Nationwide snaps up Dunfermline - Savings - News - Moneyfacts


Nationwide snaps up Dunfermline

Nationwide snaps up Dunfermline

Category: Savings

Updated: 30/03/2009
First Published: 30/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Nationwide Building Society has confirmed it has taken over the savings business and some of the mortgage business of the Dunfermline Building Society.

The accounts of around 300,000 Dunfermline members, its prime mortgage lending book and the society's head office and branches are now part of Nationwide after a deal was rushed through to prevent Scotland's biggest building society from going bust. All of the society's staff have been transferred to Nationwide too.

The Bank of England said the move had been made in order to protect depositors and safeguard financial stability. It also added that savers can be assured that their money is safe, while it is business as usual for all customers.

Dunfermline's deposit business will continue to operate normally, with branches and telephone banking open during their normal hours so customers can deposit and withdraw their money in the usual ways. Loan and mortgage customers have been told they can still contact Dunfermline in the usual way and to continue to make repayments as normal.

Around £1.5 billion worth of high risk assets which were not transferred to the Nationwide including commercial loans and some residential loans have been bought by the Treasury.

"Nationwide is in a unique position by virtue of its size and financial strength, to provide support to Dunfermline and we regard it as both responsible and commercially beneficial to undertake this transaction," said Nationwide's chief executive, Graham Beale.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.

Start saving for Christmas… 2017!

Christmas is just around the corner and our annual festive splurging is starting to step up, but are you prepared? It may be too late to start saving for this year’s festive spend, but it’s never too early to start for next year’s!