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Individual Bank Groups in UK

Posted on 2008-09-30
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Last Modified: 2012-05-05
Hello,
I am based in UK, If my bank goes bust I am secure in knowing that I am covered for the first £35k. My question,  were I have to 100k how should I split it as many banks own other banks but if the parent goes bust I will lose all but for 35k. How can I find a list of all the banks and the group the bank belongs to, as I want to have at elast 3 different bank account and have 30 odd in each.

regards

K
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Question by:thatelvis
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by:PeterMac
PeterMac earned 150 total points
ID: 22603792
Don't know where you will find a list, and number of independant groups is growing shorter by the hour almost. Personal choices would be (for major stable groups), Barclays, NatWest/RBS, LLoyds/TSB,  Nationwide (Last remaining major BS), and Abbey(Santander Group). Have not heard of any serious problems with any of these, and they are all large enough to have a good chance of weathering even current storm.  
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Accepted Solution

by:
neopolitan earned 350 total points
ID: 22604562
The major banks listed in the FTSE are HSBC, Lloyds TSB, Barclays and Royal bank of Scotland. The first 3 are the safest. HBOS is in great trouble. Abbey is part of spanish bank group santander and should be safe. Nothern Rock has been taken over by Govt and therefore should be safe. You can invest in foreign banks like citibank which should weather the storm.

Todays news says Irish banks are protected of the deposits by government:
http://www.ft.com/cms/s/0/2124f8f4-8eb9-11dd-946c-0000779fd18c.html

A full list of banks operating in UK is given here:
http://www.fsa.gov.uk/pubs/list_banks/2008/aug08.pdf

Wiki for rescue:
http://en.wikipedia.org/wiki/Banks_of_the_United_Kingdom

Sadly banks are still in a state of flux as of 30/09/08.
A good place to put money will be NS&I.
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Author Closing Comment

by:thatelvis
ID: 31501490
Thank you Gentlemen.
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