Kevin Mountford, head of banking at moneysupermarket.com says: "It is no surprise that in current market conditions we are seeing further mergers and acquisitions between banks and building societies.

"Capital One savers can expect (subject to Financial Services Authority (FSA) approval) that their funds will soon migrate to Skipton Building Society. However, it is unlikely the deal will send shock waves through the sector in the way previous moves have.

"Capital One customers will need to check if they have existing accounts with Skipton Building Society, as if the accumulated savings pot exceeds £50,000 once their savings migrate to Skipton, they will not be protected on any amount above this Financial Services Compensation Scheme (FSCS) limit.

"Savers must keep their wits about them and a close eye on the details, but this should generally have a positive outcome for existing Capital One customers as Skipton offers a wider range of savings products with competitive rates."

By moneysavingsupermarket.com

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