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    • SparklesJD
    • By SparklesJD 16th Oct 16, 9:19 PM
    • 72 Posts
    • 110 Thanks
    SparklesJD
    Yes, they are separately entitled to their own £75k's worth of protection. It's confirmed by MSE here: http://www.moneysavingexpert.com/savings/safe-savings


    'This is an independent fund set up by government and regulated by the FCA, which promises that, in the event of a bank collapsing, you get some of your money back, though it's likely you'll lose access to the cash while compensation is being dished out. This applies to everyone, no matter their age (including children), or where they live.' [My bold].



    As an aside, if your children have a high level of savings, it's worth checking out the tax rules on savings for under 18's.
    • SonOfPearl
    • By SonOfPearl 14th Jan 17, 8:51 PM
    • 85 Posts
    • 17 Thanks
    SonOfPearl
    It seems that the limit is going back up to £85k at the end of this month.

    http://www.telegraph.co.uk/personal-banking/savings/two-weeks-savings-compensation-limit-jumps-85k/
    • Pincher
    • By Pincher 14th Jan 17, 9:15 PM
    • 6,516 Posts
    • 2,489 Thanks
    Pincher
    It's a Pyrrhic victory.

    Assuming there are TWO ACCOUNTS, each with £75k, and they are both protected by FSCS. How much interest can you get?

    There is also the possibility of further sterling depreciation.
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