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    • SparklesJD
    • By SparklesJD 16th Oct 16, 9:19 PM
    • 76 Posts
    • 111 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
    • 86 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
    • 2,491 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.
    • skelly.backen
    • By skelly.backen 23rd Oct 17, 6:43 AM
    • 1 Posts
    • 0 Thanks
    skelly.backen
    I am concerned about the security of my savings currently held with RCI bank (based in France). My understanding is that these are not covered by the UK FSCS £85,000 limit, but according to their website (rcibank.co.uk/security/guarantee-scheme) they are covered by the FDGR deposits guarantee scheme (limit up to 100,000 euros, which my savings fall below). Are my savings safe? Will Brexit affect the FDGR scheme? If so, should I be transferring my savings to a UK-based institution?
    • PeacefulWaters
    • By PeacefulWaters 23rd Oct 17, 8:29 AM
    • 7,184 Posts
    • 8,842 Thanks
    PeacefulWaters
    I am concerned about the security of my savings currently held with RCI bank (based in France). My understanding is that these are not covered by the UK FSCS £85,000 limit, but according to their website (rcibank.co.uk/security/guarantee-scheme) they are covered by the FDGR deposits guarantee scheme (limit up to 100,000 euros, which my savings fall below). Are my savings safe? Will Brexit affect the FDGR scheme? If so, should I be transferring my savings to a UK-based institution?
    Originally posted by skelly.backen
    Unless you have above the £90k mark (based on current exchange rate) or there's a further dramatic shift in exchange rate that means you have more than €100k I wouldn't be losing any sleep.

    Review in a year when the Brexit situation may be clearer. Or wait for something better to come along in the interim.
    • badger09
    • By badger09 23rd Oct 17, 11:58 AM
    • 5,434 Posts
    • 4,680 Thanks
    badger09
    Unless you have above the £90k mark (based on current exchange rate) or there's a further dramatic shift in exchange rate that means you have more than €100k I wouldn't be losing any sleep.

    Review in a year when the Brexit situation may be clearer. Or wait for something better to come along in the interim.
    Originally posted by PeacefulWaters
    Cue colsten with a different view

    OP, many of us who were affected when the Icelandic banking crisis hit several years ago, would not trust our savings in a non FSCS protected scheme.
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