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Savings customers get extra protection

Savings customers get extra protection

Category: Savings

Updated: 16/12/2008
First Published: 16/12/2008

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 It is now over 6 months old so the content may be out of date.

Savers who hold joint membership of Skipton and Scarborough building societies (at the date of the merger) are set to benefit from additional cover from the Financial Services Compensation Scheme (FSCS).

After reviewing the rules and going to the FSA with their proposals, Skipton can confirm 'double cover' for the joint members. This means £100,000 of savings protection under the FSCS (£200,000 for joint accounts).

Skipton BS deputy chief executive David Cutter: We are delighted to have concluded our review of the new rules with such a positive outcome for members. This is another example of how building societies, like Skipton, are putting their members and their members' financial security first.

By achieving this confirmation; that the new rules will apply to savers who are members of both societies at the date of the proposed merger, we believe this will bring much needed clarity to the situation and give even greater protection to their money."

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