Cater Allen savings are 100 per cent guaranteed by Abbey

Following enquiries and media commentary about the guarantees on savings, Cater Allen Private Bank would like to clarify its position.

Cater Allen Limited operates its own banking licence, and is covered by the Financial Services Compensation scheme under this licence.

Cater Allen savings are 100 per cent guaranteed by Abbey National plc, enacted by law in a deed poll of January 29 2008.

Cater Allen is part of the Santander Group, the largest bank in the Eurozone, which is AA rated by Standard & Poors.

The Group is the fifth largest globally by profit, geographically diversified (with the largest global branch network) and focuses on traditional retail banking.

Alvaro Morales, CEO of Santander Private Banking UK, said: "Cater Allen customers benefit from compelling protection for their savings - an independent licence, a 100 per cent guarantee from Abbey and the backing of a global retail banking giant."

Unlike most traditional private banks, Cater Allen offers more ‘inclusive' banking that requires a minimum cash deposit of just £5,000 (or currency equivalent), but offers access to the superior service associated with a private bank.