100,000 euros, but so also is the sum total of all other accounts.
I'm afraid this new rule makes no difference at all for me but those hundreds of forum members with massive bank balances must be relieved.
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Are any Spanish banks linked? 
but those hundreds of forum members with massive bank balances must be relieved. 
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