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General Chat Thread, Finance..banks anyone know anything? in General; Basically I have a mortgage with Santander that has a savings account attached to it. Anything in the savings account ...
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    cookie_monster's Avatar
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    Finance..banks anyone know anything?

    Basically I have a mortgage with Santander that has a savings account attached to it. Anything in the savings account is effectivly paid off your mortgage so you don't pay any interest on it but you can borrow it back as mortgage rates. All very good BUT I'm worried that if Santander (who apparently Greece owe allot of money to) take a wobble will I loose my savings OR will it be guarenteed by our government unless it's over a certain amount?

    Anyone in the know?

    Cheers.

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    witch's Avatar
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    This is the site you need that will help, I think:
    Are Your Savings Safe?: Full guide to protect your cash...

    Point 2 tells you that Santander is UK regulated and therefore £85000 of your savings are safe
    Last edited by witch; 17th September 2011 at 06:17 PM.

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    cookie_monster (17th September 2011)

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    cookie_monster's Avatar
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    Cheers for that, so I just need to make sure that the savings account attached to my mortgage is covered just like a normal savings account and there isn't a strange reason that it wouldn't be covered.

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    witch's Avatar
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    I think so, as we have a similar offset mortgage with IF and when the banking crisis happened we checked that our savings were covered and it was OK

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