"johnmids2006" wrote in message
news:36300a18-362e-45d4-a810-f17cda72baf5@x41g2000hsb.googlegroups.com...
On Oct 6, 10:05 am, "turbo" wrote:
> I hear on TV all about Bank Deposits now being guaranteed up to £35,000 ,
> soon to be £50,000 etc and in some countries unlimited amount.. Does it
> also apply to 'Building Societies' accounts or is it just 'banks'..
In the UK, "banks" for this purpose, does include building societies.
Although some banks operating in the UK (such as Landsbanki, the Icelandic
Bank which offers the 'Icesave' high interest accounts) are not governed by
UK banking licences and any initial refund (if the bank goes toes-up) must
be claimed from the particular bank's home country. The UK gov't will
(eventually!) top up that initial claim to the £50k. Other foreign banks
operating in the UK (such as ICICI which is Indian owned) do have UK banking
licenses and therefore the full £50k cover will apply to deposits with them.
Ret.
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