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Joint Savings Account

Davmag
Davmag Posts: 2 Newbie
in Savings & investments
How is the £35,000 per account holder, per institution applied to a joint account?
Can anyone answer, please?
:confused:

Comments

  • Baldur
    Baldur Posts: 6,565 Forumite
    See HERE for the official line.
  • Oblivion
    Oblivion Posts: 20,248 Forumite
    Part of the Furniture 10,000 Posts Photogenic
    Davmag wrote: »
    How is the £35,000 per account holder, per institution applied to a joint account?
    Can anyone answer, please?
    :confused:

    Unless you have specifically requested a different split, each party to a joint account is deemed to own an equal share. So say two of you had £70,000 in a joint account, the whole £70,000 would be protected because you each have a personal guarantee of £35,000.

    Dave.
    ... Dave
    Happily retired and enjoying my 14th year of leisure
    I am cleverly disguised as a responsible adult.
    Bring me sunshine in your smile
  • altocumulus
    altocumulus Posts: 570 Forumite
    Part of the Furniture Combo Breaker
    Baldur wrote: »
    See HERE for the official line.

    Oh, the joys of life.....

    You may lose all monies over the guaranteed £35k....

    But the bank or institution will always expect 100% of your loans etc to be repaid ... if they go 'insolvent'....
  • Oblivion
    Oblivion Posts: 20,248 Forumite
    Part of the Furniture 10,000 Posts Photogenic
    altocumulus wrote: »
    Oh, the joys of life.....

    You may lose all monies over the guaranteed £35k....

    But the bank or institution will always expect 100% of your loans etc to be repaid ... if they go 'insolvent'....

    Which is why my personal choice would be to always keep savings and borrowings in separate institutions if you can.

    Dave.
    ... Dave
    Happily retired and enjoying my 14th year of leisure
    I am cleverly disguised as a responsible adult.
    Bring me sunshine in your smile
This discussion has been closed.
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