B & B another 35K question

Drother

Can somebody confirm this scenario for me please regarding the £35K savings being guarenteed in each finanacial institution

These are joint accounts

I have 2 x 12 mth fixed asset bonds with the Bradford & bingley which are not due to expire until march next year ,which are in joint names with myself and my father ( £35K + £15K )

I have another 2 x bonds which are in my wife and my name again due to expire next year ( £12K + £15K )

Am I right in asuming as these are in 3 names the first £35K would be covered my father.....the second £15K would be covered by myself......and the final 2 bonds in mine and my wifes name could be covered under her allowance

All very confusing

Baldur

If these are all joint accounts and in one institution, they are treated as being shared 50-50 by the joint account holders unless evidence is available to the contrary, so:

£35+£15 = £50K - would be covered (£25k yourself, £25k your father).

£12k+£15k+£27k - most would be covered (£10k yourself - as you would already have used 25k of your cover, £13.5k your wife)

Drother

Many thanks Baldur

I didn't expect my wife's cover to only be 13.5K thought she would be covered for the full 27K under her allowance, as you say as the account is in joint names so I never expected it would be split as 50-50,sounds like the advice the B & B gave me today when I popped into the local branch, may have been flawed