SKIPTON Building Society said yesterday that savers with its merger partner Scarborough Building Society would benefit from new higher levels of depositor protection.
The mutual said it planned to take advantage of new rules under which building societies that merger can keep their separate £50,000 compensation limits under the Financial Services Compensation Scheme.
This means that savers who have money invested in both societies will have savings of up to £100,000 covered for single depositors, and up to £200,000 for joint account customers.
In order to qualify for the higher limit, all Scarborough savings accounts will retain the Scarborough name in their title, although they will still be transferred to the Skipton as planned.
The passbooks and statements for these accounts will also contain the Scarborough name, while Skipton will keep a separate record of all former Scarborough savings members.
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