Capital One Savings transferred to Castle Money on 27 July 2009
Castle Money is a trading name of Skipton Building Society and we are delighted to welcome all former Capital One Savings customers.
Please read on for more details on the change in ownership.
Capital One Savings change in ownership
- Capital One regularly reviews the services it offers to its customers and after careful consideration made the decision to withdraw from the UK savings market and transfer all UK Capital One Savings accounts to Castle Money, a trading name of Skipton Building Society.
- The terms and conditions of those Accounts have not changed as a result of the transfer and accounts will continue to operate as normal and can be serviced in the same way. The balance of Accounts has not been affected.
- Skipton Building Society is a long established building society with its roots going back to 1853. It is the 5th largest building society in the UK with assets of over £16 billion and over 860,000 customers. Skipton Building Society's mutual status means that it is owned by its members and that it runs its business in the interests of its current and future members.
Capital One Savings Customer Questions
No, your account automatically transferred to Castle Money, a trading name of Skipton Building Society.
The servicing of your account will continue to be performed in accordance with the terms and conditions on your account.
You can still make payments into and out of your account in line with the terms and conditions on your account.
You do not have to do anything in order for your direct debits or standing orders to be transferred.
Following the transfer of your account to Skipton you will continue to enjoy the protection of the Financial Services Compensation Scheme subject to the financial limit of £50,000 (or £50,000 for each joint account holder) of the aggregate value of savings that you have with Skipton rather than each individual savings account you hold. If Skipton were to become insolvent the Financial Services Compensation Scheme will pay out to affected depositors up to the £50,000 limit (or £50,000 for each joint account holder). Where you hold in aggregate a balance in excess of £50,000 you would have to wait until Skipton's general creditors had been paid before you received a share of any remaining money. This differs to depositors with an insolvent bank who would be paid at the same time as its general creditors. Please see section C of the Explanatory Statement sent to Capital One Savings Customers.
The requirements are set out in the Rules of the Society but in very general terms, a shareholding member means:
- A person who holds a share in the Society (other than a Permanent Interest Bearing Share (PIBS)), or
- A person who is a registered holder of a PIBS, or
- A person who is a shareholder who has been allowed by the Society to overdraw on his account (and the overdrawn amount does not exceed the limit agreed by the Society and consent for the overdraft has not been withdrawn).
In order to be eligible to attend the AGM and vote on resolutions, members must be at least 18 years old, be the first named account holder and have at least £100 in their savings account.
Copies of the Rules of the Society can be obtained from any branch of Skipton or by calling the Skipton Customer Services Helpline on 0800 085 0011*.