How much of this is protected??

ipri

Hi..My wife and I have money in different Halifax accounts...My wife has £3k in a cash isa also...£50K in websaver...We also have a joint acc. with £33K

I cant work out howmuch is protected overall? Any help appreciated.

YorkshireBoy

£51,500* of the £86,000 is protected.

http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/

* You may also have a little bit more on your half of the joint account if they pay out interest (accrued but not yet paid).

ipri

Hi...sorry but still not sure!...£51500 or £70000??

thumshie

Joint accounts will be split evenly - unless you can prove otherwise..So assuming:
Isa - wifes name.
Web saver - wifes name
Joint account - both of you.

Your wife has 3k+50k+16.5K = 69.5K
You - 16.5K

Your wife is only protected to 35k out of her 69.5k
so 35K+16.5k = 51.5K

catwoman150

£35,000 each person at the moment is protected. There is talk of it raising to £50,000 for each person, but I don't know when that will be.

magneto

the correct answer is £70,000

thumshie

magneto wrote: »

the correct answer is £70,000

Given the first point in the link on FSCS own web site -stated in post 2- and quoted below please clarify how when one persons 'deposits' will be calculated as 69.5K they can get more than 35K?????

1. I have my money in a joint account in a High Street bank. How would FSCS pay compensation if the bank failed?

The compensation limit of £35,000* applies to each depositor for the total of their deposits with an organisation, regardless of how many accounts they hold or whether they are a single or joint account holder. In the case of a joint account, FSCS will assume that the money in that account is split equally between account holders, unless evidence shows otherwise.
This means that each account holder in a joint account would be eligible for compensation up to the maximum limit.

Oblivion

magneto wrote: »

the correct answer is £70,000

No it isn't. YorkshireBoy has already given the correct answer in post #2, and thumshie has provided the correct calculation to prove it in post #4.

Dave.

stevetodd

ipri wrote: »

Hi..My wife and I have money in different Halifax accounts...My wife has £3k in a cash isa also...£50K in websaver...We also have a joint acc. with £33K

I cant work out howmuch is protected overall? Any help appreciated.

Loans/mortgages are taken off before the 35k compensation figure is applied so you are more protected if you have your savings where your mortgage (or loans) is

Oblivion

stevetodd wrote: »

Loans/mortgages are taken off before the 35k compensation figure is applied so you are more protected if you have your savings where your mortgage (or loans) is

Hmmm, that's a bit of a double-edged sword. Not sure I'd want to find a large chunk of my savings grabbed to pay of a loan or my mortgage just because my lender went bust.

Dave.

YorkshireBoy

Oblivion wrote: »

Not sure I'd want to find a large chunk of my savings grabbed to pay of a loan or my mortgage just because my lender went bust.

Especially if it wasn't your (savings) money in the first place, ie it may be borrowed funds from parents or even stoozed credit card cash! :eek: