Nervous

maljo

Please could someone clear up something for me.
My wife and i have joint accounts with the Halifax.
1 joint account = £43.000
1 joint account = £25.000
God forbid anything happening to the Halifax or any other banks, but will the FSCA compensation scheme cover us £21,500 each from 1 account and £12.500 each from the other.

itsnothing

If you have joint accounts within HBOS you are guaranteed for £70000 between the two of you.

maljo

Does this apply with 2 accounts.

YorkshireBoy

Each of you has a total limit of £35K per institution. It doesn't matter how many accounts make up the £35K...you could have 20 or more and still be covered.

Alison_B

From what I can gather it is £70,000 for a joint account per institution. If you read this, it shows which groups are the same institution. We have just transferred some of our savings from the Halifax so that we are protected. It would be worth you moving some of your savings to a different institution.

itsnothing

As we keep on being told HBOS is a strong financial institution with a very large balance sheet and many sub parts halifax, IF, BM, TMB etc!! And do you think the government are going to sit there and see a bank jump the ship?
The media and speculation make people worry more than needs be!

gaol

Yep, especially ITN. The BBC at least reported responsibly tonight; ITN won't be happy till there's another bank run (and a Tory PM:p).

Alison_B

itsnothing wrote: »

As we keep on being told HBOS is a strong financial institution with a very large balance sheet and many sub parts halifax, IF, BM, TMB etc!! And do you think the government are going to sit there and see a bank jump the ship?
The media and speculation make people worry more than needs be!

That may well be the case but I wouldn't like to risk it.

YorkshireBoy

Alison_B wrote: »

It would be worth you moving some of your savings to a different institution.

Why? OP and his wife are under the threshold.

Or did you mean 'could'...for peace of mind for example?

Alison_B

YorkshireBoy wrote: »

Why? OP and his wife are under the threshold.

Or did you mean 'could'...for peace of mind for example?

Ignore me, I have been dealing with my finances all day and our account is in my name, so I was thinking of £35,000.

itsnothing

As a bank worker myself and union rep for a bank there is so much flying around at the moment, the media does nothing but worry people more than they really need to be! Cash is being withdrawn left right and centre and this is starting to show a impact to.
It's just another problem that is going to take time but will eventually be sorted out.... time will tell!