Hello, I believe £35.000 is only guaranteed per Banking Licence as opposed to per bank.
Are Bradford and Bingley, and Newcastle Building Society two institution run under different banking licences, and therefore £35,000 is covered in each?
Once logged into each their on-line banking websites look exactly the same, and customer numbers are the same format. Why is that?
Thanks in advance, Diane.
It depends on whether or not the institutions are separately authorised by the Financial Services Authority - see
Newcastle Building Society is registered with reference 156058. Bradford & Bingley is registered with reference 106126.
In theory the first £35,000 held in each institution would therefore be protected.
However, B&B is kind of big, and I don't see the government allowing it to fail unless it had absolutely no choice. (Northern Rock still hasn't "failed" in the sense of not being able to give savers their money back; it would have failed without government support but it has that support by the bucketload). If B&B goes down, chances are we've hit economic meltdown and whether or not you get £35,000 or £70,000 won't make a lot of odds.
Mouse
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.