Reassurance Santander is safe

Published on 1 January 1970 by Raffick Marday

Reassurance Santander is safePeople with Santander bank accounts are being reassured that their money is safe.

Reports of problems with the Spanish economy and banking system may have been making savers nervous about the safety of their money.

The Spanish economy was given a lower rating by a major credit agency assessing its financial strength.

Moneysavingexpert.com says customers should not worry. Guy Anker writes on the website that Santander's own credit rating remains unchanged at AA.

That rating is higher than many UK high street banks.

He also points out that the bank's UK arm is registered in Britain so cash savings would be protected in the same way as those deposited with British institutions.

That means the Government would ensure that customers would be reimbursed by up to £50,000 if the bank collapsed.

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