How Safe Are My Savings With Darlington Building Society
This is a question you might be asking yourself in the current economic climate. We’d like to explain why the money you have invested with Darlington Building Society is safe.
We are a member of the Financial Services Compensation Scheme (FSCS)
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
From 1 January 2016 in respect of deposits, an eligible depositor is entitled to claim up to £75,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £75,000 each (making a total of £150,000). The £75,000 limit relates to the combined amount in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 0800 678 1100. Please note only compensation related queries should be directed to the FSCS. You can also download the FSCS leaflet here.
We are a strong independent mutual building society
- We have a cautious approach to lending and have no exposure to the sub-prime lending market (that is, we do not lend to people with poor credit histories), which has received so much publicity over the last few months.
- Almost all of our mortgage balances cover our savings – the traditional building society approach. We do not rely heavily on the wholesale money markets.
- No investor in a building society has lost any of their investment since at least 1945 and probably a long time before that. All building societies are determined to maintain that record.
- We have almost 160 years experience in looking after the interests of our members and we are committed to remaining a strong, independent mutual for the long term.
For all of these reasons, we believe that your money is in a safe home with Darlington Building Society.