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Who owns your bank?
Posted on: 26th Feb 2018 by: CamOuse Financial Management Limited
Following the financial crisis of 2008 when a number of big British banks came close to collapsing, the Financial Services Compensation Scheme (FSCS) was strengthened by the government. As such, the FSCS 100% guarantees the first £85,000 of a person’s cash savings per banking licence in total, including interest. This means that a couple with a joint account holding up to £170,000 will have every penny of this covered.
But what does ‘per banking licence’ mean? Simply put, one banking licence can cover a number of different banks, building societies or brands. It’s important therefore to spread your cash across more than one provider, as it could mean some of your hard-earned money isn’t as safe as you think in the event of a future collapse.
With that in mind, below is a list of the biggest banks and building societies in the UK and all the brands which fall under their banking licence. That means if you hold more than £85,000 across different brands but under the same licence, you could be in a position to lose out should the worst happen.
HBOS (Halifax/Bank of Scotland group):
AA
Bank of Scotland
Birmingham Midshires
Halifax
Intelligent Finance
Saga
Lloyds Banking Group*:
Cheltenham and Gloucester
Lloyds Bank
*HBOS was acquired by Lloyds Bank, but both HBOS and Lloyds Banking Group have continued to operate under separate banking licences.
TSB:
TSB
Barclays:
Barclays
Barclays Direct (formerly ING Direct)
Standard Life
Woolwich
HSBC:
First Direct
HSBC
Royal Bank of Scotland (RBS)**:
RBS
NatWest:
NatWest
Ulster Bank:
Ulster Bank
Coutts & Co:
Coutts
**NatWest, Ulster Bank and Coutts are all subsidiaries of RBS, but have their own separate banking licences. As such, someone with accounts in each of these banks would be covered for up to £85,000 in each bank.
Santander UK:
Cahoot
Santander
The Co-operative Bank:
Britannia BS
Smile
The Co-operative Bank
Bank of Ireland UK:
Bank of Ireland UK
Post Office
Clydesdale Bank PLC:
Clydesdale Bank
Yorkshire Bank
Sainsbury’s Bank:
Sainsbury’s Bank
Tesco Bank:
Tesco Bank
Virgin Money:
Virgin Money
Nationwide BS:
Cheshire BS
Derbyshire BS
Dunfermline BS
Nationwide BS
Yorkshire BS:
Barnsley BS
Chelsea BS
Egg
Norwich and Peterborough BS
Yorkshire BS
Coventry BS:
Coventry BS
Stroud and Swindon BS
Skipton BS:
Chesham BS (renamed Skipton BS)
Scarborough BS (renamed Skipton BS)
Skipton BS
So, what about banks outside the UK? Whilst most banks which accept British savings are not covered by the FSCS, some within the European Economic Area are covered by their home country’s compensation scheme through the ‘savings passport’ scheme. One of the most prominent examples is Triodos Bank in the Netherlands, which is covered by the Dutch equivalent of the FSCS up to €100,000 per person. There are also some international banks which are covered by the FSCS, including:
Axis Bank UK
ICICI Bank UK
State Bank of India UK
Money saved in accounts and products offered by Government-backed National Savings & Investments (NS&I) enjoys 100% security (although these products are not protected by the FSCS). This includes premium bonds.
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Clive Nickalls
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Trevor Honey & Clive Nickalls
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Lee Pooley
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Trevor Honey
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Silk & Schwarz
Lee Pooley
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Burgess & Bedford
Lee Pooley
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Lee Pooley
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V Hardy
Clive Nickalls
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Very pleased with the service provided and happy to recommend to my customers and friends and family.
M Chadburn
Clive Nickalls
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I would like to express my thanks for the excellent service I have received and a special thank you to Hannah for keeping me updated and dealing with my queries in a very efficient and professional manner.
T Long
Matthew Theobald
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Thank you (and Eve) so much for all your help and support towards our remortgage. We really appreciated your expertise.
Cant & Robbins
Lee Pooley
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C Baldwin
Lee Pooley
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Lee has provided me with mortgages and appropriate insurance for both my home and lease properties. He is professional and works to get policies in place in an extremely quick time frame. I would certainly recommend Lee and CamOuse to anyone and I personally will continue to use their service.
G Habbin
Lee Pooley
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I have been a client of CamOuse Financial Management Ltd for many years and have always found their services to be of the highest quality.
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Jo Kurz
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Amazing company, very friendly, professional, and always on hand to give sound advice. My family has been utilising their expertise for many years and have never been let down.
S Bradley
Jo Kurz
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Sound financial advice and planning. Responsive and friendly service.
B O'Connor
Jo Kurz
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The whole team at CamOuse are friendly, professional and always look after your best interests. Thanks for your help!
G Hall
Lee Pooley
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We've only been with CamOuse just over a year but would highly recommend them. We deal with Matthew who is an excellent adviser, always very responsive to questions and goes the extra mile to help.
P Carter
Matthew Theobald
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I was so pleased and relieved to find this company. Particularly pleasing is their communication - it's jargon-free, concise and clear. We've been very happy with advice given thus far, and also their responsiveness whenever we've had any queries.
A Cant
Jo Kurz
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We used Lee at Camouse to arrange our mortgage and can highly recommend him to provide an honest and professional service in this area. We will certainly return to Lee for remortgage advice in the future.
A Attewell
Lee Pooley
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Would like to extend our thanks to you and your team for a fantastic customer service as always.
E & R Mendoza
Lee Pooley
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We paid a small fee to Camouse for whole of market mortgage broker services. As first time buyers, Lee and Eve were able to guide us through the process, find us a deal and sort out the applications in a really helpful friendly and efficient way. We were very satisfied and would recommend CamOuse to others for this service.
L Humphrey
Lee Pooley
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I was extremely pleased with the quality of the service I received when arranging a mortgage as part of a house sale and purchase through CamOuse. Lee and Eve were very easy to contact and always quick to respond. I would definitely recommend their mortgage arrangement services.
G Dewdney
Lee Pooley
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Jo has been extremely helpful and very patient and I will be recommending her highly to other family and friends of mine. I do sincerely appreciate the way Jo handled my issues and also the excellent and very professional way she conducted business. She is an absolute asset to CamOuse.
C Tate
Jo Kurz
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CamOuse have been our go-to financial advisers since 2008 and have assisted with numerous mortgages, remortgages, insurances, and general financial advice. Lee Pooley and Eve Nowakowska have been invaluable during this time. We've built up an excellent relationship with both and trust them completely to do what's in our best interests. Both are an absolute pleasure to work with and I cannot recommend them, and by extension CamOuse, enough!
I Murphy
Lee Pooley
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We used the services of CamOuse to help in buying our first home and setting up our mortgage and we were extremely happy with all the advice and help we got. We spoke to Lee mostly, who was really great! Very insightful, very friendly and helpful, very patient and all-round great service. Would happily seek their help again. Many thanks Lee!
C Bolas
Lee Pooley
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We have been taking mortgage advice from CamOuse for over 20 years and are always impressed by their friendliness and professionalism.
N Amery
Lee Pooley
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Thank you to Matthew and Julie for making a huge difference in my life when I thought I was so stuck and felt there was never going to be a way to move forward.
L Smith
Matthew Theobald
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Understanding the true cost to your business
Pension arrangements must be available for all employees. There are three categories of employee:
Eligible
Aged between 22 and State Pension Age (SPA) with qualifying earnings over the Auto Enrolment earnings trigger
Non-eligible
Entitled
Important Notes
- Eligible jobholders must be auto-enrolled
- Non-eligible jobholders are allowed to be auto-enrolled if they want to
- Entitled workers are entitled to join a pension scheme, but the employer doesn't have to contribute
|
Qualifying Earnings lower threshold |
£5,772 |
|
Qualifying Earnings upper threshold |
£41,865 |
|
Automatic Enrolment earnings trigger |
£10,000 |
Minimum contribution level options:
|
8% of Qualifying Earnings of which |
3% is employer's (starting at 1%) |
|
9% of Basic Salary of which |
4% is employer's (starting at 2%) |
|
8% of Basic Salary of which |
3% is employer's (starting at 1%) |
|
(Where basic salary is at least 85% of total earnings) |
|
|
7% of gross earnings of which |
3% is employer's (starting at 1%) |
Pay reference period
Essentially the frequency that the jobholder is paid e.g. monthly, weekly etc. but with reference to the tax month, week etc. therefore it may not be the same as the payroll period.
Deduction and payment of contributions
It is the employer who is responsible to calculate, deduct and pay all contributions to the AE scheme. NOTE – the first and last contributions are likely to be for less than a full pay reference period and should be adjusted accordingly.
Payroll services
It can be seen that it is very important that the payroll system synchronises with the AE scheme otherwise the employer will not be carrying out all requirements and then penalties will be incurred.
Staging date
Based on the employer’s payroll size as at 1 April 2012 and can be found at www.thepensionsregulator.gov.uk/employers using your PAYE reference. The Qualifying Workplace Pension Scheme must be registered with The Pensions Regulator within 4 months of the staging date.
Compliance and communication
Postponement
Auto-Enrolment can be postponed for up to 3 months:
- For current eligible employees
- For workers that meet the criteria in the future for the first time e.g. avoid joining temporary or lower paid workers
Opt-Outs
All eligible employees must be auto-enrolled, but can, with the correct notification, opt-out within one month of joining the scheme and be treated as never having joined. They can opt back in and will automatically be auto-enrolled every 3 years in any case!
Communication
There is a wide range of information that must be provided to all employees at certain times, such as:
- The date auto-enrolment took place for eligible jobholders
- That non-eligible jobholders have the statutory right to opt in
- Entitled workers have the right to request the employer to enrol them into a pension scheme
Salary sacrifice
Contributions can be paid by effectively reducing salary, which saves on NI contributions, but employee must choose to do this – they cannot be forced, so a contractual variation will need to be implemented.
Default investment fund
Investment Options
All eligible employees will be automatically invested into a default investment fund, which is a balanced risk fund that is “life styled” to account for the employees approach to retirement. They also have the option to invest in a wide range of funds of their choosing.
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