Are your savings safe? article discussion

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  • Expert help please.
    I've a business account with A & L plus personal a/c with RBS. I'm self employed. How safe is the business a/c. Its got £100,000 with company turnover of £250,000 year
    Stupid question now. Where do, lets say, Paul McCartney and medium shops like say a bakers chain keep their money?
  • Baldur wrote: »
    If the account is an HSBC offshore account it would, presumably, be covered by any scheme operated by Guernsey - i.e. not mainland UK, so not covered by the FSCS.


    Thanks again for your reply its very much appreciated
  • ian-d
    ian-d Posts: 371 Forumite
    Given that the government seem to be protecting banks from going bust in the UK, do you envisage they would do the same for non-UK banks operating in the UK, such as Kaupthing, or would that be something the Icelandic government would have to consider?

    Almost unlikely and unthinkable, would the government bail out the UK operation of HSBC, are HSBC even a UK owned bank?

    The question is (without scaremongering), is it best to stick with UK owned banks?
  • dunstonh wrote: »
    If they are unwrapped investments then its 100% of the first £30,000 and 90% of the next £20,000.
    .....
    Thanks for this (and btw to MSE for excellent main article, much better than FSCS FAQ and other guidance), but I'm also still missing one key aspect of understanding ...
    I've got both savings (including cash ISAs) and 'investments' (including equity ISAs) held by what's now one organisation in FSCS terms. Are they considered separately, each with their own guarantee limits?
  • tawse57
    tawse57 Posts: 551
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    Baldur wrote: »
    If the account is an HSBC offshore account it would, presumably, be covered by any scheme operated by Guernsey - i.e. not mainland UK, so not covered by the FSCS.

    A week or so ago I was watching a phone-in on the TV about the panic and the FSCS guarantee. Someone phoned in from the Channel Islands asking if his savings were safe and was told that the UK 35K guarantee did not cover them.

    There have been so many phone-ins on various shows about this of late that I cannot remember which show this was on.

    Btw, if the sum in A&L is your life savings is it perhaps better to consider spreading it around various different banks anyhow just in case you get hacked? Nationwide do an online account as does Northern Rock, Lloyds, HSBC, Principality and no doubt many others.

    Btw, I am no financial expert by any means so best to seek independent advice.
    This is not financial nor legal nor property advice. Consult a paid professional if in doubt.
  • Limes
    Limes Posts: 103 Forumite
    A colleague showed me this at work today:

    http://www.guardian.co.uk/money/interactive/2008/sep/25/savings.providers

    It's quite a simple little tool for quickly working out which institution is linked with which regarding FSCS protection.
  • Baldur
    Baldur Posts: 6,565 Forumite
    Limes wrote: »
    A colleague showed me this at work today:

    http://www.guardian.co.uk/money/interactive/2008/sep/25/savings.providers

    It's quite a simple little tool for quickly working out which institution is linked with which regarding FSCS protection.
    Quite simple but also flawed, First Direct is not shown as registered under the same approval as HSBC - whereas a search of the FSA Register shows a single registration (114216) for Hsbc Bank Plc, Midland Bank Plc, First Direct......
  • dunstonh
    dunstonh Posts: 116,036
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    I've got both savings (including cash ISAs) and 'investments' (including equity ISAs) held by what's now one organisation in FSCS terms. Are they considered separately, each with their own guarantee limits?

    Individually.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • I couldn't see ICICI Bank anywhere.......does the £35,000 that's safe apply to accounts held here?
  • Baldur
    Baldur Posts: 6,565 Forumite
    I couldn't see ICICI Bank anywhere.......does the £35,000 that's safe apply to accounts held here?
    ICICI Bank is fully covered by the FSCS scheme - see HERE
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