Are my savings safe calculator

How do you know if you’re getting the highest savings rates whilst also enjoying the highest possible level of protection on your savings?

Do you know who owns who and who has a banking licence?

We’ve had a lot of questions from our customers wanting to know if their savings are safe with Bradford & Bingley, Halifax, Icesave and Nationwide; and also questions concerning changes to the level of protection afforded to Anglo Irish and Post Office Savings; and questions surrounding who owns Tesco Personal Finance and whether Egg, Cahoot, Abbey and HSBC are part of the same banking group. More recently people have been asking what the latest situation is with Heritable Bank and Kaupthing Edge and whether their savings are safe with ING Direct.

Moneyfacts.co.uk has put together a simple easy to use “are your savings safe calculator” designed to help you understand how to get the highest savings rates and ensure that your savings are protected up to the maximum of £50,000 per person, per institution. This will also help you identify which Banks and Building Societies fall under the UK's Financial Services Compensation Scheme.

We’ve put together an example savings portfolio covering tax-free savings, near cash, short-term and medium-term savings products, combined with the latest best buy savings products and details of their respective banking licences. It’s interactive, so if you don’t think the percentages we’ve used apply to you, then you are free to change them and use your preferred split for your savings.

This is intended to help you better understand how to get the highest savings rates whilst ensuring that your savings are spread across savings institutions with different banking licences.