Questions and answers about our sale of Standard Life Bank to Barclays
Information prepared for customers as at 1st January 2010.
Introduction
- What has changed?
From 1st January 2010, Standard Life Bank is no longer part of the Standard Life Group and has become a member of the Barclays Group. Standard Life Bank remains a separate bank to Barclays and so your relationship continues to be with Standard Life Bank. Barclays recognises the strength of Standard Life Bank customer service; therefore, the Standard Life Bank customer services team will continue to handle Standard Life Bank customer calls.
- Why did Standard Life sell Standard Life Bank to Barclays?
Growing the lending business was no longer viewed as a key objective for Standard Life. The financial strength and proven track record of Barclays place it ideally to take Standard Life Bank forward.
- What will happen next?
There is no change to customer accounts with Standard Life Bank or the way they operate. If there are any changes to this in the future, these will be notified to you in accordance with your account terms.
Impact on products
General
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Which Standard Life Bank products are now part of the Barclays Group?
All existing Standard Life Bank cash savings products and all Freestyle mortgages remain with Standard Life Bank, which is now part of the Barclays Group. Please see question 14 for queries relating to Lifetime or Futureperfect mortgages.
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If I had an application in progress at the time of the change, was I impacted?
No, applications are being progressed as usual.
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Do I still call the same telephone number to service my account/access my money?
Yes, the way you service your account has not changed. You can continue to call 08457 555 657 for personal cash savings, 08457 555 659 for business cash savings and 0845 845 8450 for mortgages.
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Can I access my account through Barclays' branches/telephone helpline/online services?
The way in which you access your account has not changed. This means that you can continue to access your account by Standard Life Bank's online and telephone services. Initially, Standard Life Bank customers will not be able to access their accounts via Barclays. If this changes in the future you will be notified of any changes.
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Can I still access my money online?
Yes, there are no changes to how you service your account. You can continue to log in at www.standardlife.co.uk using your existing PIN and password. If any changes need to be made to your account in the future these will be notified to you in line with your account terms.
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Has my online/phone PIN or password changed?
No, your PIN and password have not changed.
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Are there any changes to my terms & conditions?
No, accounts terms are unchanged.
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Does this impact any other products I hold with Standard Life e.g. pension, investments?
There is no impact on any other products you hold with Standard Life.
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Do I need to do anything as a result of this change?
No, you don't need to do anything.
Mortgages
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Will my mortgage rate change?
There will be no impact to your mortgage rate as a result of this change. However, any variable rate is still subject to future change in line with your current terms and conditions.
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I have a Futureperfect mortgage/Lifetime mortgage with you, is this affected?
Lifetime Mortgages -
Before the sale of Standard Life Bank to Barclays, customers who held 'Lifetime' mortgages with Standard Life Bank were notified of the transfer of their accounts to another Standard Life group company - Standard Life Lifetime Mortgages. This company is the provider of all 'Lifetime' mortgages and now holds all of these products for Standard Life. Standard Life Bank has however agreed to continue servicing these products.
Futureperfect Mortgages -
'Futureperfect' mortgages will continue to be provided by Standard Life Assurance Limited although Standard Life Bank has agreed to continue servicing these products.
Cash Savings
- Will my savings rate change?
There will be no impact to your savings rate as a result of this change. However, any variable rate is still subject to future change in line with your current terms and conditions.
- Am I still covered by the Financial Services Compensation Scheme?
Yes, cover is still in place for deposits with Standard Life Bank under the FSCS up to the statutory maximum (currently £50,000). If you also hold an account with Barclays, your separate coverage under the Barclays Scheme will be unaffected while your accounts remain in separate banks.
However if you were to transfer deposits in your Standard Life Bank account to Barclays or if Standard Life Bank later decides to merge your account into Barclays, then you will be covered only by the Barclays Scheme up to the maximum (currently £50,000). This would not happen without Barclays first giving you sufficient prior written notice.
Click here to see more frequently asked questions about Savings accounts.
