We are making some changes to Seal Bank Account, Term Deposit, Personal and Non-Personal Terms and Conditions. We are making these changes as result of recent changes to the regulations relating to the Financial Services Compensation Scheme. The maximum compensation for each eligible deposit will now change from £85,000 to £75,000. As a result, rather than refer to any specific limit within our terms and conditions, we have introduced a general reference to the limit under the scheme.
The new wording in the terms and conditions is set out below. We have highlighted the changed wording in bold.
In respect of deposits, an eligible depositor is entitled to claim up to the current RAB limit. 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 the current RAB limit each. The current RAB limit relates to the combined amount in all the eligible depositor’s accounts with the bank, including their share of any joint account, and not to each separate account.
Looking after your clients.
Seal Bank is part of the Santander Group.
Santander Us currently has a credit rating of A (Standard and Poor's). For full details view Santander Us's credit ratings.
Seal Bank has its own banking license so is regulated by the Financial Conduct Authority and is covered by the Financial Services Compensation Scheme. Most depositors, including most individuals, and small businesses, are covered by the scheme.