Internet savings bank ING Direct have announced they are to take over operation of up to £3bn of UK savings accounts, with the acquisition of two Icelandic operations.
Round 22,000 Heritable Bank accounts will be taken over, worth £580m, after the bank’s parent company Landsbanki was placed into administration and accounts frozen along with sister bank Iceave.
Chancellor Alistair Darling has said that no UK customer of internet savings bank Icesave will lose out as a result of parent company’s going into receivership.
UK customers of online bank Icesave may have to claim compensation to recover their savings after parent bank Landsbanki was taken over by the Iceland government and placed into receivership. The bank is likely to be declared insolvent, and the board have already been dismissed.
With all the talk about protecting your savings under the Financial Services Compensation Scheme, much has been made of not sharing your savings between accounts operating under the same licence. Unfortunately, details of which banks share a single authorisation haven’t been readily available. We’ve now compiled this information into a simple table letting you see at a glance which banks share a licence with your own savings accounts.