How safe is Santander UK amid financial turmoil?

Santander's UK Chief Executive Ana Patricia Botin. The bank have been quick to reassure UK investors. Credit: Anthony Devlin/PA Wire

Millions in the UK are customers of Spanish owned Santander. Many didn't choose to be, they joined Abbey National and were "evolved" into the new ownership structure.

With the media full of bailout and ratings agency talk, many customers have niggling doubts.

Yesterday I spoke to a council finance chief who has £3 million to deposit, but had taken it out of Santander. He told me he only did it temporarily while he got "re-assurances" from the bank.

He met with Santander executives on Tuesday and says he was very happy now to return his money to them.

So what did they say that so reassured him? Below is the entire message they are sending out:

Of course, any deposits are protected by the UK FSA bank compensation scheme up to £85,000.

It is always sensible to consider spreading any assets above that to a variety of banks.

If Santander reassured the "£3 million man" I think most customers will be happy to follow his lead.