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I have a N.Rock savings account linked to my virgin one account, in the event that RBS/Virgin should fail, how will I access savings account.

kedwar
by kedwar 07 October 2008  |  Comments 1 comment  |  Love Love  0 loves

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  • Dave
    Love rating 52
    Dave posted

    I'm not sure how they are linked as institutions, but the FSCS relating to banks means you get the net effect of savings and debt for an institution (e.g. Halifax, Bank of Scotland and IF is one institute).

    In my case, I have a mortgage of X (a debt), savings of Y, current account of Z with one institute and if they went to the wall, I end up with X+Y+Z, as my mortgage value is more than my savings and current account I would end up netting a debt owed to the banks creditors.

    Posted on 07 October 2008 | Love Love  0 loves Report

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