guaranteed money in bank
paulpa66
Posts: 62 Forumite
can someone advise how best to spread my money between banks so that all is guaranteed. Currently with Santander.
Should i open accounts with other banks and if so what banks are separate from santander
Should i open accounts with other banks and if so what banks are separate from santander
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The limit is £85k per person, per institution. How you'll need to split your assets will depend on how much you have in cash and whether you are saving jointly with a partner.can someone advise how best to spread my money between banks so that all is guaranteed. Currently with Santander.
Should i open accounts with other banks and if so what banks are separate from santanderI am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
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Note that one institution can span several brand names. The protection is limited to 85k across all the tied banks, not per bank.
Also, some foreign banks may use different limits, eg ING is protected up to 100k euros by a Dutch scheme
For all the details, see the MSE article : http://www.moneysavingexpert.com/savings/safe-savings0 -
You can put 83k (leave space for a year's interest) in Santander, Halifax, Northern Rock, Coventry and Derbyshire safely and get around the best rates on offer now (although some of the ~3+% accounts may already be closed).0
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