Source: FSA* Merger between Co-op and Britannia expected soon - no change to protection** Unlimited protection*** Separate protection for those with money in both Derbyshire and Nationwide before merger on 1 December 2008**** Separate protection for those with money in both Cheshire and Nationwide before merger on 15 December 2008***** Separate protection for those with money in both Dunfermline and Nationwide before merger on 30 March 2009HSBCHSBC BankHSBC, First DirectHSBC Private Bank UK LtdHSBC Private Bank UK LtdHFC BankHFC BankMarks & Spencer Financial ServicesMarks & Spencer Financial ServicesHSBC Trust CompanyHSBC Trust CompanyBarclaysBarclaysBarclays BankBarclays Bank Trust CompanyBarclays Bank Trust CompanyRoyal Bank of Scotland GroupRoyal Bank of ScotlandRoyal Bank of Scotland, Direct Line (savings), Child & Co, Drummonds, The One Account, Lombard, Holt'sNatWest BankNatWest BankCoutts and CoCoutts and CoTesco Personal FinanceTesco Personal Finance-->Ulster BankUlster BankAdam & CompanyAdam and CompanyLloyds Banking GroupLloyds TSB BankLloyds TSB, Cheltenham and Gloucester SavingsBank of Scotland (HBOS)Halifax, Bank of Scotland, Bank of Scotland Private Banking, Birmingham Midshires, Saga, Intelligent Finance, Capital Bank, St James's Place BankScottish Widows BankScottish Widows BankLloyds TSB ScotlandLloyds TSB ScotlandAMC BankAMC BankLloyds TSB Private BankingLloyds TSB Private BankingSantanderAbbeyAbbey National, Bradford and Bingley, Cahoot, Asda, Abbey National Treasury ServicesAlliance & LeicesterAlliance & Leicester, Alliance & Leicester Commercial Bank, Moneyback, HoneycombCater AllenCater AllenNational Australia GroupClydesdale BankClydesdale Bank, Yorkshire BankAllied Irish BanksAIB Group (UK)AIB Group (UK), AIB (GB), First TrustCo-operative BankCo-operative BankCo-operative Bank, SmileUnity Trust BankUnity Trust BankBritannia Building Society^*Britannia Building SocietyBritanniaStandard Life BankStandard Life BankStandard Life BankNorthern Rock^**Northern RockNorthern RockZurich BankDunbar BankDunbar BankNationwide Building SocietyNationwide Building SocietyNationwide, Derbyshire Building Society^***, Cheshire Building Society^****,DunfermlineBuilding Society^*****

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Safety of savings to be tightened	Safety of savings to be tightened
2009-07-24 11:41:51 UTC	2009-07-24 12:12:02 UTC (30 minutes later)
Savers will be compensated faster for lost savings if a bank, building society or credit union goes bust, the City watchdog has announced.	Savers will be compensated faster for lost savings if a bank, building society or credit union goes bust, the City watchdog has announced.
The Financial Services Compensation Scheme protects up to £50,000 per saver per institution if the bank goes under.	The Financial Services Compensation Scheme protects up to £50,000 per saver per institution if a bank goes under.
Now the Financial Services Authority has announced that from 2011, compensation will be paid within 20 days at the most.	Now the Financial Services Authority (FSA) has announced that from 2011, compensation will be paid within 20 days, or preferably within a week.
The banking crisis prompted many savers to spread their funds for safety.	The banking crisis prompted many savers to spread their funds for safety.
	Since queues formed outside Northern Rock branches in 2007, the rules about deposit protection have come under scrutiny.
	See how your savings are protected
	The Financial Services Compensation Scheme (FSCS) charges a compulsory levy on the UK's financial services industry that would cover compensation for savers if a UK bank were to go bust.
	Tough test
	The compensation scheme has been tested following the collapse of high-profile banks such as Icesave.
	To help underpin confidence in our banking system, individuals and small businesses must feel confident that their money is well protected Hector Sants, FSA Spreading your savings for safety
	At present, payouts for savers with failed banks can take up to six weeks. The new rules would mean that individuals and small businesses would receive compensation within a target of seven days and all payments within 20 days.
	Current rules mean a bank customer or small business owner who had a debt with a bank, such as a loan, as well as savings could currently have the amount of debt deducted from any compensation for savings if the bank went bust.
	Under the new rules, to come into force on 31 December 2010, savings would be protected to the £50,000 limit and would not be used to offset loans.
	"To help underpin confidence in our banking system, individuals and small businesses must feel confident that their money is well protected," said Hector Sants, chief executive of the FSA.
	Spread savings
	Savers have been keen to keep up with the rules to ensure all their money is protected if a bank, building society or credit union fails.
	At present, if you have up to £50,000 with different authorised institutions, then all your money is safe.
	For example, you have £50,000 saved with Barclays and £50,000 with HSBC Bank, all of this would be protected as the rules stipulate cover for deposits per customer and per institution.
	However, if you have £50,000 in accounts with two different brands (in the same block in the final column on the table below) with the same authorised institution, then only £50,000 is covered. This is because they are authorised with the regulator under one named institution.
	For example, if you have £50,000 with HSBC and £50,000 with First Direct, then only £50,000 of your savings are in the safety net. The same would be true if you have £50,000 with the Halifax and £50,000 with Birmingham Midshires.
PARENT BANK	AUTHORISED INSTITUTION	BRANDS
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