Bradford & Bingley became the latest high-street bank to hit the wall today, with the Government being forced to step in and save the company from collapse.

The bank, which specialised in buy-to-let mortgage deals, became the second bank this year to come under national control following the collapse of Northern Rock back in February.

It’s a stark contrast to the bank’s halcyon days and the bowler hat image that used to represent stability and sensible financial planning, with today’s announcement understandably causing concerns for both savers and mortgage holders. The government was keen to avoid Bradford & Bingley experiencing the same panic that ultimately led to Northern Rock’s demise, so measures are in place to protect consumers.

It’s business as usual as far as Bradford & Bingley are concerned. Branches are still open and customers can still deposit and withdraw from their accounts as normal.

Savers, who were covered for £35,000 worth of savings regardless, may in the future start receiving statements from Abbey, the bank owned by the Spanish financial giant Santander, who have purchased B&B’s £20bn savings arm and branches.

It’s also business as usual for mortgage holders. Whilst their mortgages will now be under state control, payments will continue as normal, as will their current rates and terms & conditions.

Bradford & Bingley have also confirmed that they will still honour any mortgage offers made to would-be borrowers before today’s announcement.

For share holders, the news isn’t quite as positive. Bradford & Bingley shares have been suspended on the London Stock Exchange and can no longer be bought and sold. The Government will now lay a compensation order detailing the arrangements for compensating shareholders and any others whose rights may have been affected by the transfer.