Capital One offloads savers to Skipton

by Gill Montia

Story link: Capital One offloads savers to Skipton

Capital One is withdrawing from the savings market from next month.

The online bank and credit card provider is proposing to transfer existing savings accounts to the Skipton Building Society on 27 July, although the move still needs regulatory approval.

Customers can expect further details by letter in the days ahead and will apparently notice no difference to the day-to-day operation of their accounts.

They will, however, have to get used to a new brand name: Castle Money.

In return they will become fully fledged members of Skipton, the UK’s fifth-largest building society, and have voting rights.

Capital One savers are reminded that if they currently hold a Skipton account the proposed takeover could affect their rights under the Financial Services Compensation Scheme, which pays out a maximum £50,000 per individual account holder.

Along with other monoline credit card issuers, Capital One has been reshaping its business during the credit crisis and last year cut 750 jobs at Nottingham call centre.

Many of the roles were transferred overseas.